StockerYale Awarded Contract for Specialized LED Application

„Company Breaks New Ground – Penetrates Niche Market \r\n
\r\nSALEM, N.H.–(BUSINESS WIRE)–Nov. 7, 2002–StockerYale, Inc. (NASDAQ: STKR – News), an independent supplier of photonics-based products, today announced that they have been awarded an initial contract from Elsag spa, a Genova, Italy based company for custom designed, infrared light-emitting diode (LED) illuminators. StockerYale’s LED illuminator is integral to the O2CR Elsag system, which has been developed as a mobile, law enforcement security system. This contract win is of strategic significance to the continued success of the Company’s short and long-term business goals and represents a sizable win for its LED product line.“;“The O2CR Elsag system is mounted on a mobile police or security vehicle to allow the system to illuminate and scan license plates on either stationary or moving vehicles. Then, using Optical Character Recognition (OCR) technology, the system transmits the acquired license plate information to an on-board computer where it can be immediately compared to an up-to-date \“hit-list.\“ This state-of-the-art system makes it possible for mobile law enforcement agents to quickly scan, analyze, and react appropriately to the real-time data provided. \r\n
\r\n\r\n
\r\nThe Company also affirmed that shipments of the custom designed LED illuminators have already begun and, looking forward, anticipates subsequent orders from Elsag spa as they move into the first half of 2003. \r\n
\r\n\r\n
\r\n\“This is a major LED win for StockerYale in the European theater,\“ said Liam Kelly, managing director of StockerYale (IRL), Ltd located in Cork, Ireland. \“The Company has set its sights on penetrating niche markets with its patented chip-on-board LED technology, which was developed at its Ireland facility, and this contract represents an important step in that direction.\“ Kelly added, \“we anticipate shipping the bulk of the LED illuminators to Elsag by the end of 2002 and look forward to the prospect of securing incremental business from them in the months ahead as we develop a long-term partnership.\“ \r\n
\r\n\r\n
\r\nCommenting on StockerYale’s LED solution, Giovanni Garibotto, research manager for Elsag spa said, \“When designing the O2CR Elsag system, we knew that we needed an extremely small, highly-efficient, long-lasting illumination source. After testing numerous LED technologies, we found that StockerYale’s, chip-on-board LEDs offered us advantages that the others didn’t.\“ Garibotto continued, \“the illuminator’s compact design, superior light output, and StockerYale’s ability to custom design an LED illuminator that met our exact system requirements was critical.\“\r\n
\r\nSource: StockerYale, Inc.“;0;35;3;“admin“;““;0;““;0;0;0;0;0