Koor Industries (NYSE, TASE:KOR) subsidiary Telrad Networks has signed a new agreement with the communications division of ICE, the Costa Rica Institute of Electricity.

The agreement is worth some $32.5 million to the Israeli company.

Telrad is selling telephony equipment and access systems to ICE, which is expanding its communications network in Costa Rica. Telrad subsidiary BeConnected will be supplying remote and Total Access Systems. The Israeli company will also be supplying planning, installation and support services.

Telrad CEO Reuven Avi-Tal said the contract opens doors to new markets for the company, especially in developing countries in Asia, Africa and South America.

Telrad ended the first quarter of 2002 with $39 million revenues, down 26% from the $53 million it made in the corresponding quarter of the previous year. It lost $6 million for the quarter, compared with losing $7 million in the parallel.

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