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PLS is a company started by Energy Capital Partners that prior to the acquisition of Snelson and IPSE had integrated three strong regional companies, Sun Electric, TESSCO, and AIR2.
Increased losses at companies consolidated by the equity method, impacted by the write-down of the remaining value of the UMTS license of IPSE, accounted for a gross amount of EUR 137 MM in 4Q05.
Looking forward, we would point out that Telefonica Moviles has the legal obligation to effect the remaining payment to the Italian Ministry of the Treasury for the IPSE license - a sum of 540 million euros, which includes the back to back guarantee to minorities.
Consolidated financial debt includes the debt of IPSE 2000 with the Italian government, for 1.
Losses attributable to the Group through its stake in Medi Telecom showed a year-over-year decrease of 60%, while losses attributable to IPSE 2000 decreased by more than 30% compared with 9M03.
The Board of Directors of IPSE 2000, meeting today in Rome, appointed Pierluigi Celli as president of the company.
IP Service Engine (IPSE): Ericsson's IPSE is a comprehensive
9M subscribers; Tevel, a leading cable television services operator in Israel; NetVision, the leading Internet service provider in Israel; GVT, a company that built and operates domestic communications services including telephony services in the southern part of Brazil; and IPSE 2000, which holds a UMTS license and plans to operate 3G cellular services in Italy.
Among its other holdings, Pasubio, through Xera Spa, is a 5% stakeholder in the IPSE UMTS consortium and an investor in Hopa and FinGruppo Spa, the holding companies of Telecom Italia.
Palamidessi has eighteen years of experience within the telecommunications community and joins LCC from IPSE 2000, one of the new UMTS operators in Italy, where he had the position of Chief Technology Officer.
Recently, Telefonica Moviles, through its stake in the IPSE 2000 consortium (over 39per cent ), was also recently awarded one of the two 2x15 + 5 MHz UMTS licences auctioned in Italy (the other three are 2x10 + 5 MHz.