Ipico signs deal to supply transportation software to China

BURLINGTON, Ont. (CP) - Ipico Inc. (TSXV:RFD), a southern Ontario-based supplier of radio frequency identification systems, has signed an exclusive distribution agreement with a Chinese agency to supply vehicle tracking technology over the next three years. The Burlington, Ont. company said Monday it will sell a minimum of C$3 million of the traffic management technology to China Academy of Transportation Sciences over the next three years under the deal.

"Through this exclusive agreement with China Academy of Transportation Sciences, Ipico has taken another important step in establishing the acceptance of its RFID technology in key targeted global markets," said Gordon Westwater, Ipico's president.

In Monday trading on the TSX Venture Exchange, Ipico shares were unchanged at 80 cents.

© The Canadian Press, 2007