Hollysys Automation Technologies Announces another Significant
Contract Win Valued USD $19.14 Million by Its Singaporean
Subsidiary
BEIJING, Dec. 3, 2012 /PRNewswire-FirstCall/ --
Hollysys Automation Technologies, Ltd. (NASDAQ:
HOLI) ("Hollysys" or the "Company"), a leading
provider of automation and control technologies and applications in
China, announced today that
its wholly owned subsidiary Concord Corporation Pte. Ltd.
("Concord") signed a significant contract with Thales Solutions
Asia Pte Ltd ("Thales") to provide design, installation, testing
& commission for replacement of existing signaling systems of
North-South and East-West lines ("NSEWL") and new signaling systems
of Tuas West Extension line (TWEL) in Singapore, the contract is valued at
approximately USD $19.14 million.
There will be an optional contract of approximately USD
$7.36 million for auxiliary
installation, electrification works for the same lines, which is
currently under negotiation. The re-signaling project of NSEWL and
signaling project of TWEL will be commenced in December 2012, the installation works will be
commenced in February 2013 and
completed by April 2016.
The re-signaling project is part of Singapore MRT and Land
Transport Authorities' plan to improve the public transport system,
as growing population and new developments along rail axes have led
to the increase of passengers' traffic in the Singapore metro network. The addition of new
trains and the enhancement of the signaling system will ease the
congestion along the two lines (North-South and East-West lines)
especially during peak periods. The two lines combined are more
than 100 km long and serve 54 stations.
Dr. Changli Wang, Chairman and
CEO of Hollysys, commented: "We are very pleased to announce this
contract win and glad to see that Concord is continuously making
achievements since its integration into Hollysys. It is Concord's
capability, knowledge, strong track record, quality of work and
close working relationship with the end customer that lead to this
contract win. Going into the future, we believe the combination of
Concord's customer base and industry know-how with Hollysys'
proprietary technology and products will enable us to make more
achievements and pave our way to a broader market space in
Southeast Asia and the
Middle East in both industrial and
rail transportation markets, and continuously create value for our
shareholders."
About Hollysys Automation Technologies, Ltd. (NASDAQ:
HOLI)
Hollysys Automation Technologies is a leading provider of
automation and control technologies and applications in
China that enables its diversified
industry and utility customers to improve operating safety,
reliability, and efficiency. Founded in 1993, Hollysys has
approximately 3,500 employees with nationwide presence in over 60
cities in China, with subsidiaries
and offices in Singapore,
Malaysia, Dubai, India,
and serves over 4,000 customers more than 15,000 projects in the
industrial, railway, subway & nuclear industries in
China, South-East Asia, and the Middle East. Its proprietary technologies are
applied in its industrial automation solution suite including DCS
(Distributed Control System), PLC (Programmable Logic Controller),
RMIS (Real-time Management Information System), HAMS (HolliAS Asset
Management System), OTS (Operator Training System), HolliAS BATCH
(Batch Application Package), HolliAS APC Suite (Advanced Process
Control Package), SIS (Safety Instrumentation System), high-speed
railway signaling system of TCC (Train Control Center), ATP
(Automatic Train Protection), Subway Supervisory and Control
platform, SCADA (Surveillance Control and Data Acquisition),
nuclear conventional island automation and control system and other
products.
About Concord Corporation Pte. Ltd. and Its Group of
Companies
Concord Corporation Pte Ltd. and its group of companies
(Concord) is consisted of Concord Corporation Pte Ltd. and Concord
Electrical Pte Ltd. incorporated in Singapore, Concord Electrical Sdn Bhd
incorporated in Malaysia, and
CCPL's Dubai Branch Office in
United Arab Emirates. Founded in
1983, Concord engages in providing end-to-end complete
electrification related services in rail, power, semiconductor,
pharmaceutical, petrochemical, and other industrial sectors, by
working with multinational corporations such as Mitsubishi, Alstom,
Thales, Bombardier, Siemens, Areva, and ABB. Its complete
electrification related services encompass design, engineering,
procurement, project management, construction and commissioning,
and maintenance. As an established regional electrification service
provider in rail industry, Concord has successfully commissioned
signaling, power distribution, automatic train control,
communication, power rail, and other related electrical engineering
and installation works for Red and Green lines of Dubai Metro LRT
in United Arab Emirates,
Makkah-Holy Sites Rail Line in
Kingdom of Saudi Arabia, and
Circle Line Stage I, II, IV, V & Kim Chuan Depot and North East
Line of MRT System in Singapore.
Concord became a wholly-owned subsidiary of Hollysys on a cash and
stock transaction closed on July 1,
2011.
For further information, please contact:
Hollysys Automation Technologies, Ltd.
www.hollysys.com
+8610-58981386
investors@hollysys.com
SOURCE Hollysys Automation Technologies, Ltd.