22nd May 2014 10:54
LONDON (Alliance News) - Galasys PLC Thursday said it had won a contract worth CNY2.9 million, or about GBP274,000, to supply ticketing and point-of-sale systems to the Wuhan Wanda Movie Park in China that is scheduled to open in December, a deal it hopes will lead to further business from the owner of the park.
The company, which provides ticketing systems to the fast-growing theme park industry in Asia, particularly China, said the contract is its first significant new customer win since its initial public offering earlier this month. It said it also now has 68 installed sites, compared with the 60 sites it had at the time of its IPO on May 12.
Galasys said the new contract includes two years of software support and three years of hardware support. It expects to receive 95% of its fees once the movie park has been operational for three months, with the rest paid over the life of the contract.
The Wuhan Wanda Movie Park is being built by Dalian Wanda Group for CNY3.8 billion, or about GBP362 million, and Galasys claims it will be the first indoor movie theme park in the world.
"Galasys won this project against competition from local and global ticketing solution providers, which is a testament to our technical merit, existing customer references and the strong local implementation and support team we provide," Chief Executive Sean Seah said in a statement.
"We have committed to place dedicated engineers on-site with Dalian Wanda and we hope this is the first of many contracts with Dalian Wanda which has plans to build several state-of-the-art theme parks in major cities across China," Seah added.
Galasys shares were down 3.7% at 23.12 pence Thursday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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