Transense Technologies PLC Extension to Agreement with Bridgestone (8252C)
February 13 2020 - 1:00AM
UK Regulatory
TIDMTRT
RNS Number : 8252C
Transense Technologies PLC
13 February 2020
Transense Technologies plc
("Transense" or the "Company")
Extension to Joint Collaboration Agreement with Bridgestone
Transense Technologies plc, the provider of sensor systems for
the industrial, mining and transportation markets, is pleased to
announce an extension to the joint collaboration agreement ("the
Agreement") with Bridgestone Corporation, Japan
("Bridgestone").
On 13 August 2019, Transense announced that it had entered into
the Agreement, by which Bridgestone offers the iTrack system
exclusively as a mining tyre monitoring system for tyres 57 inches
and above for its off-the-road (OTR) customers. The Agreement was
for an initial 18 month period with ability to extend. Under the
Agreement, Transense undertook, inter alia, that it would not for a
period of six months have discussions with any other party in
relation to any transaction of a merger, acquisition or joint
venture nature in respect of its iTrack business.
On 12 February 2020, Transense and Bridgestone agreed to extend
the duration of the Agreement until 12 February 2022 at the
earliest, and extend the period during which Transense undertake
not to have discussions with other parties until 30 April 2020.
For further information please visit www.transense.co.uk or
contact:
Transense Technologies plc Tel: +44 (0) 1869
Graham Storey, Chief Executive 238380
finnCap Tel: +44 (0) 20 7220
Ed Frisby, Giles Rolls, Matthew Radley 0500
(Corporate Finance)
Tim Redfern, Tim Harper (ECM)
About iTrack II
The iTrack II Mining system provides real-time data on the
condition of the tyres, combined with live tracking of vehicle
location and status. Our 24/7 Control Room monitors the pressures
and temperatures live, and this information can, for example, be
used to ensure tyres do not exceed critical heat thresholds, to
detect incorrect load distributions, predict suspension failures
and eliminate manual tyre pressure checks. The Directors believe
that these benefits maximise the hours a truck is working (Truck
Uptime) and improve productivity by minimising maintenance
requirements and using data to identify underperforming trucks.
www.trans-logik.com/itrack-2/
About Transense Technologies
Based in Oxfordshire, UK, Transense has developed
patent-protected sensor systems and supporting technology for use
in a variety of diverse high growth markets. The Directors believe
that Transense's Surface Acoustic Wave (SAW), wireless,
battery-less, sensor systems offer advantages over legacy wireless
sensor systems. Transense is targeting the transport and mining
industries, and the global torque, temperature and pressure sensing
markets, via its trading divisions, Translogik and SAWSense.
www.transense.co.uk
Transense's shares are admitted to trading on AIM (AIM:
TRT).
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
This information is provided by RNS, the news service of the
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END
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