VANCOUVER, BC, January 17, 2002 — IntraCoastal System Engineering Corporation announced that the company has completed delivery of 50,000 Power Line Communication (PLC) chips to Power Company No. 3 (PC3) of Vietnam.
The total value of the deal was about $550,000. IntraCoastal has also received a 10 percent down payment for delivery of the first 100 concentrators. In total 300 concentrators with a value of over $230,000 were part of the purchase order received in December 2001.
These concentrators are scheduled for delivery over the next three months and as stipulated in the contract, a 10-percent deposit and a letter of credit for the remaining balance is required in advance of these deliveries.
“The recent delivery of 50,000 chips to PC3 is a strong indication that their contractual obligation for 2002 will be exceeded,” says Ted Ohashi, President and CEO of IntraCoastal. “In effect, PC3’s minimum order requirement for the current year has been satisfied in the first month.”
“PC3 is one of the five main electrical companies in Vietnam, serving over 7.6 million consumers,” Ohashi added. “It is PC3’s intention to install IntraCoastal’s AMR System throughout the power grid in central Vietnam. The four other electric companies in Vietnam are currently evaluating IntraCoastal’s system for deployment in their respective regions of Vietnam.”