SKG skynetglobal limited

update on russia - ukraine order - read here

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    COMPANY ANNOUNCEMENT
    Update on Russia-Ukraine order
    SYDNEY 6 September 2005 – SkyNetGlobal Limited, (“the Company”) listed on ASX (“SKG”) in
    Sydney and on AIM (“SKN”) in London, today announced that as of the date of this announcement, it
    has not received confirmation from Techno Import Pty Ltd (“Techno Import”) on whether it will be able
    to fulfil its obligations on the supply agreements for US$23 million (A$29 million) in home automation
    products as announced by the Company on 21 March 2005.
    Techno Import Pty Ltd, an Australian subsidiary of a Russia-Ukraine trading company, was earlier
    granted a 60-day extension to make payment. The extension officially expired on 30 August 2005.
    Techno Import requested the extension while awaiting formal product certification from Ukrainian and
    Russian import officials
    Under these circumstances, the Company will no longer expect to receive the payments due under the
    supply agreements and will review its legal options unless it is able to reach a satisfactory settlement
    or outcome with Techno Import. SkyNetGlobal will not incur any financial loss on the deal as it has not
    delivered any products or made any commitment to do so.
    - End -
    ABOUT SKYNETGLOBAL
    Headquartered in Sydney and listed since 2000 on the Australian Stock Exchange (ASX: SKG) and, in February
    2005, on AIM, which is operated by the London Stock Exchange (AIM: SKN), SkyNetGlobal is a leading provider
    of wireless broadband and home lifestyle solutions. SkyNetGlobal's residential communications business, W
    Home, provides broadband communications to apartment buildings, usually with the added convenience of
    wireless or powerline delivery. SkyNetGlobal also provides home lifestyle and security products through retail
    channels and provisions wireless broadband services to subscribers worldwide via public “hotspots.” Its awardwinning
    home digital software, W Home ShowShifter, boasts 1 million users worldwide. Please visit our website
    at http://www.skynetglobal.com/.
    CONTACT INFORMATION
    Australia
    Anthony Blass
    SkyNetGlobal Limited
    Level 7, 451 Pitt Street Sydney NSW 2000 Australia
    Email: [email protected]
    United Kingdom:
    Simon Bloomfield
    Partner, Bankside Consultants
    4th Floor, 1 Frederick’s Place London EC2R 8AE
    Tel: +44 (0) 7771 758517
    Email: [email protected]
 
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