EUR7.1 Million Received

RNS Number:2665R
Teleunit S.p.A
01 April 2008


Teleunit S.p.A.
("Teleunit", "TLU", "the Group" or "the Company")

Euro7.1 million Received

Teleunit announces today that it has received the previously disclosed
settlement payment of Euro7.1 million from Telecom Italia ("TI"), thus leading to a
significant improvement in the Group's cash position (See RNS Announcement of 7
March 2008). This payment is the first to be received of the total Euro9.8 million
settlement amount. The remaining balance of Euro2.7 million will be paid pending
the outcome of an AGCOM (Italian Telecoms Regulator) ruling expected to take
place in a few months. For legal and contractual reasons these funds cannot be
released by TI unless the AGCOM provides a ruling. On the basis of extensive
analysis of the agreement with TI, and on the basis of similar AGCOM rulings,
our legal advisors are confident that the remaining funds will be encashed.

The litigation with Telecom Italia has lasted for more than 4 years and has had
a severe impact on the Group's strategic and commercial choices, and been
detrimental to the Group's cash flow. Recently, further pressure had been added
on Teleunit as the new standardised Premium Access contract could not be signed
until a settlement with TI was achieved. The consequence was an increasingly
onerous liquidity position for TLU and a growing risk that the Management and
Board felt unwilling to shoulder. As part of the agreement, and as mentioned in
the previous RNS announcement, the new Premium Access contract has now been
signed with TI.

Given these risks, the Board felt it best to settle with TI, despite the fact
that this would inevitably lead to a write-down of its assets. As previously
announced, the total outstanding receivables exceed the settlement amount, and
as such the Group will book a write down in FY2007, net of provisions, in the
order of Euro2.5 million. Furthermore there will be an increase in FY2007 direct
costs of Euro350,000. As a consequence, the Group will be unlikely to meet market
expectations for FY2007 profitability. From a financial perspective, this is
balanced somewhat by the much improved liquidity position of the Group.

This write-down marks the end of this chapter for the Group, its Managers, and
Shareholders, and there will be no further negative impacts on future accounting
arising from this settlement. The remaining Euro2.7 million that will be recovered
following the AGCOM decision will not lead to a further write down, and will
contribute only to further bolstering the Group's cash position.

The Group will announce its preliminary FY2007 consolidated results at the end
of May, at which time further information will be provided.

Gianfranco Cimica, Chief Executive Officer of the Teleunit Group, said:

"The funds that we have recently recovered are the fruit of years of litigation
with TI which have severely impacted the Group and its Shareholders.
Shareholders will understand that the Group's risk profile had become
unsustainable, and it thus had little choice but to settle. I am pleased with
the fact that we can now put this entire matter behind us, from a legal and from
an accounting perspective, and move forward with the new articulated Premium
Access Contract that provides further guarantees against this situation arising
again. I would like to again thank shareholders for their patience and
understanding, and reiterate that Board and Management can now look to the
future with renewed optimism and confidence, a great burden having been lifted."

For further information:

Teleunit S.p.A
Gianfranco Cimica, CEO                  Tel: + 39 075 528 3939

Daniel Stewart & Company plc
Paul Shackleton                         Tel: + 44 (0) 207 776 6550


                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
MSCDGGGDRMNGRZG