Starcom PLC Update on North African Distributor (9408A)
June 03 2019 - 5:13AM
UK Regulatory
TIDMSTAR
RNS Number : 9408A
Starcom PLC
03 June 2019
3 June 2019
Starcom plc
("Starcom" or "the Company")
Update on North African Distributor
Starcom (AIM: STAR), which specialises in the development of
wireless solutions for the remote tracking, monitoring and
protection of a variety of assets, is pleased to update shareholder
with regards to its North African distributor.
In January 2019, the Company announced that it had received an
initial payment in respect of the $1.1 million contract signed with
a North African distributor in November 2018. The terms of the
contract required a further payment to be made before any shipments
of hardware would be made under the contract. The Company is
pleased to confirm that a further payment has now been received and
the Company will now ship the hardware to the distributor. Once
shipped, the contract provides for inspection of the goods by the
end client and, once concluded, a further and final sum will be
payable representing approximately 20% of the overall contract
value.
No further revenue is expected to be recognised by the Company
under the contract until the satisfactory completion of the product
inspection by the client and receipt of the balance outstanding on
the contract value.
-ends-
Enquiries:
Starcom Plc
Michael Rosenberg, Chairman 07785 727 595
Avi Hartmann, CEO +972 5447 5663
Allenby Capital Limited (Nominated Adviser
and Broker) 020 3328 5656
James Reeve / Jeremy Porter / Asha Chotai
Peterhouse Capital Limited (Joint Broker) 020 7469 0930
Lucy Williams / Charles Goodfellow / Eran Zucker
Leander PR (Financial PR) 07795 168 157
Christian Taylor-Wilkinson
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END
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