Attention Business Editors:
Canadian company capitalizes on upturn in resources sector
IDS Intelligent Detection Systems signs +$4.5 million in international
contracts
TORONTO, Oct. 7 /CNW/ - Aggressive improvement in the international
resources sector has solidified IDS Intelligent Detection Systems' (TSE: ISD)
position as a leader in the geophysical marketplace. The Toronto-based
company, a Canadian manufacturer of sophisticated detection devices and
systems, has signed over $4.5 million CDN in Canadian and international
geophysical contracts in the past 30 days.
``These recent contracts are a result of our company's 50-year history of
reliable service to the resources sector,' says Dr. Mariusz Rybak, IDS
chairman and CEO. ``By constantly developing new products and technologies, we
are well positioned to capitalize on the positive changes currently taking
place in this market.'
Of significance are two contracts from the Geological Survey of India:
for 14 CG-3 gravity meters, worth $872,000 CDN and 10 ENVI Magnetometers,
worth $141,000 CDN.
``These contracts make the Geological Survey of India the single largest
purchaser of these instruments,' says Rybak. ``This is a significant order in
an industry where it's rare to sell more than one or two items on any given
order.'
The company previously announced a survey contract from Pemex, Mexico's
state oil company worth $2.5 million CDN. ``Because our Pemex contract is for
work in an important world scale exploration area,' says Rybak, ``we believe
it could translate into extensions in other areas of Mexico in the future.'
Other contracts include:
- 1 Magnetometer and Global Positioning System to the Government of
Thailand worth $145,000 CDN
- 3D Magnetic Gradient Survey for IIT of Calgary, on behalf of a
consortium of four major oil and gas companies, worth $500,000 CDN
- 3D Magnetic Gradient Survey for IIT of Calgary, worth $325,000 CDN
- Multi Client Survey for Chile, worth $130,000 CDN
The above noted contracts will be delivered by IDS' Scintrex Earth
Science Instrumentation division and its Survey & Exploration Technology
Services division.
IDS is a dynamic developer, manufacturer and marketer of sophisticated
detection devices and systems. The company operates through seven business
units: Analytical & Security products and solutions, IDS Power Control
Systems, Scintrex Earth Science Instrumentation, Survey & Exploration
Technology Services, IEC (Integration, Engineering and Consulting), ChemiCorp
International and Caduceon Inc. Its more than 70 products range from drug and
explosive detectors to nuclear safety control instruments, oil and gas
exploration and developing technologies for industrial process control and
point-of-care health analysis.
-0- 10/07/1999 |
