RNS Number : 2823E
Ultima Networks PLC
05 April 2011
For immediate release 5 April 2011
Ultima Networks plc
("Ultima" or the "Company")
€370,000 further new order for Green Technology Products Division
The Board of Ultima, the IT and Green Technology Company, are pleased to announce that UTN (the Green Technology Products Division) has received a further, major new order for its mainland European version of the Infineum electric bicycle. The order has a value of €370,000 to Ultima to be delivered by July 2011 with potential for follow-on orders in the future.
Orders for the new Infineum model now total €1.1 million since its launch in September 2010. UTN has despatched a total of 700 units to date in 2011 and the board remain confident that total volumes through EQ-Bikes will reach the division's target of 2,500 units during the calendar year. The bicycle is being marketed in Benelux countries by the division's Dutch distributor, EQ-Bikes.
Wazz Mughal, Managing Director of UTN, said:
"We are excited by the level of customer uptake in our Infineum Continental range of electric bicycles which has exceeded management's expectations. Total orders have now exceeded €1m since the launch of the new model at the end of last year. The Infineum range has been specifically designed to appeal to cyclists in the BENELUX region and the Board are confident that the launch of new models will further strengthen Ultima's market positioning and enable Ultima to continue to gain market share in continental Europe."
Ultima Networks plc 01279 821200
Prof. Humayun Mughal
Allenby Capital Limited (nominated adviser and broker) 0203 328 5656
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