Key Developments For TTI Team Telecom International Ltd
TTI Team Telecom International Ltd (TTIL.O) (Consolidated Issue listed on NASDAQ Global Market)
TTI Telecom International Ltd. Announces Settlement Of Dispute With Telesens LLC
TTI Telecom International Ltd. announced that it has settled its dispute with Telesens LLC, a Ukraine-based software house that was acquired by TTI Telecom in January 2008, and with Mr. Eduard Rubin, Telesens' former key shareholder. Under the terms of the settlement agreement, the acquisition of Telesens will be rescinded, such that TTI Telecom will transfer the 100% interest it has in Telesens to the previous shareholders and both parties' lawsuits against each other will be dismissed. In addition, Telesens agreed to continue and provide development services to TTI Telecom and TTI Telecom agreed to pay approximately $200,000 to Telesens in consideration for previous development services and for other modifications made by Telesens according to TTI needs.
TTI Telecom International Ltd. Completes Internal Investigation Of Telesens Acquisition
TTI Telecom International Ltd. announced that the Audit Committee of the Board of Directors of TTI Telecom has completed its internal investigation of the Telesens acquisition. The Audit Committee's Conclusions : Based, among other things, on the report of the independent investigator, the Audit Committee concluded that : a finder fee agreement between Mr. Rubin and the RBU Manager was entered into in September 2006, whereby the RBU Manager agreed to assist and promote a sale of Telesens to a third party in consideration for a finder fee; in early 2007, the RBU Manager introduced Telesens to the senior management of TTI Telecom as a potential acquisition target, and in December 2007, TTI Telecom entered into a definitive agreement to acquire Telesens from its two shareholders, including Mr. Rubin; both the RBU Manager and Mr. Rubin did not inform TTI Telecom of the said finder fee agreement; and the evidence obtained and reviewed in the investigation did not establish any wrongdoing or improper personal conduct by Mr. Meir Lipshes, the Chairman and CEO of TTI Telecom, or any other employees, officers or directors of TTI Telecom, and the Audit Committee continues to have full confidence in the integrity of the current management team.
TTI Telecom International Ltd. Further Update On Internal Investigation
TTI Telecom International Ltd. announced a further update regarding the previously announced internal investigation of the Telesens acquisition. In conjunction with the internal investigation, which is still in its early stages, TTI Telecom is evaluating the legal validity of the transaction with Telesens and will take appropriate steps in accordance with the outcome of the internal investigation.
TTI Telecom International Ltd. Provides Update On Internal Investigation Of Telesens Acquisition
TTI Telecom International Ltd. announced an update regarding the previously announced internal investigation of the Telesens acquisition. The Audit Committee of the Board of Directors of TTI Telecom, who began its internal investigation after a key shareholder of Telesens made allegations regarding improper commissions that Mr. Moti Lipshes received with respect to the acquisition of Telesens, has engaged Barlev Investigative Auditing, an Israeli accounting firm with significant experience in investigating improper business conduct, to lead the investigation. The internal investigation is at an early stage and no conclusion can be drawn at this time as to its ultimate results. The Audit Committee will work with the independent investigator and appropriate personnel within TTI Telecom to promptly complete a thorough and expeditious inquiry of the matter.
TTI Telecom International Ltd. Announces Internal Investigation of Telesens Acquisition
TTI Telecom International Ltd. announced that it has received a written complaint from Mr. Eduard Rubin, the former key shareholder of Telesens LLC, a Ukraine software house that was acquired by TTI Telecom in January 2008, alleging, among other things, that Mr. Moti Lipshes, an RBU (Region Business Unit) manager in TTI Telecom, who is also the son of Mr. Meir Lipshes, the Chairman and CEO of TTI Telecom, received improper commissions from Mr. Rubin with respect to the acquisition of Telesens. The Audit Committee and Board of Directors of TTI Telecom are scheduled to meet shortly in order to investigate this matter and decide on further course of action.
