30th Apr 2007 07:02
Servocell Group PLC30 April 2007 SERV.L Servocell Group plc ("Servocell") Servocell wins contract with major European lock distributor Servocell Group plc is pleased to announce that it has won an initial order forits Cabinet Latch ("CL") product with Hafele (www.hafele.com), a major Europeandistributor of locks and handles for retail, domestic and industrialapplications. The CL will feature in Hafele's 2007 catalogue and if well received by themarket, it is anticipated that the inclusion of the CL in the catalogue willlead to significant sales as Hafele has a client base that spans more than 150countries. Sample clients include interior fitters, hardware dealers,architects, planners and authorities with Hafele generating £79m of revenues in2006. This is a significant announcement for Servocell as it endorses the Company's'Ready To Go' strategy and is testimony to the quality of the CL solution asHafele invested significant time in order to source a low powered electroniclatch solution suitable for both retrofitting and incorporating into newdesigns. David Edwards, Access Control Product Manager of Hafele UK, said: "There is a clear demand for an electronic locking device that can be applied tosmall cabinets in an effective and economical way. The CL is the first productable to deliver a discrete, low power solution to this and we are pleased to beoffering it to our global network of clients." Simon Powell, CEO of Servocell commented: "We are delighted that Hafele has taken on the CL for its product range. Hafelewas one of the first companies to offer an electronic locking solution with itsDialok product range and immediately understood the benefits CL offers forcompanies that want to fit a completely electronic security solution. Our 'Readyto Go' products are creating a great deal of interest in the market due to theirwide application remit and I look forward to updating shareholders on furtherprogress in due course." For further information please contact: Simon Powell, Chief Executive Officer, Servocell Group plc 01279 621 500Steven Weaver, Chief Financial Officer, Servocell Group plcJon Fitzpatrick, Corporate Finance (NOMAD), Bell Lawrie 0141 221 7733 Shane Dolan, Biddicks 0207 448 1000 Notes to editors About ServocellServocell is a provider of Active Latch technology that controls with low energyinputs the movement or motion of mechanisms, such as locks. The Group's devicesare underpinned by piezo ceramic actuators, which are well established in manyapplications such as reversing sensors for motor vehicles. Through significantinvestment, Servocell has developed a unique low-cost methodology for creatingactuators which give relatively large movement at a low power input. The Companyhas applied this technology into modules under the Active Latch brand for saleinto lock manufacturers' products. More recently, to accelerate application of the technology, the Group has beendeveloping a range of "Ready to Go" sub-assembly products under the CabinetLatch and Active Escutcheon brands. These are being sold to both lockmanufacturers and major distributors. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Servelec Group