Laser Detect Systems and Septor Industries of the US will jointly develop a remote explosives sensing and identification system for luggage.
ITL Optronics Ltd. (TASE:ITL) subsidiary Laser Detect Systems Ltd. (LDS) has been awarded a NIS 3.6 million ($800,000) grant from Israel-United States Binational Industrial Research and Development Foundation (BIRD-F). Soltam Systems Ltd. owns 60% of ITL.
LDS develops long distance, remote sensing, laser based trace detection systems. The BIRD-F grant is for the development of a luggage scanner together with Septor Industries of the US. The joint project is expected to take eight months. The luggage scanner will target both the military and civilian markets, and LDS predicts that the product’s potential market could reach hundreds of millions within five years, subject to approval by US regulators.
ITL develops electro-optical systems for the infantry. The company has a market cap of NIS 166 million, and posted a loss of $1 million, and $24.5 million in revenue in January-September 2005.
Published by Globes [online], Israel business news - www.globes.co.il - on December 29, 2005