Aastra Provides Update on Acquisition of Ericsson’s Enterprise Communications Business

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Aastra Provides Update on Acquisition of Ericsson’s Enterprise Communications Business Aastra Provides Update on Acquisition of Ericsson’s Enterprise Communications BusinessAastra Provides Update on Acquisition of Ericsson’s Enterprise Communications Business

16 December 2008

TORONTO, ONTARIO (December 16, 2008) -- Aastra Technologies Limited - (TSX: “AAH”) has been removed from the list of reporting issuers in default by the Ontario Securities Commission as a result of Aastra’s recent filing of its Business Acquisition Report (“BAR”) in connection with its previously announced acquisition of Ericsson’s Enterprise Communications Business (the “Acquisition”).

The BAR excludes the operations in South Africa relating to the LG-Nortel product portfolio (the “LG-Nortel Related Operations”) as Ericsson and Aastra have mutually agreed that it would be in the best interests of all parties if such operations were returned to Ericsson and excluded from the Acquisition.

Ericsson and Aastra have also reached an agreement on all of the net asset values contained in the closing balance sheet relating to the Acquisition (the “Closing Balance Sheet”) except for one matter which has been referred to an independent auditor for final determination.

Ericsson and Aastra have agreed that the Closing Balance Sheet and the return of the LG-Nortel Related Operations shall result in a net cash transfer of $8.9 million from Ericsson to Aastra before the end of the fourth quarter of 2008.

Finally, Aastra has also completed its previously announced employee restructuring relating to the Acquisition and has incurred a restructuring expense of $7.8 million in its fourth quarter of 2008 on this matter.

Aastra Technologies Ltd.

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