PETARDS GROUP PLC

Legal Proceedings Report • Jun 26, 2014

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RNS Number : 6201K

Petards Group PLC

26 June 2014

26 June 2014

Petards Group plc ("Petards")

Contract win from Siemens

Petards, the AIM quoted developer of advanced security and surveillance systems, announces that it has signed a framework agreement (the "Agreement") to supply Siemens Sector Infrastructure and Cities, Rail Systems Division ("Siemens") with Petards train related  products and services.

The Agreement is for an initial five year term renewable annually thereafter and covers the world-wide Siemens business whose portfolio comprises the entire Siemens rail vehicle business ranging from locomotives, commuter, regional, intercity and high-speed trains, metros, light rail vehicles and automated people movers to passenger coaches for inter-city rail service and electric bus systems for cities as well as related services and maintenance.

Petards has also secured its first order under the Agreement to supply Siemens with Petards eyeTrain on-board digital CCTV systems for the new super high-speed Velaro type trains Siemens are building for the Turkish State Railway who have announced plans to procure up to a further 90 high speed trains in the future.

The equipment to be supplied will provide CCTV coverage of the internal saloon areas, the drivers cab as well as "day/night" track monitoring.  Petards systems will also provide the trains with Driver Only Operation (DOO) capability. 

The order, worth in excess of £1.5 million, will be fulfilled and supported from Petards facility in Gateshead.  Engineering activities have already commenced and equipment deliveries are expected to commence in the second half of 2014 and to be completed by the end of 2015.

Commenting on the award, Petards Chairman Raschid Abdullah said "We are delighted to have entered into this framework agreement with Siemens which is another major milestone in our strategic relationship with Siemens.

"The order for the Velaro high speed trains is the second significant project that Petards has been awarded by Siemens, following on from the award of the Thameslink Project and positions the Company well in this growing sector."

For further information:

Petards Group plc	www.petards.com
Raschid Abdullah, Chairman	Mb:  07768 905004
Andy Wonnacott, Finance Director	Tel: 0191 420 3000
WH Ireland Limited, Nomad and Joint Broker	www.wh-ireland.co.uk
Mike Coe, Ed Allsopp	Tel:  0117 945 3470
Hybridan LLP, Joint Broker	www.hybridan.com
Claire Louise Noyce	Tel:  020 3713 4581 claire.noyce@hybridan.com

This information is provided by RNS

The company news service from the London Stock Exchange

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