Srt Marine Sys. Share News (SRT)

Software Radio Technology (SRT), a developer and provider of maritime identification and tracking technologies and products, cheered investors with the news it has frame orders worth more than seven million dollars from an existing North America-based customer. Approximately $2.6m of the orders will be delivered during the current financial year ending March 31st, with the balance to be delivered over time in response to market demand.The orders are for the company's AIS class A product, and reflect the general increase in demand for AIS products worldwide, as well as pending new mandate requirements in the US, which are expected to come into force during 2013. Chief Executive Office Simon Tucker said: "This is a demonstration of how the global AIS market is growing. AIS is now an established marine technology and with only a very small proportion of the global vessel fleet fitted so far and momentum building, I expect we will see more of the same in the future. "As the world's leading supplier of AIS technology and products, SRT's challenge will be to continue to be a reliable supplier to our growing customer base who are addressing a growing and very diverse range of markets. I believe the team we have assembled and the investments we have made over the last five years will enable us to meet that challenge." The share price rose 14.91% to 23.12p by 09:10. NR