- Nanalysis Scientific Corp. (NSCI) secured a six-year $160 million contract with Canadian Air Transportation Security Authority (CATSA)
- Nanalysis makes portable Nuclear Magnetic Resonance (NMR) medical device
- Nanalysis’ subsidiary has already started the phase step in airports across Canada
- Subsidiary K’Prime is taking on maintenance services with CATSA for the deal
- Nanalysis’ believes this contract can help its products with airports, border crossings, and prison security needs driving its market growth
- Nanalysis Scientific Corp. (NSCI) is up 23.81 per cent trading at $1.30 per share as of 3:13 p.m. ET
Nanalysis Scientific (NSCI) has signed a six-year $160 million contract with Canadian Air Transportation Security Authority (CATSA).
Nanalysis develops and manufactures portable Nuclear Magnetic Resonance (NMR) spectrometers or analyzers for medical laboratory and industrial markets. Its newly developed NMR device claims to be the most powerful and most advanced compact device of its kind ever brought to market.
Nanalysis’ subsidiary, K’Prime Technologies Inc., has already started the phase step in airports across Canada, and expects the service coverage to be completed sometime early next year.
“The security market is a very important vertical for all our products, including benchtop NMR, and our vision is to have direct sales and service capabilities in every major market in the world… This contract win is an instrumental step in simultaneously opening the security vertical and adding a material recurring revenue stream to our business,” Sean Krakiwsky, founder and CEO of Nanalysis, said.
K’Prime stated it would take on maintenance service responsibilities for CATSA for its screening equipment. It also outlined how this deal was only possible due to Nanalysis acquiring the company.
“This contract win is one example of how Nanalysis [and] K’Prime will enable larger business opportunities and value creation for shareholders… We currently provide service in airports and other security markets, and so we are well positioned to expand this business,” Kham Lin, founder and President of K’Prime and Managing Director of Nanalysis’ Security Business, said.
Nanalysis believes this contract can bring about more sales for its products with airports, border crossings, and prison security needs driving its market growth.
Nanalysis Scientific Corp. (NSCI) is up 23.81 per cent, trading at $1.30 per share as of 3:13 p.m. ET.