Westminster Group PLC
04 July 2007
For Immediate release 4 July 2007
Westminster Group plc: New Contract Award
US$300,000 Security System installed for leading West African Banking Group
Westminster Group plc, the AIM listed supplier of system solutions and products
to the security, defence, fire protection and safety markets worldwide,
announces that it has been awarded a new contract by one of West Africa's
leading banking groups, Ecobank, with an initial value of US$300,000.
Ecobank is the leading independent regional banking group in West and Central
Africa, serving wholesale and retail customers. It has a network of over 350
branches across 18 countries throughout West Africa..
The award follows the success of a pilot installation of Westminster's banking
security system in one of Ecobank's principal offices in Accra, the capital of
Ghana. During the first week of operation, the system identified a major suspect
transaction which led to the successful recovery of substantial funds. Thanks to
the immediate success of the pilot installation, this contract has been awarded
to roll out the integrated system to a further 6 branches in Ghana. Each of the
six branches will be fitted with advanced integrated intruder detection and
surveillance systems, all networked and capable of being monitored centrally
from Ecobank's headquarters.
It is Ecobank's intention that Westminster will install the system throughout
its entire branch network
Commenting on the contract award, Peter Fowler, Chief Executive of Westminster
Group, said:
'We see great opportunities for Westminster in the African, Asian and Middle
Eastern markets. Our strategy of providing consultancy advice and technical
support at a local level through our international agency network will, we
believe, enable us to generate significant additional revenues from these
regions. In this particular case, the potential to supply the system to
Ecobank's entire branch network including ongoing maintenance and technical
support would substantially boost our recurring revenues'
Enquiries:
Peter Fowler 01295 756 300
Chief Executive - Westminster Group Plc
Clive Carver 020 7600 1658
JM Finn & Co
Tom Cooper/Paul Vann 0117 920 0092
Winningtons Financial
Notes:
Westminster Group plc is a leader in the supply of system solutions and products
to the security, defence, fire protection and safety markets worldwide. It was
admitted to the Alternative Investment Market of the London Stock Exchange in
June 2007 at which time it raised approximately £2.5million net of expenses by
way of a Placing of 4,537,336 new Ordinary Shares at 67.5pence per share through
J M Finn & Co Ltd, the Company's nominated adviser and broker. Its market value
at flotation was £10million.
Westminster's principal activity is the design, supply and ongoing support of
advanced technology security solutions. These can range from product only
assignments, such as the supply of specialised scanners, to the design and
implementation of an integrated system solution such as a border detection and
surveillance system. The majority of its customer base, by value, comprises
governments and government agencies, non governmental organisations and blue
chip commercial organisations
This information is provided by RNS
The company news service from the London Stock Exchange
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