Re Contract

14 Jan 2008 07:45

Orad Hi-Tec Systems14 January 2008 Orad Hi-TecSystems Ltd ("Orad" or the "Company") Global TV and Orad signed a US$2.5 million LOI for a sale of virtual studiossolution. First order of US$1 million has already been deployed. Orad Hi-Tec Systems Limited (Symbol: OHT) announces that Canadian Global TV hassigned a Letter Of Intent ("LOI") for the purchase of multiple ProSet virtualstudio systems ("ProSet") which will be deployed across Global TV's 14production facilities during 2008. Orad received the first order with a value ofUS$1 million and expects to generate aggregate revenue of US$2.5 million. Global TV, a wholly owned subsidiary of CanWest Global Communication ("CanWest"), Canada's largest communication company, selected Orad's ProSetvirtual studio to centralize the network's production facilities, seamlesslyintegrate to Global TV's existing workflow and assist in achieving the costsaving plan that was announced by CanWest a few months ago. Orad's ProSet will enable Global TV to implement a hub and spoke architecturewhich will allow the remote production of virtual studios. In addition, Orad'ssolutions will provide Global TV with substantial savings on operating costs andimprove the overall look and capabilities of local and national news telecastsenabling them to strengthen their corporate brand. Going forward, Orad's ProSetsolution will facilitate a smooth upgrade path to High Definition, as well asthe ability to integrate multiple live video streams and video clips. The systemwill be integrated with Global TV's ENPS newsroom system. Mr. Avi Sharir, President and CEO of Orad commented: "We are pleased that GlobalTV chose Orad's virtual studio technologies to be part of the network's uniqueand innovative solution. It is a further demonstration of the increase in demandfor Orad's virtual studios by major broadcasters which are seeking to reduceoperational costs and improve channel identity." About Orad Founded in 1993, Orad is a world leader in TV production technology and israpidly increasing its position in the real time three dimensional graphicsmarket. Orad's product line includes virtual sets, on-air graphics systems,channel branding, virtual advertising, sports production solutions and hardwarefor the Virtual Reality industry. Orad is a publicly traded company in the PrimeStandard on Frankfurt's Wertpapierborse Prime Standard and AIM Market of theLondon Stock Exchange (symbol: OHT).www.orad.tv For further information please contact: ORAD Hi-Tec Systems LtdEhud Ben-Yair +972 9 7676 862C.F.O ehudb@orad.tv Shore Capital - Nominated Adviser to OradGraham Shore, London, UK +44 20 7408 4090 Edicto Investor RelationsDr. Sonke Knop, Frankfurt Germany +49 608494859-1 This information is provided by RNS The company news service from the London Stock Exchange