SIM Technology Group and u-blox Terminate the Asset Purchase Agreement and Technology Assignment Contract for SIMCom's Cellular Module Product Line

THALWIL, Switzerland, May 21, 2017 /PRNewswire/ --

u-blox (SIX: UBXN), a global leader in wireless and positioning modules and chips, and SIM Technology Group Limited today announced that they will not proceed with the sale, respectively acquisition, of SIMCom cellular module product line.

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Despite best efforts on the part of SIM Technology Group and u-blox, the Parties could not close the deal as originally intended and were unable to find alternatives that worked for both whilst sustaining the intended benefits. Both Parties have therefore decided to amicably terminate the Asset Purchase Agreement and Technology Assignment Contract with all ancillary agreements.

A separate announcement will be made today by u-blox regarding updated financial guidance for 2017.

About u-blox 

Swiss u-blox (SIX:UBXN) is a global leader in wireless and positioning semiconductors and modules for the automotive, industrial and consumer markets. u-blox solutions enable people, vehicles and machines to locate their exact position and communicate wirelessly over cellular and short range networks. With a broad portfolio of chips, modules and software solutions, u-blox is uniquely positioned to empower OEMs to develop innovative solutions for the Internet of Things, quickly and cost-effectively. With headquarters in Thalwil, Switzerland, u-blox is globally present with offices in Europe, Asia and the USA.

(http://www.u-blox.com)

About SIM Technology Group 

SIM Technology Group is a global leader in mobile communication and Internet of Things, providing ODM services for worldwide mobile handsets and terminals customers as well as providing cellular modules and Internet of Things solutions. SIM Technology Group is providing specified terminals in different industrial areas, such as IOV, Police, Scanner, POS etc. Since 2015, the worldwide shipment of SIMCom cellular modules has been ranked NO. 1 based on the ABI research report. SIM Technology Group is listed on the Main Board of the HKEX (stock code: 2000.HK).

Please visit http://www.sim.com for more information.

Contact:

Gitte Jensen
Phone: +41-44-722-74-86
Email: [email protected]

Miss Wong
Phone: +852-2368-6824
E-mail: [email protected]

SOURCE u-blox