14th Jan 2009 07:00
14 January 2009
Turbo Power Systems Inc
("Turbo Power Systems" or "TPS" or "Company")
Turbo Power Systems secures US$1.6 million order for design and manufacturing rights to an integrated high speed motor and variable frequency drive
As initially announced on the 9th January 2009, Turbo Power Systems Inc. ("TPS"), the electrical machines and power electronics company has secured an agreement with a major international Capital Equipment Manufacturer, with manufacturing plants in North America, Europe and China, to allow them access to design and manufacturing documentation of the high speed motor and variable frequency drive products already being supplied to them by TPS.
For an immediate cash consideration of $1.6 million, the intellectual property created during the design and development phase of the products will become the property of the Capital Equipment Manufacturer for their exclusive use in their application. However, TPS will retain the rights to its' intellectual property associated with the products in all other applications.
Under the five year agreement, TPS retains the exclusive rights to manufacture the products for the Capital Equipment Manufacturer (as provided for within the previously announced memorandum of understanding).
The customer has confirmed a forecast of 500 systems being required over the next three year period. Prototype field trials are well advanced and it is anticipated full production quantities will begin shipment in the second half of 2009.
"This payment and manufacturing commitment is in recognition of the superior technology being provided by TPS and our ability to supply products with world beating energy efficiency. This a long term relationship which will be of mutual benefit to both parties." said Paul Summers, Chief Executive of TPS.
For further information please contact:
Turbo Power Systems Tel: +44 (0)20 8564 4460
Alan Baird, Marketing Communications abaird@turbopowersystems.com
Gavin Anderson & Company (PR) Tel: +44 (0) 207 554 1400
Ken Cronin
Michael Turner
KBC Peel Hunt Tel: +44 (0) 207 418 8900
Oliver Scott
Nicholas Marren
Company Website: www.turbopowersystems.com
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