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Eltek Energy Announces Closing of Valere Power Transaction and Creation of Eltek Valere
RICHARDSON, TX —June 4, 2007 — Eltek ASA, Drammen, Norway, today announced the closing of the acquisition of Valere Power by its Eltek Energy subsidiary. The combined company is called Eltek Valere and has its headquarters in Richardson, TX. Eltek Valere is a $500 million provider of DC power systems to telecommunications and industrial markets worldwide. The company has more than 1,300 employees with offices in 25 countries and sales to more than 100 countries. Eltek Valere intends to investigate a separate listing of the company in the US or another major global exchange in the future. “The closing of this agreement merges the unique strengths of both Eltek Energy and Valere power to create a company that is better positioned to serve customers both locally and globally,” said Andy Marsh, formerly president and CEO of Valere Power and now CEO of Eltek Valere. “The Eltek Valere team is responsible for some of the best products available today, and I’m confident that together we’ll deliver solutions with an even higher level of innovation, resulting in the industry’s highest efficiencies, and improved remote management and ease of use.” “Eltek Valere has a great core of innovation and the broad market reach it needs to be successful in the market,” said Morten F. Angelil, Eltek ASA chief executive officer. “We welcome the Valere Power team to Eltek and look forward to working together to take advantage of the opportunities that are before us.” About Eltek Energy AS
Eltek Energy is a specialist telecom energy systems supplier. Established in Norway in 1971, the company has grown organically and through mergers and acquisitions to become a leading international supplier of power solutions within telecom. Eltek Energy has strong global positions in the Americas, Europe and Asia, serving multinational, regional and national builders of telecom infrastructure. More information is at www.eltekenergy.com. ABOUT VALERE POWER
Valere Power, headquartered in Richardson, TX, is an advanced AC/DC power system company with proprietary technologies that reduce power dissipation and system size, simplify installation, and offer advanced remote monitoring for telecommunications service providers and enterprises. More information is available at www.valerepower.com. North American Press Contact
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