With reference to the announcement of June 28th, SQS Security Qube System AB, PSI's Cash Management CIT/ATM business unit, has today shipped 100 units (out of a total of 420 ordered in June) of its Q-Case 400 to our distributor in Russia - for successive deliveries to Sberbank, Russia's largest bank.
SQS has received pre payment for the shipment from our distributor.
SQS has also received an order for another 580 units which is planned to be released during 2011 upon Sberbanks approval of the first shipment.
"However, we have been faced with several challenges for the last 10 months - including Russian customs, price negotiations and other significant commercial Partner qualifications. Some of these issues still need to be resolved and consequently, this is likely to influence expected short term volumes and future shipment schedules.
Despite this, we are satisfied with our first actual shipment to the Russian market. Our key focus going forward is to make sure the SQS solutions meet Sberbank's expectations through our operational/conceptual support & training," says Jørgen Waaler, PSI Group CEO.
For further information, contact CEO of PSI Group ASA,
Jørgen Waaler
+47 90 59 00 10
jorgen.waaler@psi.no
About PSI Group ASA
PSI Group is a leading global provider of closed & secure cash handling solutions in society - No losses wherever money moves.
PSI Group is head quartered at Rælingen (Norway) and has about 310 employees in Scandinavia and Europe. The company is listed on the Oslo Stock Exchange and Nasdaq OMX in Stockholm