Lipman Electronic Engineering (Nasdaq, TASE: LPMA), which produces credit card and smart card reading terminals, announced today that it had received a follow-on order for its Nurit 8320 landline point of sale (POS) terminals from Akbank, the second largest bank in Turkey. The order is for approximately $6.4 million of Lipman products. The company said that all the products were expected to be delivered during the second quarter of 2004.
With this order, Akbank is increasing its total installed base of Lipman POS terminals by approximately 25%, to 190,000.
Lipman also announced that it was recently awarded a $3.3 million tender by Isbank A.S., Turkey's largest public bank, and a $2.4 million tender by Yapi Kredi Bank, another major Turkish bank. These orders were supplied in full during the first quarter of 2004.
Lipman president and CEO Isaac Angel said, "These orders from three of the most prominent banks in Turkey further strengthen Lipman's leading position in the Turkish market. Since our initial sales to YKB in 1998, Akbank in 1999 and Isbank in 2002, all have selected our solutions over competing solutions for several large deployments. Following these orders, over 90% of all Point of Sale terminals currently in use by Akbank and YKB and also nearly half of those used by Isbank, will have been supplied by Lipman.
”While our position in the Turkish market is very strong, we believe that additional growth opportunities exist and are confident in our ability to continue successfully competing for all potential tenders in the region.”
Lipman shares are currently being traded at NIS 212.70 on the Tel Aviv Stock Exchange, up 1.92% since yesterday’s close.
Published by Globes [online] - www.globes.co.il - on April 19, 2004