ASTG has signed a Letter of Intent for its IMU business
ASTG has signed a Letter of Intent to be the preferred supplier of IMU's for a major defence contractor
Advanced Stabilized Technologies Group informs that it has signed a Letter of Intent with the intentions to be selected as the preferred supplier of IMU's to a major defence contractor. The parties have agreed to enter into final contract negotiations in the beginning of the New Year. The customer is a major Nordic defence contractor with a wide range of products and solutions offered to nations globally. The company employees more than 1000's of people and ASTG is engaging with one of its business units focused on land-based solutions for defence. The product is very specific and unique, and the IMU from ASTG plays a key role in the uniqueness of the system. The customer has worked on creating a market demand for a while and is now convinced that there is a significant market, triggering the launch of the final development phase. The market perspective for the product is a minimum lifecycle of 20 years, putting high requirements on quality and durability.
"This is a major milestone that we have been working towards for two years", says Carsten Drachmann, CEO at ASTG.
Carsten adds: "We are on track, following our sales process for the IMU business, where we position ourselves to be part of the customer product creation process, as outlined in our Q3 report. Preferred Supplier means that we are the primary supplier of IMU's for this customer program. As communicated earlier, ASTG has previously been shortlisted with one other supplier, and after extensive testing and evaluation performed by the customer, ASTG has now been chosen. ASTG will enter into contract negotiations to complete the IMU development to fit into the overall customer solution. The next phase will include final development and testing in collaboration with the customer, with the aim of completing the IMU design and ensuring that the full system will work as expected. We will now start gearing up for that development work in 2020. Volume orders for the IMU will follow the demand and orders for the customer product. Since this product is aimed at nations and governments, the procurement processes may take time before final orders are received, as also explained in the Q3 report. The customer will work on closing orders in parallel with the finalization of the product with the IMU as a key component".
Carsten Drachmann, CEO
Telefon: +44-7444 475949
ASTG includes the wholly owned subsidiary AIMS AB.
ASTG AB develops, manufactures and sells innovative 4-axes stabilizing VSAT antennas for maritime use. The company is also selling development projects based on C2SAT's antenna platform. AIMS AB develops and sells advanced inertial sensor units (IMUs) designed to measure movements in three dimensions.
The company's registered office is in Stockholm, Sweden.
This information is provided from ASTG AB in accordance with the EU Market Abuse Regulation (MAR). The information was submitted for publication on December 12, 2019 at 14.30 CET, by the above contact person's authority.
For accuracy, please exclusively rely on the Swedish version. Should there be unintentional translation differences between the English and the Swedish press release, the Swedish version will take precedence.
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Advanced Stabilized Technologies Group AB