IPS Receives $4.2 Million Order From LG Electronics
MARKHAM, Ontario--(BUSINESS WIRE)--Sept. 8, 1999--(TSE:IPV. - news)
ORDERS NOW SURPASS LAST YEAR'S TOTAL REVENUE -
Image Processing Systems Inc. (TSE:IPV - news)-under its trade name IPS Automation-announced today that it has received an order totaling $4.2
million from LG Electronics, one of the world's largest display manufacturers. The giant Korean-based manufacturer's order includes eight ADI 8200
ITC and ten ADI 5200 QA display inspection and alignment systems. These ADI systems, to be delivered to LG's Changsha, China, factory in the
third quarter, will be used in the production of large screen TV tubes ranging in size up to 33 inches.
''This LG Electronics order increases our cumulative orders to $18.9 million,'' comments Terry Clark, IPS Vice President, Finance, and Chief
Financial Officer. ''This surpasses last year's total revenue of $15.2 million and we are still only in our second quarter.''
This order also strengthens IPS' position in the large screen TV market, which is becoming one of the fastest growing segments of the consumer
electronics market. The digital revolution has accelerated the development, availability and affordability of large screen direct view and projection TVs.
''DVD technology provides consumers with significantly higher picture quality than standard definition TV,'' comments Ken Wawrew, IPS President
and Chief Executive Officer. ''As a result, consumers now have a reason to replace their existing TVs with ones that are much larger and provide
higher resolution. This trend is expected to continue as these products become more affordable and as the number of digital satellite broadcasts
increase. A recent article in Popular Science reported that more than half of all U.S. households are expected to have access to digital TV broadcasts
by this fall.''
IPS Automation is a complete e-Vision (electronic vision) systems provider. The company's automated display inspection and alignment (ADI)
systems are recognized as the best in the world for display manufacturers. IPS also provides advanced inspection solutions for the automotive glass
and brewing industries, developed in close co-operation with key customers.
IPS Automation, an ISO 9001 and IQNET certified company, is listed on the Toronto Stock Exchange under the symbol IPV and has offices and
representatives in Brazil, Canada, China, Japan, Korea, The Netherlands, Poland, Taiwan, the United Kingdom and the United States. Blue-chip
customers worldwide use IPS Automation's solutions.
Copies of our press releases are available on the IPS website at www.ipsautomation.com. |
