{"id":2689,"date":"2018-10-15T08:32:20","date_gmt":"2018-10-15T05:32:20","guid":{"rendered":"https:\/\/investors.bittnet.ro\/?p=2689"},"modified":"2020-08-25T11:20:12","modified_gmt":"2020-08-25T08:20:12","slug":"signing-of-an-investment-contract-business-transfer-agreement-between-dendrio-solutions-and-crescendo-international","status":"publish","type":"post","link":"https:\/\/investors.bittnet.ro\/en\/signing-of-an-investment-contract-business-transfer-agreement-between-dendrio-solutions-and-crescendo-international\/","title":{"rendered":"Signing of an investment contract (business transfer agreement) between dendrio Solutions and Crescendo International"},"content":{"rendered":"

BITTNET SYSTEMS S.A., (hereinafter referred to as the “Company”) informs the shareholders about signing of an investment contract (business transfer agreement) with Crescendo International SRL, a company with a history of 25 years in Romania, a turnover of RON 79 million in 2017 and a net profit of RON 4.4 million.<\/p>\n

The investment contract will be subject to the approval of the Extraordinary General Meeting of Shareholders.<\/p>\n

The contract provides inter alia:<\/p>\n

\u2022 The transfer of the IT&C integration business of Crescendo International SRL to dendrio, a company with this specific activity in the Bittnet Group, for the amount of RON 10,900,000;<\/p>\n

\u2022 The transfer includes the employees involved in the IT&C integration activity, as well as the equipment necessary for carrying out this activity, starting with a later date, which will occur after the following suspensive conditions are fulfilled:<\/p>\n

    \n
  1. Obtaining the Competition Council’s approval of the transaction (the Company has already begun procedures in this regard);<\/li>\n
  2. Obtaining the approval for this transaction in the Extraordinary General Meeting of Shareholders for each part of the transaction – the Company will start procedures to convene the EGMS to ratify the investment;<\/li>\n
  3. Obtaining the funding (in the form of a corporate bond issuance or a bank loan) by Bittnet, in order to finance the transaction. After the closing of the transaction, the IT&C integration activity of Crescendo will be integrated into the operations of dendrio, aiming to create a powerful IT&C integrator with regional coverage.<\/li>\n<\/ol>\n

    The transaction timeline is subject to the approvals specified above, but the Company expects the transaction to be completed by the end of 2018.<\/p>\n

    CR22 current report_EN<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    BITTNET SYSTEMS S.A., (hereinafter referred to as the “Company”) informs the shareholders about signing of an investment contract (business transfer agreement) with Crescendo International SRL, a company with a history of 25 years in Romania, a turnover of RON 79 million in 2017 and a net profit of RON 4.4 million. The investment contract will…<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[389,398],"tags":[],"class_list":["post-2689","post","type-post","status-publish","format-standard","hentry","category-current-reports","category-latest-news"],"yoast_head":"\nSigning of an investment contract - Bittnet Systems<\/title>\n<meta name=\"description\" content=\"Signing of an investment contract (business transfer agreement) between dendrio Solutions and Crescendo International\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/investors.bittnet.ro\/en\/signing-of-an-investment-contract-business-transfer-agreement-between-dendrio-solutions-and-crescendo-international\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Signing of an investment contract - 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