Media Centre
Uecomm Finalises Agreement with Lucent
Uecomm Limited ("Uecomm") announced today that it has reached agreement with Lucent Technologies Australia Pty Ltd ("Lucent") to terminate existing arrangements between Uecomm and Lucent for services that were being provided by Uecomm to Lucent.
Under the settlement reached between Uecomm and Lucent, Uecomm will receive a net amount of $6.5 million. This represents $7.8 million for service revenue commitments, less $1.3 million for payments due to Lucent for equipment purchased by Uecomm. The transaction will be brought to account by Uecomm in the quarter ended 30 June 2002.
Uecomm Chief Executive Officer, Mr Peter McGrath commented, "Uecomm is pleased to have reached agreement with Lucent and we regard this as a solid financial outcome."
