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Sydney, Aug 23, 2010 (ABN Newswire) - Electro Optic Systems Holdings Limited (
ASX:EOS) (PINK:EOPSF) has completed a key phase of a major telescope project for the New Mexico Institute for Mining and Technology ("NMT"). The telescope is designated by NMT as the 2.4m Magdalena Ridge Observatory ("MRO") telescope.
The MRO project posed significant challenges associated with achieving state-of-the-art telescope performance under challenging site conditions, and EOS suffered substantial delays in completing some items. EOS and NMT have worked closely together to resolve MRO telescope completion issues, but the potential for liquidated damages to be applied against EOS by NMT had given rise to a specific note (Note 27(a)) relating to a contingent liability in EOS audited financial statements as at 31 December 2009.
The recent completion of key performance items permanently and irrevocably removes any prospect of liquidated damages being applied to EOS by NMT. NMT and EOS have executed new contractual agreements on 18 August 2010, in part to avoid any doubt that the project has moved past any consideration or applicability of liquidated damages. Accordingly the Directors will no longer include the contingent liability note relating to potential liquidated damages by NMT in the financial statements of EOS.
Commenting from Socorro, New Mexico, immediately after the completion of this key effort, the Chief Executive of EOS, Ben Greene said:
"EOS has now completed the critical phase for this telescope and will move directly to complete the last three performance items not yet completed. This next phase of effort will take about 12 months, and on full completion EOS will be paid the balance of the telescope contract value of US$340,000."
"The MRO telescope has been operating for some time as a leading global facility for observing low earth orbit ("LEO") objects and for performing wide-area searches of the sky. It embodies many of the new technologies that EOS intends to deploy for space surveillance telescopes and provides valuable performance data for future EOS projects."
The elimination of this contingent liability note further consolidates EOS' financial position. EOS currently has a strong cash position with cash reserves in excess of A$12m and no external debt.
ASX:EOS) (PINK:EOPSF) has completed a key phase of a major telescope project for the New Mexico Institute for Mining and Technology ("NMT"). The telescope is designated by NMT as the 2.4m Magdalena Ridge Observatory ("MRO") telescope.The MRO project posed significant challenges associated with achieving state-of-the-art telescope performance under challenging site conditions, and EOS suffered substantial delays in completing some items. EOS and NMT have worked closely together to resolve MRO telescope completion issues, but the potential for liquidated damages to be applied against EOS by NMT had given rise to a specific note (Note 27(a)) relating to a contingent liability in EOS audited financial statements as at 31 December 2009.
The recent completion of key performance items permanently and irrevocably removes any prospect of liquidated damages being applied to EOS by NMT. NMT and EOS have executed new contractual agreements on 18 August 2010, in part to avoid any doubt that the project has moved past any consideration or applicability of liquidated damages. Accordingly the Directors will no longer include the contingent liability note relating to potential liquidated damages by NMT in the financial statements of EOS.
Commenting from Socorro, New Mexico, immediately after the completion of this key effort, the Chief Executive of EOS, Ben Greene said:
"EOS has now completed the critical phase for this telescope and will move directly to complete the last three performance items not yet completed. This next phase of effort will take about 12 months, and on full completion EOS will be paid the balance of the telescope contract value of US$340,000."
"The MRO telescope has been operating for some time as a leading global facility for observing low earth orbit ("LEO") objects and for performing wide-area searches of the sky. It embodies many of the new technologies that EOS intends to deploy for space surveillance telescopes and provides valuable performance data for future EOS projects."
The elimination of this contingent liability note further consolidates EOS' financial position. EOS currently has a strong cash position with cash reserves in excess of A$12m and no external debt.
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About Electro Optic Systems Holdings Limited
Electro Optic Systems Holdings Limited (EOS)(ASX:EOS) develops, manufactures and sells sophisticated aerospace technology with a wide range of applications through two business divisions - military and space.
EOS' remote weapon systems enable a weapon to be fired rapidly and accurately by a gunner safely relocated away from the weapon. Typically the technology is applied for mounting weapons on the top of an armoured vehicle, and the gunner inside the vehicle. EOS remote weapon systems have been produced in significant numbers for US Army, NATO forces, Australia, and other countries around the world.
EOS' space division is as a manufacturer of telescopes and technology to support space surveillance and space debris management, including removal. In space surveillance, EOS's laser tracking systems and computer technology can simultaneously track tens of thousands of orbiting objects - as small as 2 cm in diameter -while its space ablation technology and systems can potentially alter the orbits of objects (e.g. satellites) in space
EOS has around 140 employees, based in Canberra (Australia), Tucson (Arizona), Singapore and Deggendorf (Germany). The company also has manufacturing centres in Queanbeyan and in Tucson, Arizona.
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