Cinterion Wireless Modules Holding GmbH Reorganizes Financial Structure
Cinterion Wireless Modules Holding GmbH is reorganizing its financial structure. The operational business of the world's leading provider of wireless modules for machine-to-machine (M2M) communication is being managed in Cinterion Wireless Modules GmbH and is not affected. Just as in 2009, the operational company is growing and remains profitable. This has also been confirmed by a recent review via PricewaterhouseCoopers (PwC).
The management of Cinterion Wireless Modules Holding GmbH has filed a petition with the responsible Munich District Court for opening insolvency proceedings for Cinterion Wireless Modules Holding GmbH today, Monday, March 22, 2010. Dr. Michael Jaffé has been appointed as preliminary insolvency administrator. German insolvency law provides the option of reorganizing the financial structure of a company without compromising the ongoing business operations of subsidiary companies.
The business operations of Cinterion Wireless Modules GmbH are not affected by this and will continue without any restrictions at all locations. Cinterion Wireless Modules GmbH posted strong business growth of around 40% over the course of 2009, achieved a positive operating result and has a high level of liquidity. For 2010 the company is striving for double-digit growth and is on target for the first quarter.
The new owners will take over the market leader in the future market of mobile machine-to-machine (M2M) communication. Cinterion has a broadly diversified customer base and is an innovative company with excellent prospects. The company has recently won the GSMA Awards for Best Embedded Mobile Module and Best Embedded Mobile M2M Service, which demonstrates its innovation capabilities.
About Cinterion Wireless Modules
Cinterion Wireless Modules is the worldwide leading supplier of cellular machine-to-machine (M2M) communication modules and combines unparalleled M2M engineering expertise and localized worldwide customer support with a strong portfolio of high-quality GSM, GPRS, EDGE, UMTS and HSPA products. Cinterion is a reliable partner and valued by many customers for its award-winning modules which enable machines, equipment and vehicles to communicate over wireless networks helping enterprises dramatically cut costs and increase productivity and efficiency. Cinterion products are carrier and FTA approved and used for industries including remote maintenance and control; metering; payment systems; industrial PDAs; routers and gateways; security systems; health care; automotive and eToll; tracking and tracing. The firm's global headquarters are in Munich, Germany, with sales and support offices in local markets around the world. For more information, please visit: www.cinterion.com.
SOURCE: Cinterion Wireless Modules Holding GmbH