Here something of interest for TNY shareholders..(btw, thanks...

Here something of interest for TNY shareholders..

(btw, thanks Alan......)


Tennyson's Ericsson sale completed
Wires
APRIL 03, 2003

INTERNET services company Tennyson Networks today completed its purchase agreement on the sale of Ericsson New Zealand's Data Services division.

NZ-based Data Services designs, markets and supports a range of high-speed broadband internet products.
By acquiring the division, including its existing staff, Tennyson now has ownership and selling rights to its products worldwide.

Tennyson said today the Data Services business had generated revenues of more than $100 million over the past three years and the acquisition would give it a new revenue stream.

Tennyson chairman Harvey Parker said the acquisition would give the company a giant step in a new and exciting business direction.

"It is generally recognised that the rapid uptake of high speed broadband internet services is transforming communications for businesses and consumers around the world," Mr Parker said.

Tennyson said Data Services maintained a solid distribution chain and a blue chip customer, Poland's national telecommunications company, TPSA.

"Poland is the largest telecommunications market in Central Europe and TPSA is its dominant player," it said.

"Tennyson believes there is great potential to penetrate other markets in Europe, the UK, Asia and Australia."

Tennyson said its new infrastructure was especially suitable for developing countries as it allows high speed internet access over existing copper lines, even if they are of poor quality or extend a long distance from central exchanges.

Tennyson had now also entered discussions with a number of parties interested in acquiring the operations and intellectual property of its existing SOX business, the company said.

Shares in Tennyson jumped more than 84 per cent to close at 7c on January 15 after announcing it would buy Data Services.




The initial purchase consideration is A$1.4 million, hence, the sale of SOX should provide good funding, in the interim, there will be payments to Ericsson based on sales performance of the Data Services business for the year ending 31 December 2003 only.

Therefore, this would explain why all non-essential staff have been asked to take leave while they wait for receipt of funds from overseas in order to progress matters.


The final question "How much SOX"? continued next week.

Have a good weekend all..