+++++++++++++++++++++++++ * The Company executed a major contract with a substantial overseas Company for the supply of an extensive range of hospital monitoring, control and information systems for installation in a number of hospitals. The minimum value of the contract over its anticipated eight-year life is in excess of $130 million. In addition, ongoing maintenance fees, rising to $20 million annually, will be received by the Company. This contract represents the first significant contract for the supply of the Company's monitoring services not associated with AMR.
* In Malaysia, through its joint venture with SPK, the Company delivered an important 390-meter AMR pilot installation for the national electricity supplier, Tenaga Nasional Berhad ("TNB") in three areas of Petaling Jaya, a region of Kuala Lumpur chosen by TNB to assess the system. The project was completed in less than 10 weeks including installation, testing and commissioning and is now providing comprehensive metering information to TNB in respect of the 390 meters which are connected to the Intermoco Utiligy system.
* The first product developed as a result of the Collaborative Agreement between Intermoco and Email Metering, involving the integration of Intermoco's AMR technology into Email's three-phase Q4 electricity meter, was completed in near-record time and is currently undergoing a period of beta testing at Email's manufacturing facility in newport, Victoria. The product is expected to be ready for commercial production in March.
* In addition to AMR opportunities with major electricity utilities, the Company has also successfully penetrated the "non-regulated" electricity market and secured an initial contract for the supply of the Company's AMR technology for exempt customers in Victoria. More opportunities are expected to result from this contract and the Company is confident that this reference site will generate further opportunities elsewhere in the industry.
* In January 2003, the Company announced the issue of 13,650,000 ordinary shares via a private placement to raise working capital for the Company. The shares were issued at a price of 19 cents each, raising a total of $2,593,500 for the Company, prior to the payment of associated costs.
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AHL Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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