Strategic Update

RNS Number : 0007R

Transense Technologies PLC

25 June 2020

 

Transense Technologies plc

("Transense" or the "Company")

Strategic Update

Transense provides a strategic update following the grant of a licence of iTrack technology and the transfer of the iTrack operational business and assets.

Transense Technologies plc, the provider of specialist sensor systems, provides an update following today's announcement that the Company has granted a worldwide exclusive licence covering current and future iTrack technology for a period of ten years, and has transferred the iTrack operational business to ATMS Technology Limited, a subsidiary of Bridgestone Corporation.

Following these developments, the Company will continue to deliver its strategy of developing innovative sensing solutions across a range of applications, which will be commercialised either through the launch of products and services to customers or by forming strategic alliances with partner organisations.  Value will continue to be realised through a combination of commercial income, royalties (including from the iTrack technology), licensing income, and capital gains on disposals.

The Company's two continuing operational businesses are SAWSense, which produces a range of patent-protected sensor systems for measuring torque, temperature and pressure, wirelessly and without the need for batteries, and Translogik, which designs and markets tyre test equipment.

Board and senior management

Following the iTrack transfer, Nigel Rogers has been appointed as Executive Chairman of Transense.  The board comprises Nigel Rogers, Melvyn Segal as Chief Financial Officer, and Rodney Westhead as Senior Independent Director. An additional Non-executive Director will be appointed to the board in due course.

We are pleased to announce that Nick Hopkins MBA has been appointed as Managing Director of SAWSense, reporting to the board, with immediate effect.  Nick has many years' experience in the electronics sector, including seven years as Commercial and Business Development Director in a patented RF torque sensing business, using Surface Acoustic Wave transducers. Prior to that he had a military background, including the command of an operational helicopter squadron of the Army Air Corps, and advising Joint Helicopter Command HQ on improvements to the industrial supply interface and specialist sensor capabilities.

SAWSense

Nick Hopkins will lead the executive team of SAWSense in the delivery of projects already in progress, including Transense's support of our licensee GE Aviation in the Improved Turbine Engine Program ("ITEP") by which the US Army will re-engine it's Boeing AH-64 Apache and Sikorsky UH-60 Back Hawk fleet.  He will also provide the focal point for evaluating broader applications for our patented technology and developing further growth opportunities.

SAWSense is a market leader in Surface Acoustic Wave ("SAW") technology, and has opened access points into a select group of world leading companies with the potential to develop SAW based applications.  SAW technology can be used to accurately measure parameters including temperature, torque, pressure and chemical characteristics in harsh or challenging environments on a real time basis.

The growing recognition that such data provides enhanced control, capability and performance in an increasingly connected world is clear. Applications as diverse as industrial controls, gearboxes and turbines, through to power generation, high performance automotive and avionics have already been explored with some success.

The board now believes that, with additional focus and resources, there are many opportunities to build customer relationships and engineering partnerships to better exploit the technical prowess under our ownership.

Translogik

Our product range of tyre probes under the Translogik brand have been selected by several leading manufacturers to incorporate into their tyre management systems, underpinning our belief that they represent an industry standard.  Certain products in the Translogik range have recently been re-designed, and we expect to launch an exciting new suite of products offering additional features in coming months.

The board is committed to continuing to develop the technologies in our current portfolio, and seeking further opportunities to commercialise these for the benefit of shareholders.

Outlook

Whilst we are in no way complacent in relation to the possible effects of the Covid-19 pandemic on future growth, we do not currently envisage a significant short term impact on revenues.  Trading results for the year ending 30 June 2020 are currently anticipated to be in line with previous expectations, although their presentation will reflect the iTrack operating business as a discontinued activity.

Transense Technologies' Executive Chairman Nigel Rogers commented:

"Significant resources have been directed towards the development and commercialisation of the iTrack system, and it is very pleasing to see this technology licensed to a market leading global company to be fully exploited commercially for our mutual benefit.  I take this opportunity to thank David Ford and Graham Storey for their major contribution to Transense, and in particular, the design, development and commercialisation of the iTrack system.  We wish them and their team every success in future.

Meanwhile, there are breakthrough opportunities available to us in our ongoing core products and technologies. With additional focus and increased resources, I am confident Transense will continue to flourish."

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

Transense Technologies plc Nigel Rogers, Executive Chairman Melvyn Segal, Chief Financial Officer	Tel: [phone]
finnCap Ed Frisby, Giles Rolls, Matthew Radley (Corporate Finance) Tim Redfern, Tim Harper (ECM)	Tel: [phone]

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 torque, temperature and pressure sensing markets via its SAWSense division. The continuing business within its Translogik division offers a range of tyre testing equipment aimed at fleet managers and tyre service providers. Further details are available at www.transense.com .

Transense's shares are admitted to trading on AIM (AIM: TRT).

 

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