New Development Agreement

RNS Number : 8271T

Surface Transforms PLC

05 October 2010

 



RNS

Surface Transforms plc signs Development Agreement with major USA based manufacturer of Aircraft Wheels and Brakes Division

Surface Transforms plc ("Surface Transforms") announces the signing of a Development Agreement (the "Agreement") with a major USA based manufacturer of aircraft wheels and brakes used by the world's leading aircraft manufacturers. The USA customer is itself a major division of a multi-national corporation, which manufactures engineering components for a wide variety of automotive, industrial and aerospace markets.

The Agreement relates to the manufacture of carbon ceramic disc brakes for the customer's target aircraft markets, with a current emphasis on the military aircraft sector, and is exclusive for identified specific aircraft programmes within the customer's target market.

The Agreement marks a significant landmark in development work which has taken place over the past two years and is now entering a critical phase. Detailed commercial trading terms have been agreed between Surface Transforms and the customer in preparation for the development programme culminating in due course in significant orders for Surface Transforms.

The directors of Surface Transforms believe the current development work in the pre-qualification phase is nearing completion, following which formal qualification testing work would take place during the next 12 months.

Commenting on the signing of the Agreement, Kevin Johnson, CEO said, "The agreement of commercial terms is a positive statement from the customer on the success of the work we have undertaken to date and of the importance of our products to the customer's future plans."  

Enquiries:

Surface Transforms Plc	[phone]
Kevin Johnson
Geoff Hall
Seymour Pierce Limited	[phone]
Guy Peters, David Foreman (Corporate Finance)
Paul Jewell (Corporate Broking)

 

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