Turku, Finland, 2011-05-16 09:00 CEST (GLOBE NEWSWIRE) --
TELESTE CORPORATION STOCK EXCHANGE RELEASE 16.5.2011 AT 10:00
TELESTE SIGNS A FRAME AGREEMENT WITH IMMOMEDIANET FOR THE UPGRADE OF 13.200 APARTMENTS IN GERMANY
Immomedianet has signed a frame agreement with Teleste for a subscriber network upgrade project in various cities in Germany. The project is planned to last until end of 2011 and it is provided by Teleste as a turn-key project. Teleste will upgrade 13.200 apartments in the ownership of Deutsche Annington from a 450 MHz pure TV-content distribution network into an 862 MHz multimedia and high-speed Internet network.
The upgrade enables Deutsche Annington to provide attractive accommodation with all amenities of full multimedia services to its tenants. In terms of net sales, the estimate value of this upgrade project equals to approx. EUR 1.4 million.
Hamburg based Immomedianet GmbH & Co. KG was founded in 2000 and is a joint venture between housing association and Tele Columbus GmbH & Co. KG. Immomedianet operates German wide and offers regional tailor-made multimedia solutions.
Teleste is an international technology group founded in 1954, which is specialised in broadband video and data communication systems and services. The group is active in two business segments, Video and Broadband Solutions and Network Services; in both fields, we are among the global leaders. Video is at the core of our business activities, with a focus on the processing, transmission and management of video and data for operators and public authorities who provide multiple video-related information, entertainment and security services to end-users. Video and Broadband Solutions has the emphasis on product solutions for broadband access networks, video service platforms and video surveillance applications. Network Services deliver comprehensive network service solutions including new construction, rebuilding, upgrading, planning and maintenance services of cable networks. In 2010 the group's net sales totalled EUR 168 million and the group employed 1231 persons at the year-end. The company has approximately 30 offices world-wide and over 90% of Teleste's net sales are generated outside Finland. The company is listed on the NASDAQ OMX Helsinki Ltd.
Visit www.teleste.com for more information.
Mr Jukka Rinnevaara, CEO, Tel. +358 2 2605 866 or +358 400 747 488
NASDAQ OMX Helsinki Ltd