Gas Turbine Efficiency PLC
03 January 2006
3 January 2006
Gas Turbine Efficiency plc
GTE extends exclusive agreement with Pratt & Whitney to 2014
Gas Turbine Efficiency plc ('GTE' or 'the Company'), a leading supplier of
advanced high pressure gas turbine cleaning systems that was admitted to AIM on
21 December 2005, announces that it has signed an agreement with the Pratt &
Whitney division of United Technologies Corporation (P&W) extending their
exclusive aviation contract until 2014, with options for additional extensions
through 2019.
The agreement relates to the provision of GTE systems to P&W for exclusive use
in aviation/aero engine washing services under P&W's EcoPower(TM) brand name.
Terms of the extended agreement include an increase in, and the extension of,
guaranteed minimum royalties in favour of GTE through the life of the agreement.
The original agreement, which was described in the Company's admission document,
covered a five-year period ending 31 December 2009.
Steven Zwolinski, chief executive of GTE, commented, 'Our relationship with P&W
for aviation applications has delivered positive results over the past year and
we are delighted to strengthen this core business segment with a 10-year
cornerstone contract. The agreement provides a longer term business framework
and is a strong validation of GTE's technology, P&W's EcoPower(TM) business
model and the excellent working partnership between the two companies.'
Enquiries:
Gas Turbine Efficiency plc
Steven Zwolinski + 46 8 546 10 500
Libertas Capital
Aamir Quraishi, Charles Goodfellow + 44 20 7569 9650
Corfin Communications
Neil Thapar, Harry Chathli + 44 20 7929 8989
About GTE
GTE, whose shares are trading on London Stock Exchange's Alternative Investment
Market, develops, assembles and markets cleaning systems, as well as other
associated equipment, for the internal cleaning of gas turbine compressors. The
Company sells its products globally to international blue chip customers in the
aviation and industrial sectors and to date its products have been used on over
1,000 gas turbines across 34 countries in Europe, the Middle East, Asia and the
Americas. Its operational centres are located in Stockholm, Sweden and Houston,
Texas, USA.
About Pratt & Whitney
Pratt & Whitney, a division of United Technologies Corporation, is a world
leader in the design, manufacture and service of commercial and military
aircraft engines, space propulsion systems and industrial gas turbines.
Commercial air giants Boeing and Airbus are Pratt & Whitney's largest commercial
engine customers. Military offerings include engines for the F/A-22, F-15, F-16,
C-17, and Joint Strike Fighter. Pratt & Whitney rocket engines help launch NASA
space shuttles, space probes, and satellites. Pratt & Whitney also makes
industrial gas turbines.
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.