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STRATECH SYSTEMS WINS FOLLOW-ON CONTRACT FROM LAND TRANSPORT AUTHORITY, SINGAPORE
SINGAPORE, January 8, 2003 – Mainboard-listed, advanced IT systems and technology developer Stratech Systems Limited (“Stratech”) announces today that it will sell the Certificate of Entitlement (“COE”) Open Bidding System to the Land Transport Authority (“LTA”) for S$2.7 million. The sale will include all COE Open Bidding System hardware and equipment, the transfer of all third-party software licenses to LTA, and the granting to LTA of a non-exclusive perpetual licence for the use of Stratech’s background intellectual property.
The COE Open Bidding System was designed and developed for LTA by Stratech, and implemented in June 2001 on an Application Service Provider (“ASP”) arrangement. Under this ASP or subscription model, Stratech owned the physical system and was contracted to provide operations and maintenance services to LTA for the running of the COE Open Bidding System applications during the fortnightly COE bidding exercises.
With the proven success and public acceptance of the COE Open Bidding System, LTA has decided to secure the long-term use of the system through this purchase. After the sale, Stratech will continue to maintain and operate the COE Open Bidding System for LTA until July 2004 with an option for a further 3-year extension.
This transaction is expected to have a positive impact on Stratech's financial position for the first quarter of FY 2003.
About Stratech Systems Limited
Stratech Systems Limited (“Stratech”) is a fast growing advanced technology and e-Business developer. We deliver mega real-time mission critical systems in the areas of Computer Vision, intelligent Transport Systems and e-Government. Stratech brings together world-class expertise, software and resources to help its clients meet operational challenges and New Economy opportunities.
Formed in 1989, we have since established an impressive track record serving industries such as Transportation, Healthcare, Government, Defence, and Financial Services. Over the years, we are recognised as a technology expert and innovator, as we continuously develop and implement solutions that achieve significant business transformation and competitive advantage for its clients.
Listed on the Mainboard of the Singapore Stock Exchange, Stratech is headquartered in Singapore and also operates in Greater China (Hong Kong and China) and Australasia.
For more information, please contact:
Corporate Communications Division
Tel: +65 6799 6650
Fax: +65 6323 2177