Ajax: January 5, 2012
Further to its press release of September 16, 2011 Automodular Corporation ("Automodular") reports that it has signed a definitive agreement with Vestas Nacelles A/S to sub-assemble certain wind turbine components for use in Ontario wind projects under the province of Ontario's feed-in- tariff (FIT) program. Vestas Nacelles A/S is a subsidiary of the publicly traded Danish company Vestas Wind Systems A/S, a global leader in the wind industry.
Automodular has secured a facility in Brantford, and, at the peak of the contract, will engage approximately 40 personnel in relation to the contracted work. Work is already underway on the contract which is for a fixed number of units to be assembled over an estimated period of one year. The contract would represent approximately 35% of the Company's gross revenues measured against the Company's gross revenues for the twelve-month period ended September 30, 2011. Approximately 80% of the Company's revenue under the contract relate to the purchase of materials as directed by the customer.
Automodular Corporation is a supplier of sub-assembly, sequencing and transportation services to the automotive industry - Ford's Oakville Assembly Plant and the renewable energy industry - Vestas Nacelles A/S. The Company has three operating facilities and employs approximately 525 people.
For further information, contact:
Christopher S. Nutt
President
Automodular Corporation
(905) 619 4202
invest@automodular.com
This press release contains forward-looking statements that
involve a number of risks and uncertainties. Specific
forward-looking statements in the document include those
relating to the expected duration of the contract, the
approximate gross revenues arising from the contract and the
percentage of revenues relating to the purchase of materials.
Among the important factors that could cause actual results
to differ materially from those indicated by such
forward-looking statements are market and general economic
conditions, and the fact that the contract relates to
non-automotive assembly and the risk factors detailed from
time to time in the Company's periodic reports filed with
the Canadian securities regulatory authorities and on SEDAR
at www.sedar.com. Readers are cautioned not to rely on
forward-looking statements. Except as required under
continuous disclosure obligations, the Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future
events or otherwise. Automodular does not provide financial
outlooks.
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