Time Finance Regulatory News (TIME)

13 Aug 2007 07:00

Timestrip PLC13 August 2007 Timestrip plc (the 'Company') (AIM: TIME) Significant Contract Win and Trading Update The Company is a developer and manufacturer of unique label technologies. The Company is delighted to announce that it has signed a three year rollingcontract to supply the unique Timestrip technology to one of North America'sleading consumer product companies. The deal, estimated to be worth a minimum of US$3million in revenues to theCompany over the first three years, involves the integration of the Timestripinto a market leading product that is currently used in millions of homes acrossthe world. However, it is currently subject to confidentiality restrictionsrelating to the details of the product and the identity of the customer. This revenue estimate is based only on sales in North America, but theopportunity exists for significant additional revenues in the event that thetechnology is adopted by the customer on identical products that they currentlysell worldwide. This contract, which was referred to in the Company's recent preliminaryresults, is the first of several significant deals which are expected to besigned during the course of 2007. Sales cycles across large global multinationals are lengthy and it now seemslikely that the timing of these deals is such that they are not likely tocontribute materially to revenues in 2007. Accordingly, whilst the Companyexpects the revenue for the year to be above those of 2006, it now expects themto be lower than current market expectations for 2007. However, the dealsinvolve the integration of technology into established products lines and willtherefore have a recurring revenue impact into the longer term. The Company is pleased to report that it is experiencing unprecedented levels ofnew enquiries especially across the food and pharmaceutical sectors, which inturn is generating a strong sales pipeline. Interim results are expected towards the end of September at which timeShareholders will be provided with an update on the Company's continuedprogress. Enquiries: Paul Freedman/Reuben Isbitsky, Joint CEOs, Timestrip plc 01462 440 700 Shane Dolan, Biddicks 020 7448 1000 Fergus Marcroft, Evolution Securities 020 7071 4300 This information is provided by RNS The company news service from the London Stock Exchange