13th Dec 2007 07:01
Turbo Power Systems Inc13 December 2007 13th December 2007 TURBO POWER SYSTEMS CONTRACT WIN Turbo Power Systems Plc ('TPS' or 'the Company'), the innovative electricalmachines and electronic systems provider, today announces that it has nowreceived the new order for its high speed motor and drive technology previouslydescribed as imminent in the Quarter 3 2007 results. This order represents the first production release against the Memorandum ofUnderstanding with the major international capital equipment manufacturer,announced in November 2005. The initial quantity of 75 systems valued atapproximately $2M, which will all be delivered during 2008, is intended toprovide initial volumes to support anticipated customer demand following theformal product launch next year. The MoU includes an undertaking to purchase 500such systems in the first two years of production and an exclusive manufacturingperiod for an initial term of 5 years. Commenting on the contract win, Michael Hunt, CEO, said: "The receipt of thisorder is great news for TPS and demonstrates the potential of our electricalmachines division at Heathrow. The new contract is evidence of the increasingcommercialisation and wide ranging appeal of our energy efficient, high speedmachine technology. Along with the other order announced with our Q3 results,this expands the range of applications that our core technology can be usedfor." For further information, please contact: Turbo Power Systems Tel: +44 (0)20 8564 4460Michael Hunt, Chief Executive OfficerStephen Sadler, Chief Financial Officer Gavin Anderson & Company (PR) Tel: +44 (0)20 7554 1400Ken CroninMichael Turner KBC Peel Hunt Tel: +44 (0)20 7418 8900Oliver Scott Company Website: www.turbopowersystems.com About Turbo Power Systems Turbo Power Systems Inc (AIM:TPS.L). is a leading UK based designer andmanufacturer of innovative power solutions. The Group's products are all basedon its core technologies of power electronics and high speed motors andgenerators and are sold into a number of market sectors including aerospace,rail, and various industrial sectors. The Company's products provide improvedefficiency and reduced energy consumption compared to existing technologies. Turbo Power System's existing customers include bluechip companies such asHamilton Sundstrand, Bombardier, The National Rail Equipment Company, EatonAerospace and Lotus. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
TPS.L