Plaintree Systems Inc. Announces That an Existing Contract is Now Worth More Than $8 Million
Plaintree Systems Inc. Announces That an Existing Contract is Now Worth More
Than $8 Million
OTTAWA, Ontario--(BUSINESS WIRE)-- Plaintree Systems Inc. (CNSX:NPT), today announced that its Specialty Structures Division, Triodetic, has received an increase to the original $3M dome contract announced in June 2013. The contract is now worth more than $8.7M for the engineering and manufacture of this stainless steel dome.
"This dome is for a Potash mining operation," said David Watson CEO. "Potash is extremely corrosive and we are the only manufacturer that can provide a dome structure made completely out of stainless steel, the only material that is reasonably impervious to Potash related chemicals."
The 73m diameter dome will be entirely in stainless steel including the interior structure and the external metal cladding/skin. All of the materials for this dome will be fabricated at the company's 135,500 sq. ft. plant in Arnprior, Ontario.
The plant boasts high end hydraulic presses, CNC machining capabilities, laser cutters, laser welders and other precision machinery as well as new state-of-the-art 70 foot paint booth. The plant operates to the high AS9100 Aerospace quality standards. TRIODETIC shares the Plaintree resources of 100 employees including professional engineers, draftsmen, CAD operators, certified welders and support staff.
About Plaintree Systems
Plaintree has two diversified product lines consisting of Specialty Structures and Electronics.
The Specialty Structures Division includes the former Triodetic Group with over 40 years of experience, is a design/build manufacturer of steel, aluminum and stainless steel specialty structures such as commercial domes, free form structures, barrel vaults, space frames and industrial dome coverings, and the newly formed Arnprior Fire Trucks Corp., a manufacturer of high end fire and emergency vehicles.
The Electronics Division includes the legacy Hypernetics and Plaintree free space optics (FSO) businesses.
Plaintree's FSO systems transmit data at high speeds using beams of light instead of traditional radio frequency which can suffer from congestion. Hypernetics was established in 1972 and is a manufacturer of avionic components for various applications including aircraft antiskid braking, aircraft instrument indicators, solenoids, high purity valves and permanent magnet alternators.
Plaintree's shares are traded under the symbol "NPT". Shareholders and Investors can access Company information on CNSX's website and receive full Company disclosure monthly. For more information on Plaintree or to receive stock quotes, complete with trading summaries, bid size and ask price, brokerage house participation, insider reports, news releases, disclosure information, and CNSX and SEDAR filings, visit the CNSX website at www.cnq.ca or the Company's website at www.plaintree.com.
Plaintree is publicly traded in Canada on the CNSX (NPT) with 12,925,253 common shares and 18,325 class A preferred shares outstanding.
This press release may include statements that are forward-looking and based on current expectations.The actual results of the company may differ materially from current expectations.The business of the company is subject to many risks and uncertainties, including changes in markets for the company's products, delays in product development and introduction to manufacturing and intense competition.For a more detailed discussion of the risks and uncertainties related to the company's business, please refer to documents filed by the company with the Canadian regulatory authorities, including the annual report of the Company for the fiscal year ended March 31, 2013 and related management discussion and analysis.
Canadian National Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
For further information: Anna Pelkey, (613) 623-3434 x2261
Plaintree Systems Inc.
Anna Pelkey, 613-623-3434 x2261
KEYWORDS: North America Canada
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