Inrob Tech Ltd (IRBL)

[ebaykamel]

They need to release somthing about what is going on with their work in the philippines. I will be trying to contact the company after the 1st of the year to get some feedback. In the meantime I found this interesting article.

InRob to set up shop in Makati
By: Dennis D. Estopace | Business Mirror

Israeli robotics company InRob Tech Ltd. announced it would set up shop in Makati City, where its Philippine partner, CP Communication Services Inc. (CP Comm), operates.

In a statement, InRob Tech said, “It has secured use of premises in the Philippines on a full turnkey basis. The premises include floor space, utilities, equipment and machinery that can be used to manufacture various components of mobile robots and other products for both civilian and military applications.”

InRob president Ben Tsur Joseph described in the statement the deal as “important.... We are seeing very strong market interest in our wireless remote-control systems and robot solutions, and these facilities will enable us to meet the demand for our products in 2008 and beyond.”

He added their products will be marketed and sold by InRob and its strategic partners.

Under the terms of the agreements, InRob paid CP Comm $1 million in December. Another payment of $1.95 million is due on March 31 this year.

Joseph said that besides giving the company a base for its expansion in the Asia-Pacific region, the deal with CP Comm also props up its relations with customers, particularly the military.

CP Comm, incorporated in 2003, has stockholders Filipina Fredesvinda A. Maliwat, Canadian Daniel P. Galer (president), and Scott Crosbie, also a Canadian.

CP Comm’s audited report for 2006 cited a net loss from operations of P565,784, slightly smaller than the P620,266 in 2005.