stoplossesETC announced on 6th August 2008 that it had signed a...

stoplosses

ETC announced on 6th August 2008 that it had signed a letter of intent with the Vietnam Road Department (www.asx.com.au/asxpdf/20080806/pdf/31bl1jw8gcvbbj.pdf) to use their security system on the new generation of drivers licenses that the government is rolling out. The scale of that contract covered 23.7 million drivers licenses that the government required holders to renew. The first year target was for between 6.5-7 million licenses to be renewed and incorporate ETC's patented security technology. The target for future years were expected to be around 4.5 million license renewals and 2.5 million new licenses per annum.

In addition to the market for drivers license security, ETC's international roadshow presentation later in August (www.asx.com.au/asxpdf/20080827/pdf/31byff4h2zp6n0.pdf) suggested that the Vietnamese government was considering ETC's security solutions for local identity cards, passports, vehicle registration documents and vehicle licensing documents. While a commitment by the Vietnamese government to proceed with the drivers license security solution will mean some serious dollars flowing into ETCs coffers, it would also have to be a strong hint that other major security solution contracts with the government would follow.