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Dec 18 (Reuters) - Ava Risk Group Ltd (AVA) : HAS RECEIVED AND...

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    18/12/19
    12:15
    Post #: 42027757

    Dec 18 (Reuters) - Ava Risk Group Ltd (AVA) :

    • HAS RECEIVED AND ACCEPTED A PURCHASE ORDER FOR US$11.9M OF LICENCING INCOME FROM ITS MANUFACTURING PARTNER, SFO TECHNOLOGIES PRIVATE LTD
    • EXPECTS TO RECOGNISE REVENUE (LICENCING INCOME) FOR THIS PROJECT OF CIRCA A$1.5M IN CURRENT QUARTER Q2 FY2020
    • EXPECTS REMAINING A$16M IN IMOD REVENUES TO BE RECOGNISED IN CY2020.
    • ANTICIPATES ADDITIONAL REVENUES WILL FOLLOW FROM A SUBSEQUENT 7-YEAR SPARES AND MAINTENANCE CONTRACT FOR THIS PROJECT
    • RECEIVED A US$2.1M BANK GUARANTEE FROM SFO AS SECURITY FOR SFO PAYMENT OBLIGATIONS TO AVA UNDER CONTRACT
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