|
TIR RECEIVES $9 MILLION PURCHASE ORDER FROM BP
¯ ONE OF WORLDS LARGEST GASOLINE RETAILERS INSTALLS ENERGY EFFICIENT SSL TECHNOLOGY FOR 2002 RE-IMAGING PROGRAM
Vancouver, BC - TIR Systems Ltd., a leader in light enabling technology, secures a CDN $9 million purchase order to incorporate ChipStrip, an energy efficient Solid State Lighting (SSL) delineation product, in 850 BP service stations for their 2002 re-imaging program. This program is part of a larger re-imaging program underway at BP.
TIR through its marketing partnership signed in March 2002 with Lumileds, the world's leading manufacturer of Light Emitting Diodes (LEDs), has enhanced the ChipStrip product and developed a service program for BP to meet their expanded product and service requirements for their 2002 re-imaging program.
"Our growth strategy identified that SSL technology is ideally suited for the US $1 Billion corporate identity lighting market because of its strong operating cost benefits" stated Leonard Hordyk President & CEO of TIR. "This agreement with BP confirms early market acceptance of SSL and places TIR in a critical leadership role. Receiving this order is a testimonial to our successful partnership with Lumileds."
TIR and Lumileds have entered into an expanded Teaming Agreement, which appoints TIR as the exclusive supplier, product manager and manufacturer of the ChipStrip product for BP worldwide.
TIR will immediately begin a facility expansion and hiring new staff. A portion of the revenue from this project will be realized in the fourth quarter of fiscal 2002 and the balance in the first half of fiscal 2003.
TIR Systems Ltd., a world leader in delivering specialty lighting systems, is building the foundations for tomorrowfs lighting. Through sound innovation and proven technical capability, TIR is developing, designing and marketing the core technologies that will allow Solid State Lighting (SSL) to move to the forefront of mainstream lighting. Solid State Lighting can deliver 90% energy savings from the energy we produce for the delivery of light; currently a quarter of all energy produced is used for lighting.
BP is the single, global brand formed by the combination of the former British Petroleum, Amoco Corporation, Atlantic Richfield (ARCO) and Burmah Castrol, which ranks as one of the world's largest petroleum and petrochemicals companies.
Lumileds Lighting is the worldfs leading manufacturer of high-power LEDs and a pioneer in the use of SSL solutions for everyday purposes. A joint venture between Agilent Technologies and Phillips Lighting, Lumileds is headquartered in San Jose, California.
For more information on SSL and LED Technology:
www.tirsys.com
Investor Relations
Investor FAQs
www.lumileds.com
To find out more about TIR Systems Ltd.
(TSX Venture Exchange: TIY), visit our website at www.tirsys.com
For more information, please contact:
J. Caren Holtby
Investor Relations Manager
Tel: 604-473-2318
Email: caren_holtby@tirsys.com
Leonard Hordyk
President & CEO
Tel: 604-294-8477
Certain statements in this release may constitute "forward looking statements" and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any performance or achievement expressed or implied by such "forward looking statements".
|
