LOUISVILLE, KY , United States, via ETELIGIS INC., 01/28/2015 – – RadTek Inc. (OTCQB: RDTK) (“RadTek” or “the Company”) again lands a key opportunity with Korea Customs Service (KCS) and the Korean Research Institute of Ships and Oceans Engineering (KRISO). Radtek’s expertise in the cargo inspection systems has brought out this recent contract for maintenance of a key Korean customs site. With the trust of the Korean Government, KRISO continues to rely on RadTek in order to perform KRISO’s project of securing the Gwangyang Port in 2015. On January 21, 2015 KRISO contracted with RadTek for delivery and installation of key sub-systems of their Radiography Detector Systems and Imaging Software which are worth approximately $330,000 US Dollars.
The preferred newest steps in border security include Cargo Inspection System (CIS) that examine shipping containers without opening them by scanning containers with high energy X-ray to acquire inside images of the containers. Due to its effectiveness, CIS is being adopted by Governments around the World to secure their homeland by installing and running CIS sites near their major ports. CIS systems are composed of many key sub-systems such as High Energy X-ray Source System, Radiography Detector System, Imaging Software, Vehicle Transport System, Network and Server System, Radiation Shield Designed Construction, and many other complex systems.
The Korean Research Institute of Ships and Oceans Engineering (KRISO) is the institute for technology tasked with research related to ocean plant engineering, ships, and maritime accident responses which is run under authority of the Korea Institute of Ocean Science & Technology funded by the Korean Ministry of Maritime Affairs and Fisheries (KMMAF). KRISO has initiated plans to build Cargo Inspection systems in order to prepare for the U.S Security Act XVII Section 1701. A Key component of this agreement includes sealed container scanning. The agreement states that any cargo container shipped to the U.S. must be scanned by radiation detection equipment before it is loaded on a vessel in a foreign port and is scheduled to become effective in 2016. The new Inspection system will be installed in the port of Gwangyang, Korea in 2015, and it will be the first system to be run by the Korean Ministry of Maritime Affairs instead of operating under the preview of the Korea Customs Service under the Korean Ministry of Planning and Finance as 14 previous sites have been arranged.
Mr. Kwanghyun Kim, The CEO of RadTek says, “The Company has experience participating in the CIS business in Korea for many years now, we believe we have enough technical experience to expand our CIS business to other countries in the world.” With the Free Trade Agreement between the U.S. and South Korean Governments, which requires that at least 30 additional sites be supplied with CIS systems, it is critical that these systems be brought online before the Act is effective. The estimated market value for these CIS Installations is worth approximately $10 million US Dollars for each installation. With the significant number of sites the market value for such operations is significant in the Korean market alone. With the worldwide market making RadTek’s opportunities wide open in the current security conscience post 911 world.
RadTek continues to negotiate with KRISO to help facilitate their requests of additional needed service including test service using RadTek’s internally developed CIS operating software and other monitoring equipment including mounting plates for accelerators and frames for detector arrays.
Established in 1973, on January 1, 2014 KRISO launched as an affiliate of the Korea Institute of Ocean Science and Technology Engineering. As a leader in technology development in ship and ocean engineering, KRISO is striving to resolve national problems by developing, applying, commercializing and researching original technology. http://kriso.re.kr/eng/
This press release contains statements that are forward-looking and which involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in question are based on RadTek, Inc.’s current expectations and projections about future events, based on information currently available. The forward-looking statements found in this press release may also include statements relating to RadTek, Inc.’s anticipated financial performance, business prospects, new developments, strategies, and similar matters. RadTek, Inc. provides no assurance regarding the actual outcome of the events contemplated by any forward-looking statements included in this release. RadTek, Inc. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
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SOURCE: RadTek, Inc.