Intermoco wins $3.5m embedded networks deal
- 03 February, 2011 12:24
Utilities management provider Intermoco (ASX:INT) has won a $3.5 million contract to provide embedded networks to a Melbourne residential property.
Victorian property developer Statewide Developments has tapped Intermoco for the supply of electricity, voice and data services at the in-development Kingsway Towers.
The deal has a five-year term, with the 425 tenant property just now entering the construction phase.
Intermoco provides smart grid style internet-enabled metering and service management solutions, with an emphasis on embedded networks.
Intermoco CEO Ian Kiddle said the company expects to receive an additional $118,000 in capital costs in the third quarter of FY12 once development is completed.
He said Intermoco has a pre-existing relationship with Statewide Developments, and had “now secured a number of long-term contracts in the past 10 months with an increasing stable of strategic partners.”
INT shares fell 16.67% to $0.005 on Wednesday, and had stayed flat during Thursday morning's trading.