EFCX news - Electric Fuel's Interactive Training Subsidiary Wins $2.6 Million German Police Contract
Tuesday January 14, 10:15 am ET
More than $8 million of backlog orders for Simulators, Batteries and Armored Vehicles
NEW YORK--(BUSINESS WIRE)--Jan. 14, 2003-- Electric Fuel Corporation (NasdaqNM: EFCX), a leader in defense and security products for military and homeland security, announced today that its "use-of-force" training subsidiary, IES Interactive Training, Inc., was awarded a $2.6 million contract for supplying simulation training systems to the largest regional division of the German Police.
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"Winning this bid in Germany is clear evidence of our technology's performance," said Greg Otte, president and CEO of IES. "We now feel confident that our training solutions will also be well received in other European nations."
The tender was awarded to the Company after an extensive performance review process and a series of program specifications changes. Shipments to Germany are scheduled to begin in March 2003.
Electric Fuel President & CEO Robert S. Ehrlich commented, "This contract marks the Company's entry into the coveted European simulation training market. We were awarded this contract over a host of prestigious global competitors due to our groundbreaking technology and unprecedented performance. With this order, the Company looks forward to gaining a foothold in Europe and accomplishing its goal of reaching 'break-even' during the second half of 2003."
With this contract, Electric Fuel's backlog of orders now exceeds $8 million. |
