BEIJING, Dec. 3, 2012 /PRNewswire-FirstCall/ -- Hollysys Automation Technologies, Ltd. (NASDAQ: HOLI ) ("Hollysys" or the "Company"), a leading provider of automation and control technologies and applications in China, announced today that its wholly owned subsidiary Concord Corporation Pte. Ltd. ("Concord") signed a significant contract with Thales Solutions Asia Pte Ltd ("Thales") to provide design, installation, testing & commission for replacement of existing signaling systems of North-South and East-West lines ("NSEWL") and new signaling systems of Tuas West Extension line (TWEL) in Singapore, the contract is valued at approximately USD $19.14 million.
There will be an optional contract of approximately USD $7.36 million for auxiliary installation, electrification works for the same lines, which is currently under negotiation. The re-signaling project of NSEWL and signaling project of TWEL will be commenced in December 2012, the installation works will be commenced in February 2013 and completed by April 2016.
The re-signaling project is part of Singapore MRT and Land Transport Authorities' plan to improve the public transport system, as growing population and new developments along rail axes have led to the increase of passengers' traffic in the Singapore metro network. The addition of new trains and the enhancement of the signaling system will ease the congestion along the two lines (North-South and East-West lines) especially during peak periods. The two lines combined are more than 100 km long and serve 54 stations.Dr. Changli Wang, Chairman and CEO of Hollysys, commented: "We are very pleased to announce this contract win and glad to see that Concord is continuously making achievements since its integration into Hollysys. It is Concord's capability, knowledge, strong track record, quality of work and close working relationship with the end customer that lead to this contract win. Going into the future, we believe the combination of Concord's customer base and industry know-how with Hollysys' proprietary technology and products will enable us to make more achievements and pave our way to a broader market space in Southeast Asia and the Middle East in both industrial and rail transportation markets, and continuously create value for our shareholders."