AMITELO contracts ZTE with the building of a network in Iceland

AMITELO AG will carry out the construction and financing of the GSM
network in
Iceland with the worldwide operating Chinese ZTE
Corporation

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Zürich (euro adhoc) - Zurich 18th December 2007. AMITELO AG will
construct the GSM-1800-Network in Iceland in corporation with the
internationally operating ZTE Corporation in Shenzhen, China.

The ZTE Corporation will hand over the network equipment to Amitelo
according to supply contract and in course of the development of a
mobile phone infrastructure in 2008. ZTE is also financing the
largest part of the project in the form of a supplier's credit
amounting to around 7 m EUR. After start of operations at the
beginning of third quarter of 2008 in the capital Reykjavik, the
construction of the network will have been finished by the mid of
2009.

The project in Iceland is expected to generate a turnover of
estimated 4 m EUR in 2008. By developing the network construction
further and finalising the construction work in 2009, turnover should
be raised significantly in 2009 (estimated 10 m. EUR) and 2010
(estimated around 15 m EUR.) With EBITDA-margin of well over 30%,
Amitelo manages to open a highly profitable growth sector.

"We are convinced we can develop new and significant potential from
our entering the mobile phone market as a network operator. The
diversity of mobile applications such as "Mobile Content" and
"Ticketing" as well as the possibility to offer products and services
beyond the boarders of Iceland increases our prospects there
considerably. The development of a GSM-network in Iceland is
therewith currently the most important and most exciting AMITELO
project. The collaboration with Global Player ZTE is an
acknowledgement for our work within the last months, and a logical
consequence of a powerful new start. Through the ZTE Corporation
secure financing we gain safety for planning and see this gesture as
a signal of trust" says Jan Malkus CEO of the AMITELO AG management
group

"For the ZTE Corporation the collaboration with AMITELO AG means a
welcomed opportunity to become active using our Know-How in a highly
developed European technology market. Our partner AMITELO AG
persuaded us from the start with professionalism and by having a
clear vision for the project in Iceland. The joint implementation and
financing are an expression of our persuasion that the construction
and operation of the GSM-Network in Iceland will be a success. "We
look forward to further joint projects with AMITELO AG already", says
Dr. Zhigang Zhang, Managing Director of ZTE Deutschland GmbH.

About ZTE Corporation: ZTE is a global leading provider of
telecommunications technology and network solutions. The company
offers array of products worldwide covering practically every market
segment for fixed line networks, mobile phone networks and mobile
phone devices. ZTE delivers innovative, customised products in over
100 countries important for the future of worldwide communications.
Around ten percent of ZTE yearly turnover is invested in research and
development. In addition, the company plays an important role for
many international bodies for the development of new
telecommunication standards. ZTE is the fastest growing provider for
telecommunications technology in the world and China's only
telecommunications supplier listed on the stock exchange. The company
shares are traded on the Schenzhen and Hong Kong stock exchange. ZTE
is the only Chinese ICT-manufacturer, included in the Business Week
2005 "Information Technology 100" list.

About AMITELO AG: The AMITELO AG (www.amitelo.ag) is an
internationally active, innovative technology company based in
Zurich that is involved in fast-growing telecommunications
areas including mobile phone services. To this end, AMITELO AG
follows an assertive growth strategy, in which organic and
inorganic developments are closely linked to one another and
contribute collectively to the achievement of the company's own
goals regarding revenue and output.

Contact:

AMITELO AG
Investor Relations
ir@amitelo.ag[pic]

end of announcement euro adhoc
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ots Originaltext: Amitelo AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Contact:

AMITELO AG

Investor Relations

ir@amitelo.ag

Branche: Telecommunications Equipment
ISIN: CH0003307706
WKN: A0F5YA
Börsen: Börse Frankfurt / free trade/entry standard