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iPlayCO Corp strikes sales agreements worth over US$3.58M

Last updated: 15:57 23 Jan 2019 GMT, First published: 10:57 23 Jan 2019 GMT

Pictured is a piece of play equipment shaped as a crab
The 10 orders are with customers in Europe, the United States and the Philippines

iPlayCO Corp Ltd (CVE:IPC), the children's playground firm, has hailed ten new sales orders worth around US$3.58 million.

The agreements are to supply large indoor playgrounds to customers in Europe, the United States and the Philippines, the company said in a statement Wednesday.

READ THE BIG PICTURE: iPlayCO, the play equipment maker, upbeat as 2019 sales set to accelerate

The British Columbia-based company expects a significant portion of revenue from these orders to be realized in the second quarter, which ends March 31 this year.

"I am very pleased that our team's relationships in different parts of the world continue to generate larger orders," said Scott Forbes, the company's president and CEO.

"We want contributions from our operations located on three different continents, and that is what we are getting with the current confirmed orders."

Five orders from European customers

Five of the orders worth US$2 million were obtained from European customers, as a result of iPlayCo's European operations, established 15 months ago following the acquisition of local brands, intellectual property (IP) and other assets.

Its North America operations accounted for US$843,000, or 23% of the new orders, from three customers in the USA, while Iplayco's operations in Asia obtained two contracts totalling US$738,000, or 21% of the new orders, from one customer in the Philippines.

Over its 20-year history, Iplayco has supplied playgrounds to more than 60 countries worldwide.

iPlayCo shares are unchanged in Toronto, at $0.74.

Contact Giles at giles@proactiveinvestors.com

Follow him on Twitter @Gile74

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on 27/5/19