The project will begin immediately, and is expected to take a year.
The recovery by Baran Group Ltd. (TASE:BRAN; OTCBB:BRANF) is continuing. The company today announced that its subsidiary, Baran Raviv Telecom, signed last Thursday an MOU for the construction of dozens of wireless communications sites in Eastern Europe, for an estimated $10 million. The project will begin immediately, and is expected to take a year.
”Building a wireless communications site involves finding a site, an engineering design, obtaining the necessary permits from the authorities, and actual construction, said Baran Group chairman Meir Dor. “We’re holding preliminary negotiations with other companies in Eastern Europe for the construction of wireless sites. This contract might be expanded later, since it involves the expansion of the wireless network in the country we’re operating in.”
The current contract follows an earlier contract for wireless infrastructure in Germany Baran signed two months ago. Baran reported that its German subsidiary Westmontage (in which Baran owns 55%) had signed a $5 million contract with one of Europe’s leading telecommunications companies for the construction of hundreds of communication sites in Germany. The customer reported that the contract could reach $20-25 million within an 18 month period, subject to receiving performance orders.
Published by Globes [online], Israel business news - www.globes.co.il - on July 24, 2005