PipeHawk
Plc has secured a new development contract from NYGAS, the New York
gas industry technology consortium.
The initial phase is due to commence on September 1, 2001 and is
intended to extend over a period of 12 months, with a value of US$870,000.
The objective is to develop a low-cost hand held pipe and cable
locator product incorporating PipeHawk's ground probing radar technology
to meet a proven demand from the construction and utility industries
world wide.
It is the intention of NYGAS and PipeHawk that the second phase of the program
will involve a commercial partner who will assist in the final product specification
and commercial development. Discussions are already in hand with a major US
corporation in this regard. Under such an agreement both NYGAS and PipeHawk
will receive royalties from sales.
Other significant vertical markets have been identified for which
PipeHawk has been granted commercialisation rights. Further development
of the initial product will be designed to enable PipeHawk to address
applications in the land mine, forensic, archaeological and other
sectors.
|