Padma Ravichander Closes the First Round of Acquisition of Tecnotree Corporation Shares from Fitzroy Investments Limited

News provided by Tecnotree Corporation
September 07, 2022 11:00 Korea Standard Time
  • Padma Ravichander Closes the First Round of Acquisition of Tecnotree Corporation Shares from Fitzroy...

    Padma Ravichander Closes the First Round of Acquisition of Tecnotree Corporation Shares from Fitzroy Investments Limited

ESPOO, FINLAND--(Business Wire / Korea Newswire) September 07, 2022 -- In pursuance to the release dated 3rd June 2022, Padma Ravichander, the CEO of Tecnotree Corporation (“Tecnotree”) and Fitzroy Investments Limited (“Fitzroy”) have today entered into a definitive agreement wherein Fitzroy will sell the first tranche of 7,500,000 shares of Tecnotree to Padma Ravichander for a purchase price of EUR 0.74 per share, which is a 3% premium on the 50-day moving-average of the Tecnotree share price on the NASDAQ Helsinki Stock Exchange. By executing this transaction, the parties have materialized the first tranche of the investment agreed by the parties. The final tranche of the investment shall be completed by December 2022. The parties shall make the necessary market notifications as required under applicable law with respect to this transaction.

This transaction further validates our vision to ‘empower digitally connected communities’ and bring sustainable and inclusive development to our customers through our digital platform, software and services. The core of our business is to enable essential connectivity service offerings with European Finnish innovation. I am proud to say that our digital products and platforms are gaining continuous acceptance globally including Middle East and emerging markets which is testament to our One-Tecnotree brand. I am happy that this transaction reinforces my commitment to stay invested in the long-term vision of Tecnotree” says Padma Ravichander, the CEO of Tecnotree.

About Tecnotree

Tecnotree is a 5G-ready digital Business Support System (BSS) player, with AIML capabilities and multi-cloud extensibility. Tecnotree is among the first companies in the world to be Platinum Certified by TM Forum Open API standards, and our agile and open-source Digital BSS Stack comprises the full range (order-to-cash) of business processes and subscription management for telecom and other digital services industries creating opportunities beyond connectivity. Tecnotree also provides Fintech and B2B2X multi-experience digital marketplace to its subscriber base through the Tecnotree Moments platform to empower digitally connected communities across gaming, health, education, OTT, and other vertical ecosystems. Tecnotree is listed on Helsinki Nasdaq (TEM1V). For more information, please visit www.tecnotree.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20220906005631/en/

Website: https://www.tecnotree.com/

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Contact

Tecnotree
Padma Ravichander
CEO

This is a news release distributed by Korea Newswire on behalf of this company.