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Return to: 2005 News Releases

LOCATEL EUROPE GROUP ACQUIRES 2M ELECTRONIC A/S

PARIS, FRANCE, Oct. 17, 2005 -- Locatel Europe Group (www.locatel.com) has entered an agreement to acquire 2M Electronic A/S (www.2m.dk), a Copenhagen, Denmark-based company that is the leading provider of interactive hotel guest room technology in Europe. The agreement positions Locatel Europe Group as Europe's prime integrated provider of entertainment hospitality systems. Xavier P. Negiar, president of Locatel Europe Group, made the announcement.

2M Electronic, established in 1982, has supplied more than 2,500 installations worldwide, representing more than 450,000 rooms. The firm's founder, Benny Mieritz, who will become a substantial shareholder of Locatel Europe Group, will remain as 2M Electronic's chief executive officer and will also chair a technology committee for Locatel Europe Group.

"2M Electronic's interactive guest room video entertainment technology will complement Locatel Europe Group's products and services and further positions our company as a global industry leader," Negiar said. "2M Electronic will play an integral role in our long-term worldwide expansion plans."

"Merging our company into the Locatel Europe Group family provides us with an opportunity to greatly expand the scope of services and products to our existing customer base and to prospective clients, as well as the means to offer hotels' needs when faced with rapidly evolving technology" Mieritz said.

Negiar added that as part of the deal, Locatel Europe Group now controls 45 percent (the company is now the largest shareholder) of Roombase (www.roombase.de), founded in 2002 as Grundig Entertainment Network GmbH. Located in Furth, Germany, Roombase provides cable and satellite hotel communications services.

About Locatel

Founded in 1962, Locatel is now part of the privately held Locatel Europe Group and located in Paris. The company is owned by the Platina Partnership, a private equity fund advised by London-based Platina Finance. Locatel Europe Group provides the hospitality industry with state-of-the-art interactive guest room systems for video entertainment and high-speed Internet access, TV sets, minibars and safes. Revenues in 2004 were 35 million Euros ($46.2 million). The group, with 250 employees, has 14 offices in France and 23 distributors and agents throughout Europe, the Middle East and North Africa and serves over 650,000 guest rooms.

Return to: 2005 News Releases