Electro Optic Systems Holdings Limited has announced that it has signed a binding conditional agreement with a customer in the Republic of Korea with a total value of USD80 million (AD120 million).
If the conditions are satisfied, the Contract would involve manufacture and sale of a 100kW High Energy Laser Weapon, establishment of a joint venture between EOS and the customer to develop and supply the Korean market with 100kW High Energy Laser Weapons on terms to be agreed, and licencing of intellectual property relating to 100kW High Energy Laser Weapons for the Korean market to the Korean Joint Venture. The laser weapon will be manufactured at EOS’ new Laser Weapon Manufacturing Facility in Singapore.
“Under the Contract, and subject to satisfaction of the conditions and obtaining relevant regulatory approvals, EOS is obligated to provide a licence for the Korean market to the Joint Venture, for intellectual property relating to the 100kW High Energy Laser Weapon,” said a company press release. “The consideration due under the Contract is payable after establishment of the Korean Joint Venture and achievement of Product demonstration performance milestones.”
For more information
EOS enters into conditional high energy laser contract – Electro Optic Systems
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