I got this from investor relations today:
-----------------------------------------
INVESTOR RELATIONS CONTACT:
Jay Hussey
416-815-0700 ext.225
416-815-0080 fax
jhussey@equicomgroup.com
VIRTEK ANNOUNCES $600,000 IN ORDERS FROM NEW AEROSPACE CUSTOMERS
- Virtek Selected By Raytheon Aircraft As Its Laser Templating Supplier -
Toronto Stock Exchange: VRK
FOR IMMEDIATE RELEASE
Waterloo, Ontario, June 25, 1999 - TSE - VRK Virtek Vision International
Inc., a leading supplier of precision laser technology, announced today that
it has received initial orders for approximately $600,000 CDN for its
LaserEdge systems from three new aerospace customers: Raytheon Aircraft,
Israel Aircraft Industries and Turkish (Tusas) Aerospace Industries.
Raytheon, maker of advanced composite aircraft is located in Wichita,
Kansas. The Company currently produces two composite business jets, the
Premier I and the Hawker Horizon. The decision to make Virtek its supplier
of laser technology was made after extensive evaluation of Virtek's
technology and that of other suppliers.
“There are significant untapped opportunities for the application of laser
technology,” said Joseph Divito, Product Manager Manufacturing Engineering,
Raytheon Aircraft. “We believe that Virtek has the technology and the
commitment to help us take advantage of those opportunities.”
“Being chosen by Raytheon is an honour and we are extremely gratified by
their confidence in our people and products,” said Virtek's President and
CEO, Jim Crocker. “Raytheon is leading the world with respect to the
implementation of high throughput laser technology in the aerospace
business. Working with Raytheon will push us and our technology. We look
forward to the challenge.”
Israel Aircraft Industries produces its own line of domestic aircraft for
the Israeli aircraft industry. Turkish Aerospace Industry is a subsidiary
of Lockheed Martin and produces parts for some of the world's leading
aerospace manufacturers.
“We have been working hard to provide excellent product and customer service
solutions to the aerospace sector,” continued Jim Crocker, President and CEO
of Virtek. “These sales show that our efforts are having the desired
impact.”
Used by composite shops of leading aerospace manufacturers, the LaserEdge
system has a proven track record for increasing productivity (by up to 50%),
improving product quality and lowering operating costs. The Raytheon order
includes the long range version of the LaserEdge 3D composite ply alignment
system which was introduced to the aerospace industry at the SAMPE show in
California in May 1999.
Virtek Vision International Inc., through its wholly owned subsidiaries,
Virtek Vision Corp. in Canada and Virtek Vision Inc. in the United States,
is a world-leading supplier of laser projection systems designed to increase
throughput, enhance quality and reduce cost in manufacturing processes. The
Company is based in Waterloo, Canada with offices near Boston, Massachusetts
and London, England. Virtek trades on the Toronto Stock Exchange under the
symbol “VRK”.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY AND ACCURACY OF THIS NEWS RELEASE.
|
