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Yeah those measurements are about right.
It's an American system, and actually measures out accurately in Inches.
Vertically, there's a 1 inch (exactly) space between the strips (indicated in red in Tex's pic), and the actualy channel spacing is 1¼ inches INSIDE THE STITCHES -- that is 1¼ inch free space.
1 inch = ~23mm
1¼ inch = ~32mm
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