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Mitec Telecom wins Chinese wireless contract worth $20M over two years14 January 2005
Stock in Mitec Telecom Inc. rose 25 per cent Thursday after the Montreal company said it has won a $20-million wireless-base contract with a major Chinese telecom equipment company.
On the Toronto stock market, Mitec shares rose 25 cents to close at $1.25 on heavy trading of more than two million shares. Earlier, the company said the two-year deal with an unnamed Chinese company, after recent competitive bidding, covers products at three frequency bands.
"These products are amongst the first to be entirely designed by Mitec's R&D team in Suzhou, China," the company said in a release. "They will be manufactured locally, and deliveries will commence immediately."
Mitec is a leading designer and provider of radio frequency products for the telecommunications, satellite communications, defence, as well as a variety of other industries.
"With a base of over 260 million mobile users and the addition of four million new subscribers each month, China is the world's fastest-growing major market," said David Embery, vice-president of Mitec Asia-Pacific.
"This win underscores Mitec's ability to fully participate in this vibrant growth market," he said.
Source: Canadian Press via Yahoo
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