Significant Events after the Reporting Period
On January 18, 2022, Mr. Antti Näykki (45 years), B.Eng. Embedded Systems, was appointed as Senior Vice President, Medical Technologies Product and Service Area in Bittium Corporation and as a member of Bittium Corporation´s Management Group, effective on February 1, 2022. Mr. Näykki has worked at Bittium since 2019, among other things, as responsible for business development, and as the head of the Medical Technologies product management. In his new position as Senior Vice President of Medical Technologies Product and Service Area, he reports to Mr. Hannu Huttunen, CEO of Bittium Corporation. Mr. Arto Pietilä, Senior Vice President of Medical Technologies Product and Service Area and a member of Bittium Corporation´s Management Group, will retire in March 2022. He has agreed to support a smooth transition of responsibilities to Mr. Antti Näykki in the first months of 2022.
As of February 1, 2022, Bittium Corporation´s management group consists of the following persons: Mr. Hannu Huttunen, CEO (Chairman); Mr. Pekka Kunnari, CFO; Mr. Kari Jokela, CLO; Mrs. Karoliina Malmi, Vice President Communications and Marketing; Mr. Jari Sankala, Senior Vice President Defense & Security; Mr. Tommi Kangas, Senior Vice President Connectivity Solutions; Mr. Antti Näykki, Senior Vice President Medical Technologies; and Mr. Jari-Pekka Innanen, Vice President, Engineering.
On February 2, 2022, Bittium Biosignals Ltd, a subsidiary of Bittium Corporation, and Preventice Solutions, a wholly-owned subsidiary of Boston Scientific, announced to have signed an agreement by which Bittium will extend its supply of BodyGuardian® MINI devices for monitoring cardiac arrhythmias to Preventice Solutions. In addition, according to the agreement the parties continue to cooperate in the development of new tailored ECG technology for Preventice Solutions. When the minimum volumes required for the exclusive rights under the agreement are met, the total value of the agreement is approximately USD 4045 million (approximately EUR 3540 million based on an exchange rate of February 1, 2022), with revenues accruing during 2022, 2023, 2024 and 2025. The final total value is mainly affected by the purchase volumes of different product models. The cooperation between Bittium and Preventice Solutions began in February 2018 regarding the development and delivery of wireless ECG measurement devices. A continuation of the cooperation was announced on September 10, 2020. The agreement signed on February 2, 2022 replaces the extension agreement signed in September 2020 for the supply of ECG measuring devices for the years 20212024.
On February 8, 2022, the Finnish Defence Forces ordered the Bittium Tactical Wireless IP Network™ (TAC WIN) system´s products based on a Framework Agreement on the purchase of the products. The value of the purchase order was approximately EUR 8.8 million. The ordered tactical routers and radio heads are related to several ongoing projects in the Finnish Defense Forces, where Bittium TAC WIN provides broadband IP network connections for mobile communication stations and command posts. Bittium TAC WIN system´s products were ordered based on a Framework Agreement between Bittium and the Finnish Defence Forces, according to which the Finnish Defence Forces purchase Bittium TAC WIN system´s products for tactical communications. The Framework Agreement covers the years 20212024, with a total value of approximately EUR 30 million at the maximum. According to the Framework Agreement, the Finnish Defence Forces will issue separate purchase orders for the products each year. Bittium announced on December 22, 2020 that the Finnish Minister of Defence, Mr. Antti Kaikkonen had authorized the Finnish Defence Forces to purchase the Bittium Tactical Wireless IP Network™ (TAC WIN) system´s products. The ordered products will be delivered to the Finnish Defence Forces during the year 2022.