SOFTWARE RADIO TECHNOLOGY PLC
(AIM: SRT)
US$6.75 Million Frame Order
Software Radio Technology plc ("SRT" or the "Company"), the AIM-quoted provider of maritime domain technologies, products and solutions, is pleased to announce the receipt of a 12 month Frame Order for AIS equipment worth US$6.75 million.
The Frame Order has been received from a long standing SRT customer who is focused on a number of regional vessel tracking and maritime domain awareness (MDA) projects. The projects in question are driven by national authorities and have been in planning for a number of years as part of substantial MDA programmes. SRT and its customer have worked closely together to provide advice, guidance and trials to the authorities to assist them in developing the relevant laws, technical specifications and logistical support required to develop and implement these programmes.
The terms of the Frame Order allow the customer to make call-off orders, up to the aggregate value of US$6.75 million, at its discretion over a 12 month period for delivery in line with the requirements of the project rollout programmes. Based on SRT's current understanding of the project implementation schedules, it is expected that the Frame Order will be fully called off within the 12 month term of the agreement. A call-off order worth US$450,000 has been shipped to support some expected immediate requirements and this will be incorporated in the results for the year ended 31 March 2014. SRT understands that the Frame Order represents only a proportion of the aggregate requirement for the specific regional projects and thus further orders are expected in the future.
Simon Tucker, CEO, commented: "SRT's products and expertise have combined with our customer's local knowledge, reputation and capabilities to deliver the vessel tracking solutions these authorities need to fulfil their objectives. These are large, long term projects involving the fitting of tracking devices to thousands of vessels and thus, as with the many other projects we are addressing, they have taken time to reach implementation and rollout. We are delighted that all the hard work from our customer and SRT is now showing success through the receipt of this frame order. We look forward to similar from other regions and market segments."
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Software Radio Technology plc |
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Simon Tucker, Chief Executive Officer |
+44 (0) 1761 409500 |
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[email protected] |
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WH Ireland Limited |
www.wh-ireland.co.uk |
Tim Feather |
+44 (0) 20 7220 1666 |
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Yellow Jersey Dominic Barretto Anna Legge |
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About SRT:
The Software Radio Technology plc group develops advanced radio communications technologies which are used to create a range of product platforms and then further customised for specific customer and market requirements. SRT product solutions enables a growing global network of over 150 customers to provide a wide variety of solutions addressing maritime safety, efficiency and security.
