Re Contract Win

RNS Number : 6080Z

Image Scan Holdings PLC

18 January 2011

 

18 January 2011

Image Scan Holdings plc

("Image Scan" or "the Company")

IMAGE SCAN HOLDINGS PLC WINS £0.75M NUCLEAR SECTOR CONTRACT

The Board of Image Scan, specialists in the field of real-time 3D and 2D x-ray imaging for the 'Homeland Security' and 'Industrial Inspection' markets, is pleased to announce the signing of a £0.75million contract for the supply of an x-ray inspection system for use at a major nuclear facility in the UK.  The contract provides for a number of delivery milestones such that approximately 50 per cent of the total revenue is expected to fall into the current financial year.

Building on the experiences acquired from the Company's previous contracts in the nuclear sector, Image Scan's Chief Technical Officer, Nick Fox, has been working closely with the customer to offer an innovative x-ray solution for the management of nuclear waste. The image quality and the analysis thereof offered by the Company were critical to the client in meeting their requirements.  The Company intends to look to other opportunities within this sector. 

Over the last two years the Company has focused on building up its range of standard security equipment whilst continuing to pursue strategic high value industrial opportunities.  This strategy is showing early signs of promise, as in addition to this substantial nuclear contract win, the Company has recently secured orders totalling £335,000 from another key industrial customer and sold a quantity of FlatScan-TPXi portable x-ray security systems to the Middle East, South East Asia and China.  As a result of these successes in both markets, the order book total currently exceeds £1.3m and cash at the bank as at 17 January 2011 stands at £336,000.

Image Scan's CEO, Louise George, commented, "The fact that the Company has again been selected to provide services to the nuclear industry demonstrates our excellence and reliability in delivering high quality image resolution in a controlled environment. Our strengthening reputation has enabled the Company to pursue strategies specific to each of the security and the industrial sectors, with the benefit of minimising the risk of reliance on one customer or one market, and therein providing a stronger base from which the Company can expand."

-ENDS-

For further information, please contact:

Image Scan Holdings plc                                     Tel: [phone]

Brian Emslie, Chairman

Louise George, CEO

[e-mail]

Seymour Pierce                                                      Tel: [phone]

Sarah Jacobs (Nominated Adviser)

John Cowie

Richard Redmayne (Corporate Broking)

About Image Scan Holdings plc

Image Scan Holdings plc (AIM: IGE) is focused on the development and commercialisation of market leading real-time 3D and 2D x-ray solutions for use in the global security and industrial inspection markets. The Company's security portfolio includes the Axis-3d^® and Axis-2d baggage inspection systems for corporate and critical infrastructure security; FlatScan-TPXi, a portable bomb and suspect package detection system; and SVXi, a small vehicle inspection system. The industrial inspection solutions include the MDXi and the DEX systems.

For further information on the Company, please visit: www.ish.co.uk - and for further information on its products, please visit: www.3dx-ray.com

 

END

 

 

CNTLLFIRLLIDLIL