(Alliance News) - Shares in ProPhotonix Ltd were higher Thursday after the company was awarded a five-year supply agreement from an unnamed Fortune 50 conglomerate.
Shares in the LED illumination system designer and manufacturer were 8.6% higher in London at 1.90 pence on Thursday, having jumped to 2.28p earlier.
Under the agreement, ProPhotonix will supply custom LED illumination devices and maintenance products. The products are of a unique design, incorporating multi-wavelength configurations and automated software to control configuration of hardware deployment.
Although the agreement does not require that the customer makes any purchases, ProPhotonix expects to make up to USD1.0 million per annum in revenue from the contract.
"The agreement is the culmination of nearly four years of work with our customer, ultimately delivering innovative solutions and capability that will provide them with a superior market solution. These solutions do more than just provide light - they communicate with the control features of the entire system through our custom software and design features," said President & Chief Executive Officer Tim Losik.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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