Major Chinese Sub-Contract manufacturer purchases FOBA Laser Marking Systems
WATERLOO, ON, Aug. 8 /CNW/ - Virtek Vision International Inc. (TSX:VRK
"Virtek" or the "Company"), a leading developer of precision laser-based technologies, today announced that the Company has been awarded a $1.9 million contract to supply FOBA DP50 inline laser marking systems to a large Chinese Manufacturer. All the Systems are expected to be installed during Virtek's third quarter which ends October 31, 2006.
The FOBA DP50 is a 50-Watt, Nd: YAG diode-pumped laser system designed for integration into manufacturing lines or custom machinery. This compact high-efficiency laser for medium power applications marks almost all materials. It is typically used in automotive, electronics and tool and die industries to mark plastics and electronic components, for lacquer removal (day/night marking), and is suitable for engraving. The DP50 systems will be manufactured in the Company's FOBA laser marking and engraving facilities in Luedenscheid, Germany.
"This major new contract demonstrates our commitment to build relationships and sales in Asia and reaffirms Virtek's Laser Marking Technology as world class," says Bob Sandness, President and CEO of Virtek. "We believe a significant portion of long-term growth for the company will come from laser marking and engraving opportunities in Asia."
Asia Pacific sales represented 8% of the revenue in the first quarter of Fiscal 2007 (5% in Q1 - 2006 and 2% in Q1 - 2005). In Q1 - 2007 the Company announced an agreement to supply the Amada Group of Kanagawa, Japan through its subsidiary company MetalSoft Inc., with Virtek's "LaserQC" inspection technology on a private label basis.
About Virtek Vision International Inc.
Virtek Vision International Inc. is a leading provider of precision laser-based templating, inspection, marking and engraving products and systems integration solutions. Virtek serves customers in the prefabricated construction, transportation, metalworking, tool and die and mold making industries worldwide. The Company's solutions enable customers to produce their products faster, better and at a lower cost. The majority of Virtek's sales are in the United States and Europe. Virtek maintains offices in Waterloo, Ontario, Canada; Boston, Massachusetts, USA; Luedenscheid and Nurnberg, Germany and Ebina City, Kanagawa, Japan.
Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of the Company. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for the Company's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.
For further information
about Virtek Vision International please visit www.virtek.ca or contact: Peter Monsberger, VP Finance and CFO, Tel: (519) 746-7190, Fax: (519) 746-3383, e-mail: email@example.com
Bob Sandness, President and CEO, Tel. (519) 746-7190, Fax. (519) 746-3383, e-mail: firstname.lastname@example.org
Investor Relations Contact: John Sadler, Genoa Management Limited, 1-866-430-6247, e-mail: email@example.com