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

To: speculatingvalue who wrote (199)	11/21/1998 1:31:00 PM
From: Ciao	Read Replies (1) \| Respond to of 6016

News release: CALGARY, Nov. 19 /CNW/ - Global Thermoelectric Inc. (TSE: GLE) today announced that it has been awarded a $1.35 million Cdn. ($887,000 U.S.) contract to supply crew compartment heaters to a major U. S. manufacturer of tracked vehicles for the United States Army. This is Global's second contract for this type of heater. ''The award of this contract is a significant milestone in our long term strategy for the heaters division'' stated Global President Jim Perry. ''The manufacturing program to fulfill the contract will last at least two years. It is an important step in building a steady revenue stream that will complement our thermoelectric generators business. Our objective has been to diversify our base of heaters customers. The new contract moves us closer to that goal.'' The crew compartment heaters were developed under a contract with the U.S. Army's Tank Automotive and Armaments Command (TACOM). Full scale production of heaters for TACOM is now being ramped up. Delivery of heaters under the new contract is scheduled to commence early in calendar 1999. In addition to manufacturing personnel heaters for use in military vehicles, Global Thermoelectric Inc. is the world's largest supplier of thermoelectric power generation equipment for use in remote locations. The Calgary-based company is also quickly becoming a world leader in the fuel cell development industry.