SRT New Contract Announcement

08 June 2012
SRT New Contract Announcement

Software Radio Technology announces receipt of $3.7 million order

SRT is pleased to announce that it has received an order worth $3.7 million from an existing customer. The order is for the Company's recently launched Identifier product and will be delivered to the customer in two batches before the end of December 2012, with SRT being paid after each delivery. Rapid manufacture and delivery of the first batch will be facilitated by a strategic stock of components purchased earlier in 2012.

The ultimate customer for the Identifiers is a government in the Americas and the order of $3.7 million represents approximately one fifth of their estimated total requirement which is expected to be ordered during the course of the next three years. The exact schedule for further orders to complete the fleet rollout is dependent on the actual speed of installation across the target vessel fleet.

The Identifiers are being deployed as part of a regional maritime security program and will enable authorities to reliably and accurately identify and track vessels along thousands of miles of coastline. The Identifier provided the ideal solution for the end customer due to its fully integrated design, advanced core AIS technology and ease of deployment due to its internal battery power source.

Commenting on the contract win, SRT Chief Executive Simon Tucker, said: "This is one of many significant project type opportunities on which we have been working with our partners for many years. These are huge projects which take time for all the various logistics, legal and commercial issues to be settled. But as can be seen from the size of this single order and the scale of the total requirement for this single market it is well worth the effort and wait. We will now focus on manufacturing and delivering the Identifiers that this customer has ordered, whilst continuing to address the many other project opportunities and growing our core everyday commercial and leisure business."