Friday, December 05, 2008
Entertainment Media & Telecoms inks ID agreement for China National Gas
Entertainment Media & Telecoms Corporation Limited (ASX:ETC) has announced a Technology Licence Agreement (“TLA”) to supply the nexcode security suite for the China National Gas Tank Project for the General Administration of Quality Supervision, Inspection and Quarantine of the People’s Republic of China is now unconditional.
Under the terms of the TLA, ETC will provide its unique nexcode security technology for the purpose of customer authentication for the China National Gas Tank Project for an initial five-year period, with an option for an additional five-year extension.
It is estimated that there will be 150 to 220 million individual purchasers of gas cylinders in the People’s Republic of China over the next 5 years and every customer will be required to have an identification card, which will bear the nexcode technology. The TLA is denominated in $US and each nexcode printed is to be billed at the agreed rate.
An earlier announcement of the awarding of the TLA was announced in November 2008.
In a statement, directors of ETC stated will the TLA is expected to provide ETC with revenue of USD$200 million over the initial five year period.
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entertainment media & telecoms corporation limited
