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Elektrobit Oyj (HEL:EBG1V) STOCK EXCHANGE RELEASE Available for publication on October 1st 2008 at 9:40 am. (CEST+1) EB, ELEKTROBIT CORPORATION, AND NOKIA SIEMENS NETWORKS AGREE UPON WIMAX COOPERATION
EB and Nokia Siemens Networks, belonging to the leading developers of the mobile WiMAX standard, have agreed upon the co-operation on the further development of WiMAX technology. According to the agreement, EB will sell its WiMAX baseband software asset to Nokia Siemens Networks. The parties have agreed to continue the WiMAX baseband software related product development together, with Nokia Siemens Networks purchasing WiMAX product development work from EB as a service. According to the agreement, EB will in the future have the licence to use the WiMAX baseband software and its subsequent versions when developing demanding customer solutions based on WiMAX technology.
With the cooperation, EB and Nokia Siemens Networks will combine their competences, thereby accelerating WiMAX technology's access to the market.
"The agreement gives both parties the best conditions to continue to develop their own wireless WiMAX businesses. We will transfer current WiMAX development resources to the development of demanding customer-financed solutions," says Ari Virtanen, head of Wireless Solutions at EB. "
"The WiMAX is important technology to Nokia Siemens Networks", says Markku Hollström, Head of Broadband Wireless Product Management, Nokia Siemens Networks. "This agreement supports our strategy to deliver the most advanced solutions based on WiMAX network technology "
EB will change its business model in the mobile WiMAX standard by shifting from investing upfront in the R&D of radio base station module products to the development of demanding, customer-financed WiMAX solutions. The agreement does not have significant result or balance sheet impact for the second half of 2008 for EB, but it will reduce significantly the costs of EB's own R&D investment going forward, while maintaining the opportunity to develop and implement demanding WiMAX solutions for customers.
October 1st, 2008 Elektrobit Corporation Board of Directors
FURTHER INFORMATION:
Ari Virtanen Vice President, Wireless Solutions Tel. +358 400 435 878
DISTRIBUTION: OMX Nordic Exchange Helsinki Main media offices
EB, Elektrobit Corporation EB develops advanced technology and transforms it into enriching end user experiences. EB specializes in demanding embedded software and hardware solutions for the automotive industry and wireless technologies. The company's net sales for the year 2007 totaled EUR 144.3 million. Elektrobit Corporation is listed on the OMX Nordic Exchange Helsinki. www.elektrobit.com
