TIR Systems receives purchase order from Japan, funding extension

TIR has received a $0.5 million order for corporate image lighting products, and an extension to its funding agreement with Technology Partnerships Canada.

TIR Systems has received an initial order, valued at $500,000, from MBT Company Ltd, its exclusive distribution partner in Japan since January 2004. The order is for a combination of LightMark™ and LightScript™, two of TIR's corporate image lighting products.

LightMark is TIR's LED-based border tubing lighting product providing a continuous line of illumination with significant energy and maintenance cost savings. LightScript is the company's LED channel letter product.

"I am pleased with the size of this initial order and excited that we have achieved this level of traction in Japan so quickly," said David Monroe, TIR's VP of global sales, corporate identity market. "TIR and MBT have formed a very effective working relationship, bridging the cultural and commercial gaps."

TIR receives project completion extension for TPC Funding

In other news, the project completion date for the funding agreement between Technology Partnerships Canada (TPC) and TIR has been extended by two years to March 31, 2006. Accordingly,

TPC is an agency of Industry Canada, a government organization that is TIR with net funding of $5.6 million over the project term as a repayable investment.

TPC will also receive royalty payments from TIR; the period for royalty payments will be extended to September 30, 2016 or until the total royalty payments reach the maximum payable amount of $13.0 million, whichever is first.

To March 31, 2004 TIR has recognized and been approved for claims totaling $2.1 million of net benefit and has $3.5 million of net funding remaining to claim.

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