The loss was due mainly to the acquisition of APTEL at the end of 1997 which brought the total loss for 1997 to US$9,008,000.
During the reported period Nexus has also fully acquired APTEL, a company involved in wireless spread spectrum direct sequence technology applied mainly for telemetry and Automatic Meter Reading (AMR).
Nexus has purchased, for a total of 925,000 Nexus shares, one hundred percent of APTEL Ltd.
In the Spring of 1995, APTEL conducted successful trial installations for the application of its products, in a partnership with MobileComm, which has the second largest paging subscriber system in the U.
The inclusion of the APTEL
operation will initially result in higher R&D expenditure, a deviation from the original Nexus forecast, "However, we assume that this investment will pay off once the APTEL
designed products will reach the marketplace," says Amnon Shefi, Nexus' president and CEO.
On the actual capital cost of the project, Amarkantak Unit 2 shall be paid Regulated Tariff based as per the APTEL
order and this would result in sustainable and profitable operation of the project at full capacity.