VANCOUVER – Cantronic Systems Inc. (TSXV:CTS) said Monday it has been awarded a C$4.5 million contract to deliver video security and protection systems to commercial buildings in China’s Jiangsu province.
The Vancouver-based company plans to begin the agreement in September under which it will supply and install the systems.
Included in the package are video intercoms, access control and alarm monitoring.
Payments for the contract will be delivered in two portions, with the first 10 per cent in advance, while other milestone payments will arrive throughout the remainder of the contract.
Cantronic said it expects the agreement to last between one and two years.
“The payment terms will enable us to preserve working capital as Cantronic continues to grow its business of providing complete networked video surveillance system integration as well as OEM and ODM manufacturing of IP video cameras along with its proprietary software management platform,” said president and CEO James Zahn in a release.