3rd Mar 2014 11:07
LONDON (Alliance News) - Software Radio Technology PLC said Monday that it had signed an original equipment agreement with an Asia-based company for its Aid to Navigation transceivers.
Software Radio Tech develops and produces identification and tracking devices for the marine industry.
Under the agreement, Software Radio Tech will provide customised transceivers to clients, for which it will receive fees of around USD285,000.
Software Radio Tech expects the initial customisation work to take around six months, after which point the customer will begin marketing the device.
"Our AtoN team is making excellent progress and this agreement is with an important player in this market segment," said Chief Executive Officer Simon Tucker.
Shares in Software Radio Tech were trading down 0.9% at 22.17 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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