Press releases (Year 2009)
BITĖ Group establishes new subsidiaries
November 09, 2009
To develop the BITĖ Group’s tower and masts infrastructure sector in Lithuania and Latvia in a more efficient way it has been decided to establish two subsidiaries of BITĖ Group in Lithuania and Latvia which will be responsible for ownership, management and development of the towers and masts other than the radio part.
To pursue this goal a subsidiary company called TeleTower UAB (wholly owned by Bitė Finance International B.V.) was established in Lithuania on 2 November 2009 and TeleTower SIA was established in Latvia on 6 November 2009 (wholly owned by Bite Latvija SIA, an indirect subsidiary of Bitė Finance International B.V.).
The newly established companies were established by way of reorganization of Bitė Lietuva UAB and Bitė Latvija SIA and both of them belong to BITĖ Group.
During the reorganization process in Lithuania, the assets, rights and liabilities (including certain related contracts) of Bitė Lietuva UAB related to towers and masts were spun-off from Bitė Lietuva UAB and transferred into the newly formed TeleTower UAB.
During the reorganization process in Latvia, assets (mainly masts and towers) of Bitė Latvija SIA, together with liabilities related to the said assets, namely, lease, service and other agreements, were transferred into the new company TeleTower SIA.
The reorganization will have no adverse affect to business activities of the BITĖ Group. It will provide more opportunities for the third parties interested in leasing space on our sites.
Some of the information in these materials may contain projections or other forward-looking statements regarding future events or the future financial performance of Bite. You can identify forward looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could," "may" or "might" the negative of such terms or other similar expressions. Bite wishes to caution you that these statements are only predictions and that actual events or results may differ materially. Bite does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of Bite, including, among others, general economic and political conditions, the competitive environment in which Bite operates and many other risks specifically related to Bite and its business.