BRANSON, Mo., Nov. 20, 2008 (GLOBE NEWSWIRE) -- Hollund Industrial Marine, Inc. (Pink Sheets:HIMR) is pleased to announce that it signed a letter of intent to supply TigerLynk forest equipment to a private company that has secured a major underwater forest concession.
The letter of intent provides that the customer will purchase a total of eight TigerLynk forest machines over a four-year period for $12 million, or $1.5 million per machine, commencing upon delivery of the first machine. The transaction is subject to (i) the negotiation and execution of a definitive agreement and (ii) a cash deposit by the customer. The customer's name and project are not being disclosed at this time.
Michael Lacy, CEO of Hollund commented, "The unique opportunity that this project provides us is an exciting proposition for our management team and our shareholders. Given the size and scope of the proposed project, and TigerLynk's proven ability to harvest large-diameter trees underwater, the application of TigerLynk technology in this case is logical and compelling. I look forward to providing an update to our shareholders, as the negotiations are ongoing."
TigerLynk is a patented Underwater Remote Manipulator System ("Machine") being developed by Hollund Industrial Marine, Inc. Designed specifically for underwater operations, TigerLynk machines feature multi-boom robotic arms, interchangeable tools, and unique vision systems that enable an operator to perform a wide array of remote construction and recovery services. TigerLynk technology has been proven in underwater forest recovery applications.
Hollund Industrial Marine, Inc. (Pink Sheets:HIMR) is an industrial marine equipment and services company. The Company seeks to align the interests of the offshore producer and contractor by providing innovative heavy equipment solutions designed to improve operating safety, efficiency, and productivity. Hollund is currently focused on developing TigerLynk technology for challenging applications in offshore energy, construction, forestry, mining, and emergency flood response services. For more information, visit www.hollundindustrial.com and www.tigerlynk.com.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "ACT"). In particular, when used in the preceding discussion, the words "estimated," "believe," "optimistic," "expect," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the ACT and are subject to risks and uncertainties, and actual results could differ materially from those expressed in forward-looking statements. Such risks and uncertainties include, but are not limited to, unfavorable market conditions, increased competition, limited working capital, and failure to implement business strategies, actions by regulatory agencies, and other risks.