Business
New Sales Contract
New Sales Contract.
About this update from Haydale Plc
[{"type":"text","content":"\n \nRNS Number : 5036P Haydale Graphene Industries PLC 01 September 2017 \n\nThe information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). Upon the publication of this announcement via a Regulatory Information Service (\"RIS\"), this inside information is now considered to be in the public domain.\n \n\n\n\n\nFor immediate release\n\n\n1 September 2017\n\n\n\n\n \nHaydale Graphene Industries plc\n \n('Haydale' or the 'Group')\n \nNew Sales Contract\n \nHaydale (AIM:HAYD), the global advanced materials group, is pleased to announce that its wholly owned US subsidiary, Haydale Technologies Inc. (\"HTI\"), has signed a new three year contract with Tateho Chemical Industries Co., Limited (\"Tateho\") with contracted revenues of US$4.58 million to the Group over the contract term (\"Contract\"). The Contract is intended to supersede the previous arrangement which had less than two years to run and the Group expects revenues from the Contract for the current financial year to be broadly in line with those of the prior year. \n \nTateho is a long-term customer of HTI (formerly Advanced Composites Materials LLC), purchasing silicon carbide whiskers (\"SiC\") that are used in the manufacture of ceramic cutting tools. The Contract extends the range of materials available to Tateho. In addition to silicon carbide whiskers, Tateho will also be able to purchase a novel ceramic blend developed by HTI, which can be used for ceramic cutting tool manufacture. In addition to this Contract, Tateho has signed a letter of intent to continue purchasing SiC materials from HTI for an additional three years after the expiration of the formal contract term in 2020. The first shipment under the Contract, which accounts for approximately 10 per cent. of the Contract value, was made by HTI to Tateho at the end of June 2017. \n \nRay Gibbs, CEO of Haydale, said: \"We are delighted to announce this advanced materials contract which effectively extends the earlier arrangement with Tateho. The additional revenue it will generate for the Group is encouraging and also the novel ceramic blend offering to Tateho demonstrates our ability to meet our customers' changing...