18th Jan 2007 07:01
Turbo Power Systems Inc18 January 2007 18 January 2007 TURBO POWER SYSTEMS RECEIVES RAIL ORDER WORTH US$14M Turbo Power Systems Inc ("The Company"), the innovative power generation andconditioning equipment supplier, is pleased to announce it has received a neworder from Bombardier Transportation worth US$14m. The Company's Power Electronics division has reached agreement with Bombardier,to supply 406 auxiliary power units in support of their contract with theChicago Transit Authority ("CTA") for a new fleet of metro subway cars. Theinitial confirmed order is for 406 units, spares, training and engineeringservices and is worth US$14m. Delivery of the 406 units will take place between2008 and 2011. In addition, the CTA have a number of phased options to extend their commitmentto 706 units. If all of these options are taken up then the value of thecontract to Turbo Power Systems will increase to in excess of US$20m. The CTA operates the second largest subway sytem in the USA, covering Chicagoand its 40 surrounding suburbs, with over 200 miles of track and 144 stations.Bombardier were announced as the preferred bidder for the production of the railcars in May 2006. They have previously provided new metro cars for the subwaysystems in cities such as New York and Washington D.C. The auxiliary power unit forms a key part of the electrical distribution"backbone" of the subway car, providing a quality power source for sub-systemssuch as the air-conditioning equipment. Michael Hunt, Chief Executive Officer of Turbo Power Systems, said: "The Companyis delighted that it has been selected for such a prestigious programme byBombardier. The contract is the largest single rail equipment order that TPS haswon, and clearly demonstrates that we are now one of the leading globalsuppliers of this technology. The investment that we recently announced for newfacilities in Gateshead, was specifically targeted at programmes such as thisand we look forward to building on this continued success in the rail sector". For further information, please contact: Turbo Power Systems Inc Tel: +44 (0)20 8564 4460Michael Hunt, Chief ExecutiveStephen Sadler, Chief Financial Officer Company Website: www.turbopowersystems.com Gavin Anderson & Company (PR) Tel: +44 (0)20 7554 1400Ken CroninMichael Turner KBC Peel Hunt Tel: +44 (0)20 7418 8905Oliver ScottGordon Suggett NOTES TO EDITORS About Turbo Power Systems Turbo Power Systems develops innovative products for power generation and powerconditioning. The Group was established in 1993 as a spin-off from ImperialCollege, London and was floated on the London stock exchange in July 2000 andsoon after obtained a secondary listing in Toronto. In July 2001, the Groupacquired Intelligent Power Systems Limited (I-Power) specialising in powerelectronics. Bombardier Transportation Bombardier Transportation is the global leader in the rail equipmentmanufacturing and servicing industry. Its wide range of products includespassenger rail cars and complete rail transportation systems. It alsomanufactures locomotives, freight cars, propulsion & controls and providessignalling equipment and systems. Forward Looking statements This news release contains forward-looking statements. Forward-lookingstatements include statements concerning plans, objectives, goals, strategies,future events, or performance, and underlying assumptions and other statementsthat are other than statement of historical fact. These statements are subjectto uncertainties and risks including, but not limited to, the ability to meetongoing capital needs, product and service demand and acceptance, changes intechnology, economic conditions, the impact of competition, the need to protectproprietary rights to technology, government regulation, and other risks definedin this document and in statements filed from time to time with the applicablesecurities regulatory authorities. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
TPS.L