T42 signs important agreement for Lokies units

RNS Number : 8042M

T42 IOT Tracking Solutions PLC

16 January 2023

 

16 January 2023

t42 IoT Tracking Solutions plc

("t42", the "Company" or the "Group")

T42 signs important agreement for container shipping Lokies tracking units

t42   IoT Tracking Solutions plc (AIM: TRAC) ("t42" or the "Company"), the provider of global shipping containers tracking solutions, is pleased to announce that, through its wholly-owned subsidiary T42 Limited, the Group has entered into an agreement with a new Israel-based customer that provides cutting-edge IoT and AI solutions for monitoring goods in the supply chain ("the Customer") for the sale of t42's Lokies tracking units to protect goods and deliveries worldwide.

The agreement is for a two-year term. An initial purchase order has been received from the Customer for 1,500 Lokies units in respect of H1 2023 sales, with further orders anticipated over the period of the contract (including recurring revenue streams over the following years). The Customer has been granted certain end-client supply exclusivity rights, subject to the Customer achieving specified quarterly sales over a 2-year period for, in aggregate, 5,000 Lokies, including the  units ordered to date. 

Lokies is a unique smart keyless padlock with innovative IoT capabilities,  incorporating advanced GPS and cellular technology together with new Bluetooth Low Energy connectivity and user management abilities. Lokies enables customers to identify and manage different users based on their access authorizations, making the cargo much more visible and secure.

The Customer is a leading provider of end-to-end services for goods management. Using AI models, it provides shipment data and business intelligence services, allowing for effective management of supply chains.

Avi Hartmann, CEO of t42, commented: " We recognize the growing demand for supply chain management solutions and the great potential of this multibillion-dollar industry. This new agreement puts our IoT solutions in the spotlight, and endorses the confidence the industry has in our technology."

Contacts:

t42 IoT Tracking Solutions PLC Michael Rosenberg, Chairman Avi Hartmann, CEO	07785 727595 [phone]
Strand Hanson Limited   (Nominated Adviser and Financial Adviser) James Harris/ Richard Johnson/ Robert Collins	020 7409 3494
Peterhouse Capital Limited   Lucy Williams/ Charles Goodfellow/ Eran Zucker	020 7469 0930
Yellow Jersey PR   (Financial PR) Tom Randell/ Henry Wilkinson/ Annabelle Wills	020 3004 9512 [e-mail]

Notes to Editors

t42 IoT Tracking Solutions plc  (AIM: TRAC), formerly Starcom Systems plc, provides real-time tracking, analysis, monitoring, and security IoT solutions for the global container and freight market and covers 55 countries, over 100 distributors, and 50 logistics and support partners.

t42's multi-sensor IoT tracking devices use a wide range of detection capabilities with cloud-based analytics and alerts, with real-time data transmission, analysis, and actionable insights. Its devices are used by ports, cargo owners, shipping companies, freight forwarders, insurance companies, customs authorities, homeland security, and police for end-to-end global container tracking and digital transformation of shipments.

For more information on the Company, please visit:  www.t42.co.uk/ . 

The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.

 

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