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Gold/Mining/Energy : Global Thermoelectric - SOFC Fuel cells (GLE:TSE) -- Ignore unavailable to you. Want to Upgrade?

To: Buckey who wrote (2550)	7/12/1999 1:00:00 PM
From: Greg from Edmonton	Respond to of 6016

Global Thermoelectric Announces Receipt of $19 Million Generators Contract - Largest Ever Awarded to the Company newswire.ca CALGARY, July 12 /CNW/ - Global Thermoelectric Inc. (TSE: GLE) today announced that it has received a $19 million contract to supply thermoelectric generators and related equipment and installation services for the Gas Authority of India Limited. A Letter of Intent for the contract was announced at the end of May. Goods supplied from Canada will amount to about $12 million; equipment and services in India total about $7 million. ''This is the largest generators contract ever awarded to Global'' said Bernie LeSage, Vice President of the Generators Division. ''The Gas Authority of India has accelerated the project so that about $6 million of Canadian supplied goods, half of the total to be delivered, will be shipped this fiscal year. Work in India should commence within four to six months. We have already hired a Project Manager and a Project Engineer in Calgary, as well as a Project Engineer in India to oversee the in-country site and installation work. In addition, we will soon be hiring about twenty people at our manufacturing plant to handle the increased work load.'' The contract covers the supply of thermoelectric generators to provide turnkey power systems for cathodic protection and telecommunications systems for a major new LPG pipeline that will be constructed from Jamnagar on India's Arabian Sea west coast more than 1,100 km to Loni, near Delhi. In addition, Global will construct mounting pads and install the generators along the pipeline. Global Thermoelectric Inc. is the world's largest supplier of thermoelectric power generation equipment for use in remote locations, and produces crew compartment heaters for use in military vehicles. The Calgary-based company is also quickly becoming a world leader in the fuel cell development industry. %SEDAR: 00002531E -30- For further information: Jim Perry, President and C.E.O., Bernie LeSage, Vice President, Generators Division, or Larry Kyle, Chief Financial Officer at (403) 236-5556