SubscribeBQT Solutions Limited (ASX:BQT) is pleased to announce that BQT Satellites Pty Ltd (BQTSAT) is awarded Phase 1, of a Dubai based Company project, to build and launch a real time imaging Satellite, the value of which exceeds $100M.
BQTSAT is a 60% owned subsidiary of BQT Solutions Limited which is planned to be separately listed on the ASX in the near term and to be committed exclusively to the Satellite business.
Phase 1 involves finalising price and delivery time and is expected to be completed by BQTSAT in October 2007. Upon approval by the client of Phase 1 results, BQTSAT will be responsible for the designing, construction and launching of the satellite.
The Satellite is designed for real time imaging with a footprint that covers the Middle-East and Africa. The Satellite would weigh approximately 600kg. Due to certain confidential agreements with the buyer not all specifications of the Satellite can be disclosed publicly at this stage. The total Satellite price is expected to be worth in excess of $AUD100 Million. BQT shall update the market once more information is ready to be disclosed.
BQTSAT expects this to be the first of multiple contracts in the next 12 months and anticipates the significance of such contracts would fundamentally transform the business to date.
The diversification into the Satellite Industry is in keeping with the Company's strategy of being a Global Leader in the 'High-End' of the security market.
