EFORE PLC Stock Exchange Release March 28, 2019 at 16:20 p.m.
Efore negotiations with Chinese power supply partner take more time than anticipated
Efore announced in February 2018 to investigate different structural alternatives to secure the long-term profitability of the Telecom business and on 27th November 2018 a letter of intent was signed concerning a joint enterprise with a Chinese power supply partner. The goal was to implement the cooperation arrangement in the first quarter of 2019.
Negotiations with the Chinese partner have proceeded but the transaction planning has taken more time than anticipated. Efore still believes that parties are able to sign agreements regarding the joint enterprise in the coming months and the new enterprise could start operations during summer 2019 after receiving necessary authority approvals.
EFORE PLC
Vesa Leino
President and CEO
For further information please contact Vesa Leino, President and CEO, tel. +358 40 759 8956.
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Nasdaq Helsinki Oy
Principal media
Efore Group
Efore is an international Group which develops and produces demanding power products. Efore's head office is based in Finland and its sales, marketing and R&D functions are located in Europe and China. The Group also has a sales and marketing unit in the United States. In the financial year ended on December 2018, consolidated net sales totalled EUR 52.4 million and the Group's personnel averaged 406. The parent company's share is quoted on the Nasdaq Helsinki Ltd. www.efore.com