QM Systems contract with Cox Powertrain Limited

RNS Number : 9129T

PipeHawk PLC

06 July 2018

 

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.

6 July 2018

PipeHawk plc

("PipeHawk" or the "Company")

QM Systems signs £1.6 million contract with Cox Powertrain Limited

for Production System Manufacture

PipeHawk announces that its subsidiary, QM Systems, that it has been selected as a partner to work with Cox Powertrain Limited ("Cox Powertrain") to develop a turnkey Production System for the control and manufacture of a revolutionary new product in the Marine Industry. The contract will start immediately and, combined with an order received earlier this year for the initial stages of the project, is worth in excess of £1.6 million and due for delivery within this current financial year.

Cox Powertrain is a world-leading British designer and builder of diesel engines for worldwide and multi-market applications. Cox Powertrain's team of engineers has developed a ground-breaking light weight diesel outboard engine, the CXO300, which is the most powerful, professional diesel outboard engine ever developed. QM Systems Ltd is a leading manufacturer of state of the art manufacturing systems and test systems across all industries.

Gordon Watt, Chairman of PipeHawk Plc commented "This is wonderful news for the start of our new financial year and further demonstrates QM System's ability to continually expand with the development of new partners into exciting industries. We are really proud that we have been selected by such a prestigious client in Cox Powertrain to become their partner of choice in this very exciting project."

Mark Palethorpe, CFO of Cox Powertrain commented: "We seek out the best partners for Cox Powertrain Limited, with the skills, scope and reliability to support our ambitions.  QM Systems is a great match to partner with for innovation and help us achieve our goal to build a world-class engine."

Enquiries:

PipeHawk Plc Gordon Watt (Chairman)	Tel. No. 01252 338 959
Allenby Capital Limited (Nomad and Broker) David Worlidge / Asha Chotai	Tel. No. 020 3328 5656

 

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