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Addvalue Tech gets order for maritime communications system
MAINBOARD-LISTED Addvalue Technologies on Sunday said it has secured an initial trial order of about US$1 million for the supply of its latest generation of maritime communications system, Wideye iFleetONE terminal.
The company said it is also in talks for orders of about US$3.5 million from potential new customers, of which some are presently testing the product on their vessels.
Colin Chan Kum Lok, chairman and chief executive of Addvalue said: "By bundling our product with value-added features, such as Inmarsat's Emergency calling service, automatic position reporting and fleet tracking capabilities, we are able to better serve the fast growing niche market and bolster the resilience of our revenue model. This will position us favourably for growth in satellite communications and related solutions in small vessel market. Underlining our transformation strategy with commercial refocusing, this will enable us to maintain our growth traction and deliver long-term, sustainable value to our shareholders."