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ÅAC Microtec Announces Opening of UK Subsidiary and Appointment of Iraklis Hatziathanasiou as VP Business Development Europe

Press Release   •   Jan 18, 2017 12:32 CET

2017-01-18 ÅAC Microtec AB

ÅAC Microtec a Swedish corporation developing and marketing satellite components and satellite buses announce today, the incorporation of a UK subsidiary based in Harwell, Oxfordshire. Following the recent successful IPO on the Nasdaq First North Stockholm, the Company has announced the expansion of its operations through the opening of a UK office. The UK operation will address the growing demand in UK and at other European organisations. The UK is one of the larger “Space Economies” in Europe and represents a significant market opportunity for ÅAC Microtec.

Iraklis Hatziathanasiou is appointed as VP of Business Development Europe. Iraklis has over 15 years of experience in the space industry and brings a well-established knowledge of the rapidly expanding small-satellite market and in-depth understanding of the European institutions and their wider networks. His most recent experience includes a Senior Manager role in the space division of Honeywell Aerospace and advisory roles with private and government organisations across Europe.

- I am delighted to be joining the ÅAC Microtec team at the most exciting point of their operating life to-date and I am looking forward to helping the team grow and increase further its leadership in the global market for highly-reliable miniaturised spacecraft and space equipment, stated Iraklis Hatziathanasiou, the newly appointed Business Development Manager for the European market.

Mikael Andersson, CEO of ÅAC Microtec AB, also stated that - Today’s announcement is in line with our plans to expand our market efforts. This is a step towards delivering a growth strategy that would position ÅAC Microtec as one of the main European suppliers of miniaturised and small spacecraft. I am also excited to welcome Iraklis to ÅAC.

FOR MORE INFORMATION:

Please visit : www.aacmicrotec.com or contact:

Chairman of the board Rolf Hallencreutz, rolf.hallencreutz@aacmicrotec.com , +46 70 964 21 60

CEO Mikael Andersson, mikael.andersson@aacmicrotec.com, +46 70 515 26 00

The information in this press release is such that ÅAC Microtec AB (publ) shall announce publicly according to the EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of the contact person set out above, at 08:30 CET on 18 January, 2017.

About ÅAC Microtec:

ÅAC Microtec is a supplier of spacecraft avionics and data management products, such as onboard computers, mass memory storage and power supplies. The company is focused on micro-satellite (weight <150 kg) applications and products and offers complete spacecraft in collaboration with other specialized suppliers. ÅAC's technical competence includes the advanced and robust, fault-tolerant microelectronics for critical applications.
ÅAC Microtec's shares are traded on Nasdaq First North. G&W Brokerage, telephone +46 8 503 000 50, is the Certified Adviser.

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