Pelorus Navigation Systems Inc -
Pelorus Navigation receives order for satellite landing systems
Pelorus Navigation Systems Inc PN
Shares issued 8,392,027 1999-06-25 close $1.1
Monday Jun 28 1999
Mr. Miichael Beamish reports
Pelorus Navigation Systems has received a purchase order from Honeywell for 11 more Honeywell/Pelorus SLS-2000 Satellite Landing Systems.
"This order represents potential revenue of approximately $3-million Canadian including systems, installation and customer training, all scheduled for delivery over the next 12 months at airports in North, Central and South America, Europe, Africa, Australia and Southeast Asia," said Michael Beamish, president and chief executive officer, Pelorus Navigation Systems. "We anticipate that this order, together with previously announced projected revenue from other products, will restore our company to profitability in its fiscal year beginning June 1, 1999."
The Honeywell/Pelorus SLS-2000 precision approach and landing system, which has been publicly endorsed by the FAA, is considered to deliver improved operational and safety benefits at significantly lower cost than conventional landing guidance systems.
Mr. Beamish noted: "This order represents another step in the commercialization of the Honeywell/Pelorus SLS-2000, leading to its universal adoption by the world's airports. We anticipate substantial orders for the Honeywell/Pelorus SLS-2000 following regulatory approvals of the technology for unrestricted public commercial use as a precision approach and landing system some 18 to 24 months hence."
In early April, 1999, amid growing industry enthusiasm for satellite-based landing technology, the FAA signed a government industry partnership (GIP) agreement with Honeywell to jointly develop advanced LAAS technology. The FAA at that time reaffirmed its intention to purchase 143 advanced capability, satellite-based, precision approach and landing systems. The Honeywell/Pelorus SLS-2000 will be well-positioned to compete for this requirement. These systems will be based on a specification expected to be published soon by the FAA.
"We believe the specification of Honeywell/Pelorus SLS-2000 will be close to the FAA's requirements but will require design modification and recertification, a process that may take 18 to 24 months to complete," explained Mr. Beamish. "In the meantime, the order for the SLS systems announced today adds to the growing number of airports in the United States and abroad that have chosen the Honeywell/Pelorus SLS-2000 as their precision approach and landing system of the future." |
