Shares in Malaga-based Advanced Engine Components Ltd rose almost 8 per cent after announcing its first commercial sales to First Auto Works in China with an order in excess of $400,000.
At 909 WST, AEC's share price had risen 1 cent to 14 cents.
FAW's order is for AEC's Natural Gas Vehicle System kits which are to be delivered progressively over the next three months.
This is the beginning of FAW's requirement, announced 25 October 2005, that AEC has the capability to supply approximately $500,000 worth of NGVS kits on a
monthly basis.
AEC's deliveries to this FAW order, together with revenue to date, invoicing of completed engine development programs for Motive Energy in Australia and
Weichai in China, will result in a minimum 50 per cent increase in sales revenue for the year ended 30 June 2006 over the previous financial year.
The current FAW order takes the number of NGVS kits, delivered or to be delivered to FAW and Weichai in China, to 162.
FAW has only recently commenced marketing of its natural gas buses and trucks and Weichai has only recently completed final commissioning and certification of its natural gas engines.
AEC believes the monthly number of kits purchased by FAW should increase progressively over the next twelve months.
The FAW sales will be complimented throughout the 2007 financial year as commercial NGVS kit sales commence to Weichai in China, Motive Energy in Australia, ACP in Pakistan and Swaraj Mazda in India.
