SOFTWARE RADIO TECHNOLOGY PLC
(AIM: SRT)
("SRT" or the "Company")
MDM System Supply Agreement Signed
SRT, the global provider of maritime tracking technologies, products and turn-key system solutions, is pleased to announce that it has entered into a major agreement (the "Agreement") for the supply of a significant maritime domain management system ("MDM system" or the "System") for a large country in Asia. Under the Agreement, SRT will play an integral role in the development and implementation of a national integrated maritime system which is expected to generate revenues of up to €90 million (approximately US$100 million) for SRT over three years, depending on final specification.
The Agreement requires SRT to work closely with the customer to assist with the specification, planning and implementation of the complete project as well as the supply of equipment, software, data and services. The project will be implemented in three distinct phases over an expected period of three years with the Agreement requiring that each phase is successfully completed and accepted by the end customer before proceeding to the next phase. The requirements for each phase are different in specification, scale and value and will be reflected in separate sub-agreements ("Sub-Agreement") for each phase.
Phase 1 of the project is focused on a detailed evaluation of the systems to be deployed; Phase 2 the detailed system and rollout planning based upon information gained from Phase 1; and Phase 3 is the national rollout. Consequently revenues attributable to the Agreement will be spread across three phases with heavy weighting to Phase 3. SRT has entered into the Sub-Agreement for Phase 1, the requirements of which include the supply of a regional MDM system and vessel transceivers.
The complete MDM system is expected to include a combination of AIS (satellite and terrestrial), radar, CCTV, and AtoN environmental sensors which will be installed across the country's extensive coastline, AIS transceivers of multiple types for vessels, and an integrated network of national, regional and local control rooms.
The System will deliver a range of sophisticated maritime monitoring functionality for all marine stakeholders in the country covering one of the world's largest maritime Exclusive Economic Zones. Functionality delivered by the System will include (i) effective maritime security with automated threat identification and management; (ii) the monitoring, licensing and management of one of the world's largest fishing fleets to assist with the prevention of illegal fishing; (iii) management of the fleet and fish stocks, monitoring and management of sensitive marine environments; (iv) enhanced maritime search and rescue; and (v) general improved safety at sea.
Simon Tucker, SRT CEO said: "This Agreement marks the conversion of a further project, and one of the largest, in our validated sales opportunity pipeline. This is a substantial maritime domain awareness project involving many stakeholders and we have been working towards this for several years. SRT's many years of investment has resulted in our MDM system with its proven performance, unique functionality, such as ABSEA and GeoVS Data management and display functionality. This, coupled with SRT's expertise in the area of large scale national maritime monitoring systems, made us the natural choice. We look forward to working closely with our customer to deliver this significant project in the coming months and years."
ENDS
About SRT:
SRT develops, manufactures and supplies maritime tracking technology and turn-key system solutions to marine stakeholders across the globe. The Company's products and solutions are used by individual vessel owners, port authorities, maritime infrastructure owners, coast guards and national security agencies to enhance their maritime domain awareness. Applications include the tracking of commercial and leisure vessels; sustainable fishery; anti-collision; search and rescue; waterway management, port and coast security; pollution management; and environmental management.
In the early 2006, SRT was the first company to develop a low cost technology platform supporting the International Maritime Organisation (IMO) adopted data communications technology, AIS (Automatic Identification System). This technology transmits vessel type, current co-ordinates, course and speed, and the vessel's unique identifier, in real time - air traffic control for boats. As a result of a global IMO sponsored mandate for the use of AIS, today AIS is being adopted and implemented worldwide in marine market as the next generation of radar. SRT's systems are entirely developed in the UK with 95% of revenues derived from exports.
With circa 26 million vessels operational globally and a growing demand from national authorities enforcing vessels operating in their waters to fit AIS as standard, SRT, the leading global provider of AIS technology, is at the forefront of a rapidly developing and evolving multi-billion dollar maritime market.
