SAF Tehnika

Related Party Transaction • Apr 24, 2015

SAF Tehnika acquires 100% of “SAF Services” LLC shares

“SAF Tehnika” JSC announces that it has purchased 50% of “SAF Services” LLC shares from “STREAMNET” OÜ, (Reg. Nr. 12245741, Estonia) according to an agreement signed on April 23, 2015,  thus becoming the 100% owner of “SAF Services” LLC.

“SAF Services” was established in the State of Delaware, USA in August 2012 as a joint venture with “STREAMNET” OÜ where each founder held 50% of the shares. The aim of the company was to provide local customers with services related to the creation, long-term maintenance and management of data transmission networks. Although “SAF Services” has successfully built its first trial network with “SAF Tehnika” equipment and the customer acknowledged it as built according to the defined requirements, the cooperation agreement wasn’t signed and “SAF Services” was not able to get return on this investment. Further development of this business is therefore frozen and the founder “STREAMNET” OU decided to discontinue further cooperation.

“SAF Tehnika” will continue promoting other new products through “SAF Services” LLC in the North America market.

For additional information:

Aira Loite

SAF Tehnika COO, Member of Board

Phone: + 371 67046825

E-mail: aira.loite@saftehnika.com