South Korea latches on to Servocell
Harlow-based Servocell has signed a deal which should see 30,000 RFID devices using its Active Latch technology roll out across South Korea over the next 18 months, with the first units expected to hit the market before the end of this year.Harlow-based Servocell has signed a deal which should see 30,000 RFID devices using its Active Latch technology roll out across South Korea over the next 18 months, with the first units expected to hit the market before the end of this year.
Passtech is one of South Korea’s leading Radio Freque-ncy Identification (RFID) lock makers and has turned to Servocell, a specialist designer of hi-tech low cost lock systems, to provide the technical support it needs to facilitate the development and manufacture of an RFID-controlled Active Latch operated lock for the South Korean market.
Passtech, which will join Servocell’s recently launched partnership programme, Pro-Active Partnership, and will have an exclusive licence for the use of Active Latch in RFID products within South Korea as well as reseller rights to other manufacturers.
Exclusivity will be extended beyond an initial 18 month period if Passtech successfully launches the Active Latch product before the end of 2006 and purchases a minimum of 30,000 Active Latches during the 18 month period. The Korean firm said it had entered into this arrangement because of its confidence in exceeding this requirement.
Simon Powell, CEO of Servocell, said: “This contract endorses the strength of our technology as well as indicates the growing awareness of the Active Latch solution. Korea is an important market because it is a centre of excellence for advanced access control, as well as a burgeoning domestic market for such technology.”
The collaboration sparked a 3p rise in Servocell’s share price – up 3.28 per cent to 94.5p – cementing the 15 per cent rise it experienced earlier in the week following rapid progress in its collaboration with the UK’s leading locker and cabinet manufacturer, Helmsman.
Helmsman said its new locker security product incorporating Active Latch would hit the market three months ahead of schedule.
This is the first time 200-year-old Helmsman has made its own locks working through DSM Soft, an international engineering consultancy and the newest recruit to ProActive Partnership.
Servocell’s Active Latch devices are based around piezo actuators that have overcome the traditional problems of high cost with limited movement.
They have been designed for the expanding electromechanical sector of the global locks markets, which is valued at $30 billion (£16.8m) in annual sales.