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REG - Concurrent Tech. - Supply Agreement

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RNS Number : 2508S  Concurrent Technologies PLC  13 July 2022

 

This announcement contains inside information

 

13 July 2022

Concurrent Technologies Plc

("Concurrent Technologies" or the 'Company')

Supply Agreement with Global Medical Technology Company

 

Concurrent Technologies, a world leading specialist in the design and
manufacture of high-end embedded computer boards for critical applications,
has entered into a supply agreement with a Fortune 500 global medical
technology company, and has received an initial USD$2.2 million order for
first year product shipments. Initial shipments have already commenced for
qualification purposes with volume shipments scheduled to start at the end of
2022. The customer is then expected to place similar size orders on an annual
basis for several years to come.

The customer's needs were multi-faceted and challenging. Concurrent
Technologies developed a product that maintained backwards compatibility with
the external interfaces of the prior product; demonstrated the ability to
manage and overcome issues that would prevent multi-year production without
changes; and met all the customer's quality and supply chain requirements.
Concurrent Technologies also ported the customer's application software to
work seamlessly on the new hardware, accelerating the introduction of the
customer's next generation machine.

Dr. Miles Adcock, CEO of Concurrent Technologies, commented: "We pride
ourselves on delivering extremely reliable products to a very high-quality
standard which suits customers from many vertical market segments including
medical.  The required product was developed at pace in line with the
expectation we have set for increasing the cadence of new product
introductions.  With the customer intending to place similar size orders on
an annual basis for several years to come, this is expected to provide a
steady revenue stream that is wholly accretive to our current business."

 

Enquiries:

Concurrent Technologies Plc

Miles Adcock, CEO
 
+44 (0)1206 752626

 

SEC Newgate (Financial PR)

Bob Huxford
 
               +44 (0)20 3757 6880

Isabelle Smurfit
 
+44 (0)20 3757 6880

Group email
 
concurrent@secnewgate.co.uk (mailto:concurrent@secnewgate.co.uk)

 

Cenkos Securities Plc (NOMAD)

Neil McDonald
 
+44 (0)131 220 9771

Peter Lynch
 
+44 (0)131 220 9772

 

About Concurrent Technologies Plc

Concurrent Technologies Plc develops and manufactures high-end embedded
computer products for use in a wide range of high-performance, long-life cycle
applications within the telecommunications, defence, security, telemetry,
scientific and aerospace markets, including applications within extremely
harsh environments. The processor products feature Intel(®) processors,
including the latest 9(th) generation embedded Intel(®) Core™ processors,
Intel(®) Xeon(®) and Intel(®) Atom™ processors.  The products are
designed to be compliant with industry specifications and support many of
today's leading embedded Operating Systems.  The products are sold
world-wide.

For more information on Concurrent Technologies Plc and its products please
visit www.gocct.com.

All trademarks, registered trademarks and trade names used in this
announcement are the property of their respective owners.

 

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