Contract Win
December 13 2007 - 2:03AM
UK Regulatory
RNS Number:8147J
Turbo Power Systems Inc
13 December 2007
13th December 2007
TURBO POWER SYSTEMS
CONTRACT WIN
Turbo Power Systems Plc ('TPS' or 'the Company'), the innovative electrical
machines and electronic systems provider, today announces that it has now
received the new order for its high speed motor and drive technology previously
described as imminent in the Quarter 3 2007 results.
This order represents the first production release against the Memorandum of
Understanding with the major international capital equipment manufacturer,
announced in November 2005. The initial quantity of 75 systems valued at
approximately $2M, which will all be delivered during 2008, is intended to
provide initial volumes to support anticipated customer demand following the
formal product launch next year. The MoU includes an undertaking to purchase 500
such systems in the first two years of production and an exclusive manufacturing
period for an initial term of 5 years.
Commenting on the contract win, Michael Hunt, CEO, said: "The receipt of this
order is great news for TPS and demonstrates the potential of our electrical
machines division at Heathrow. The new contract is evidence of the increasing
commercialisation and wide ranging appeal of our energy efficient, high speed
machine technology. Along with the other order announced with our Q3 results,
this expands the range of applications that our core technology can be used
for."
For further information, please contact:
Turbo Power Systems Tel: +44 (0)20 8564 4460
Michael Hunt, Chief Executive Officer
Stephen Sadler, Chief Financial Officer
Gavin Anderson & Company (PR) Tel: +44 (0)20 7554 1400
Ken Cronin
Michael Turner
KBC Peel Hunt Tel: +44 (0)20 7418 8900
Oliver Scott
Company Website: www.turbopowersystems.com
About Turbo Power Systems
Turbo Power Systems Inc (AIM:TPS.L). is a leading UK based designer and
manufacturer of innovative power solutions. The Group's products are all based
on its core technologies of power electronics and high speed motors and
generators and are sold into a number of market sectors including aerospace,
rail, and various industrial sectors. The Company's products provide improved
efficiency and reduced energy consumption compared to existing technologies.
Turbo Power System's existing customers include bluechip companies such as
Hamilton Sundstrand, Bombardier, The National Rail Equipment Company, Eaton
Aerospace and Lotus.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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