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Servocell Enters Into a Contract with Master Lock LLC of America
Servocell is pleased to announce that it has entered into a contract with Master Lock Company LLC of America ("Master Lock") to develop and test market an innovative range of electronic locks for their core business in the United States. Master Lock is the leading padlock and locker lock supplier in the United States. The first phase of the project is to build a demonstration system that will be used to quantify the market potential and ensure that the final product specification meets customer requirements.Steve Hedlund, Vice President of Innovation at Master Lock, commented:
"Master Lock has been impressed with the technical advantages of the Active Latch, and is working closely with Servocell to develop applications that will allow us to bring this exciting technology to our customers."
The first phase of the project is expected to be complete in early January 2007. This project has been commissioned using Servocell's Proof of Principle Prototype (PoPP) programme that was introduced 3 months ago to help speed up negotiations. In the PoPP programme the customer pays a modest fixed fee for the prototype designs, with Servocell granting licenses to the customer on any new patents generated.
Posted on 02 November 2006
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