Postec, Cadmus to Supply EFTPOS for India Petrol
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Postec and Cadmus to Supply EFTPOS to India Petrol Market
Cadmus Technology Signs a Heads of Agreement with Postec Data Systems To Supply Indian Petroleum Retail Market With EFTPOS Pump Units
Auckland, 20 February 2007 – Advanced payment solutions company, Cadmus Technology Limited (NZX: CTL) says that it has signed a Heads of Agreement with leading forecourt petrol pump company Postec Data Systems that will see several thousand of the Cadmus UP05 EMV compliant EFTPOS units being supplied for the Indian retail petrol market.
Cadmus will supply its UP05 EMV EFTPOS hardware to Postec who will then integrate these into the Postec 4DET terminal forecourt devices currently installed in India’s expanding retail service station market.
Pat McCammon, Director of International Sales and Marketing for Cadmus Technology says that the Heads of Agreement with Postec has significant potential for Cadmus in terms of its growth into the petrol industry in India and other international markets.
“We’re very pleased to be working with an industry sector leader like Postec who selected Cadmus’ EMV UP05 EFTPOS units as the most suitable devices to use for the Indian retail petrol market where consumer demand for oil and gas continues to soar,” says McCammon.
Peter Cribbens, Managing Director of Postec says India has approximately 29,000 petrol stations most of which do not have automated forecourts. With importance of fuel control, the Indian Government has declared that approximately 10,000 high volume petroleum retail sites have to be automated by 2009/10.
“That will create a significant demand for the 4DET terminal and pump control units that Postec manufacture. When the Cadmus UP05 EFTPOS is integrated with the Postec systems it will seamlessly combine the two technologies enabling us to provide a more comprehensive and economical solution for the Indian retail petrol market,” says Cribbens.
“Currently Postec has a installed and forward order base of 495 sites in India with each site having an average of 3 to 4 x 4DET terminals. With this base and the UP05 integration, Postec is confident of increasing demands through 2007/2008.”
“Looking ahead to 2009 / 10, Postec’s target is to gain up at to half of India’s high volume petrol automated forecourts as customers. There is also the opportunity for Postec to market the 4DET / and Cadmus supplied UP05 solution into Postec’s other main markets: Australia, South Africa, Philippines, Middle East and Thailand plus developing markets such as China and South America.”
McCammon also says that Cadmus’s EFTPOS solution is the ideal technology partner for Postec as it meets the demands of the Indian petroleum industry as well as global standards.
“Cadmus has been developing the Indian EFTPOS market for several years and has built a strong reputation in that market as a leader in innovative payment. This is part and parcel of Cadmus’ strategy to secure growth in key niche emerging markets like India. The Postec deal represents the type of spin offs this sort of initiative can yield, and we fully expect to capitalise even further as other Cadmus opportunities in India come to fruition,” says McCammon.