MSW Technology PLC
19 May 2000
MSW TECHNOLOGY PLC
('MSW' or 'the Company')
MSW announces today that delays in completing major contracts will
result in the Company not trading profitably by 31 May 2000, the
end of its current financial year. However the cost saving
programme has been highly successful and break-even is anticipated
within the first half of the year to 31 May 2001.
The Company has signed a contract with Spring IT Solutions Limited,
a subsidiary of Spring Group PLC, to market jointly MSW products to
the IT departments of major UK corporations.
The first full sea trials of 'Souls on Board', the Company's access
control system for the shipping industry have now been successfully
completed. The new product is fully compliant with government
regulations which came into force on 1st January 2000. It is being
rolled out onto other ships in the same fleet and actively reviewed
by a number of other ship operators.
MSW is also pleased to announce that a contract has been awarded by
the US Department of Defense for the supply of MSW 'MAPS' manpower
planning software through its US business partner CALIBRE Systems,
Inc. The initial work will establish a pilot programme within the
US Defense Community to demonstrate the capabilities of the MSW
software. Successful completion of this pilot programme may result
in its wider adoption by other US government agencies.
The Company has reached a settlement with its former Managing
Director. This has no significant impact on the Company's
financial position.
For further information on the above, please contact Robert
Drummond on (020) 7462 3300
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