Gran Tierra Regulatory News (GTE)

3 Jan 2006 07:01

Gas Turbine Efficiency PLC03 January 2006 3 January 2006 Gas Turbine Efficiency plc GTE extends exclusive agreement with Pratt & Whitney to 2014 Gas Turbine Efficiency plc ("GTE" or "the Company"), a leading supplier ofadvanced high pressure gas turbine cleaning systems that was admitted to AIM on21 December 2005, announces that it has signed an agreement with the Pratt &Whitney division of United Technologies Corporation (P&W) extending theirexclusive aviation contract until 2014, with options for additional extensionsthrough 2019. The agreement relates to the provision of GTE systems to P&W for exclusive usein aviation/aero engine washing services under P&W's EcoPower(TM) brand name.Terms of the extended agreement include an increase in, and the extension of,guaranteed minimum royalties in favour of GTE through the life of the agreement.The original agreement, which was described in the Company's admission document,covered a five-year period ending 31 December 2009. Steven Zwolinski, chief executive of GTE, commented, "Our relationship with P&Wfor aviation applications has delivered positive results over the past year andwe are delighted to strengthen this core business segment with a 10-yearcornerstone contract. The agreement provides a longer term business frameworkand is a strong validation of GTE's technology, P&W's EcoPower(TM) business model and the excellent working partnership between the two companies." Enquiries: Gas Turbine Efficiency plcSteven Zwolinski + 46 8 546 10 500 Libertas CapitalAamir Quraishi, Charles Goodfellow + 44 20 7569 9650 Corfin CommunicationsNeil Thapar, Harry Chathli + 44 20 7929 8989 About GTE GTE, whose shares are trading on London Stock Exchange's Alternative InvestmentMarket, develops, assembles and markets cleaning systems, as well as otherassociated equipment, for the internal cleaning of gas turbine compressors. TheCompany sells its products globally to international blue chip customers in theaviation and industrial sectors and to date its products have been used on over1,000 gas turbines across 34 countries in Europe, the Middle East, Asia and theAmericas. Its operational centres are located in Stockholm, Sweden and Houston,Texas, USA. About Pratt & Whitney Pratt & Whitney, a division of United Technologies Corporation, is a worldleader in the design, manufacture and service of commercial and militaryaircraft engines, space propulsion systems and industrial gas turbines.Commercial air giants Boeing and Airbus are Pratt & Whitney's largest commercialengine customers. Military offerings include engines for the F/A-22, F-15, F-16,C-17, and Joint Strike Fighter. Pratt & Whitney rocket engines help launch NASAspace shuttles, space probes, and satellites. Pratt & Whitney also makesindustrial gas turbines. This information is provided by RNS The company news service from the London Stock Exchange