Joint Collaboration Agreement with Bridgestone

RNS Number : 7940I

Transense Technologies PLC

13 August 2019

 

Transense Technologies plc

("Transense" or "the Company")

Joint Collaboration Agreement with Bridgestone Corporation

Transense Technologies plc, the provider of sensor systems for the industrial, mining and transportation markets, is pleased to announce a joint collaboration agreement with Bridgestone Corporation, Japan ("Bridgestone").

On 18 February 2019, Transense announced that it had received an order from a new customer with respect to 50 iTrack II units for installation in mines in North America. The customer referred to in that announcement was a subsidiary of Bridgestone.

The Company is pleased to announce that it has now entered into a joint collaboration agreement with Bridgestone in respect of the iTrack II system and its future generations ("iTrack system") for an initial 18-month period with ability to extend.

Based on this joint collaboration agreement, Bridgestone has agreed to offer the iTrack system exclusively as a mining tyre monitoring system for tyres 57 inches and above for its off-the-road (OTR) customers.  Furthermore, Bridgestone will be providing financial support by way of an interest free loan of US$750,000 to enable the Company's Translogik division to support the accelerated rate of growth that is anticipated from this relationship. In addition, the Company has agreed that it will not contract with any other tyre manufacturer for the provision of the iTrack system for tyres 57 inches and above for the term of the agreement, nor will it 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.

Graham Storey, CEO of Transense, commented, "We are delighted to have the opportunity to be working with Bridgestone. They are a leading supplier of tyres to the mining OTR marketplace and their decision to offer the iTrack system is a testament to the capabilities of Translogik and the iTrack system."

For further information please visit www.transense.co.uk or contact:

Transense Technologies plc Graham Storey, Chief Executive	Tel: [phone]
finnCap Ed Frisby, Giles Rolls, Matthew Radley (Corporate Finance) Tim Redfern, Manasa Patil (ECM)	Tel: [phone]
IFC Advisory Tim Metcalfe, Graham Herring, Heather Armstrong	Tel: [phone]

About Bridgestone Corporation:

Bridgestone Corporation, headquartered in Tokyo, is the world's largest tire and rubber company. In addition to tires for use in a wide variety of applications, it also manufactures a broad range of diversified products, which include industrial rubber and chemical products and sporting goods. Its products are sold in over 150 nations and territories around the world.

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 (which provides tyre management solutions)  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.

 

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