SINGAPORE (May 18): IPS Securex Holdings, the security products and services provider, has announced that its wholly-owned subsidiary, IPS Securex, has received two purchase orders with a total contract value of US$2.93 million ($4.02 million).

The purchase orders are for the supply of Hyperspike acoustic hailing devices and their supporting accessories, the company said on Wednesday.

IPS Securex in December last year announced a US$64.46 million letter of award for the delivery of the Hyperspike products over a period of five years ending December 2020.

“The US$64.46 million LOA is still the largest deal that we have received to date and we expect the individual purchase orders to come in progressively over the next few years,” says IPS Securex Executive Director and CEO Kelvin Lim.

IPS Securex says the purchase orders are expected to contribute positively but are not expected to have a material impact on the earnings per share and net asset value per share of the Group for the financial year ending 30 June 2016.

Shares of IPS Securex traded at 17.5 cents on Tuesday.