iCash wins $63m Korean deal

NeoICP, a unit of electronic payment company iCash (ASX:ICP) has won a $63m ATM supply deal in Korea with convenience store operator Lotte Group

Electronic payment company iCash (ASX:ICP) has announced that subsidiary NeoICP has won a $63 million ATM contract in Korea.

ICP shares jumped 13.95 per cent to $0.490 on Wednesday following the announcement.

NeoICP signed a deal to manufacture, supply and maintain ATMs for convenience store operator Lotte Group in Korea, iCash said.

The contract is accompanied by a seven-year technical service and maintenance agreement.

Lotte Group in May 2009 tapped NeoICP to deliver 1,500 ATMs for the nation, of which 1,400 have been deployed so far. This latest deal is in addition to that agreement, iCash said.

iCash executive chairman, James Manny, said that with the negotiation of the deals, the company “has demonstrated that we can crack open highly competitive and technical markets that others consider saturated.”

The Lotte group plans to expand the number of its convenience store locations in Korea to 8,000 by 2013.

iCash meanwhile revealed it is finalising its product line-up to help support an Asian expansion next year.

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Tags businessiCashLotte GroupNeoICP

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