Manufacturing Facility Operational, Netherlands
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.
For immediate release
5 July 2016
Challenger Acquisitions Limited
("Challenger" or the "Company")
UL Certified Manufacturing Facility Setup and Operational in the Netherlands
Challenger Acquisitions Limited (LSE: CHAL), a leader in the Giant Observation Wheel industry, is delighted to announce that the Starneth Group ("Starneth"), its Netherlands based subsidiary, has officially inaugurated a new manufacturing facility in Enschede, the Netherlands (the "Facility"), to design, manufacture and test the critically important control systems, which are used to direct and manage the operating systems for Giant Observation Wheels ("GOW"). Having previously outsourced this aspect of GOW construction, the Facility provides Starneth with direct management of this control process, creating a new revenue opportunity for the Company with the potential to build control systems for projects outside of the GOW market. The Facility comprises a 500m2 workshop and 150m2 office space for engineering and technical support.
A team of highly qualified professionals with extensive experience in electronic hardware and software system integration has been established, and the team is currently working on a "high-tech" drive and control system for the US$500 million New York Wheel Project ("NY Wheel"). Crucially, as the construction of the control systems is now being managed in-house, a fully integrated test of the entire drive and control system can be undertaken ahead of installing on-site, meaning the time for on-site commissioning is reduced to a minimum.
The new manufacturing facility supplies control systems in accordance with International Recognised Standards. The Facility has also recently been certified by Underwriters Laboratories ("UL") for control system design and manufacturing, which will allow Starneth to supply its in-house manufactured drive and control systems for the NY Wheel and for all other potential GOW projects, which are included in the Company's pipeline of 25 potential projects worldwide.
Mark Gustafson, Chief Executive Officer, said: "We are delighted to have further strengthened our position as the go-to team for the design, engineering and delivery of Giant Observation Wheels. The establishment of this new manufacturing facility further diversifies our team's extensive service offering and will enable the design, manufacture and testing of drive and control systems to be undertaken in-house, which will not only maximise efficiencies but also create a new revenue stream. Crucially, there is an opportunity to offer our drive and control system capabilities to a multitude of projects, not just GOWs, and we look forward to building this aspect of our business, with work currently underway for the control system of the NY Wheel."
**ENDS**
For more information visit www.challengeracquisitions.com or enquire to:
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Challenger Acquisitions Limited |
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Mark Gustafson |
+1 604 454 8677 |
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St Brides Partners Ltd (PR) |
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Lottie Brocklehurst, Charlotte Heap |
+44 (0) 20 7236 1177 |
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finnCap (Financial Adviser and Broker) |
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Adrian Hargrave, James Thompson, Kate Bannatyne |
+44 (0) 20 7220 0500 |
Notes to Editors:
Challenger (LSE: CHAL) is focused on the design, engineering, project management and investment in select giant observation wheels. By combining its world-class team of technical engineering and project management skills with proven international financial expertise, the Company is ideally positioned to become a leader in the giant observation wheel sector.
The Company, which also has a ~3% equity interest in the US$500 million New York Wheel Project, is currently focusing on appraising approximately 25 opportunities in its project pipeline where it believes that it can utilise its expertise. With a team that has worked on four of the largest giant observation wheels constructed over the last 16 years, including the iconic London Eye, the Company is building on its unique position to deliver projects and generate shareholder value.
This information is provided by RNS
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