AGM Statement and Directorate Change

RNS Number : 0874Q

Transense Technologies PLC

11 October 2013

 



11 October 2013

Transense Technologies plc ("Transense" or the "Company")

AGM Statement and Directorate Change

At the Company's Annual General Meeting ("AGM") being held at 11:00 a.m. today, at 3 Lloyd's Avenue, London EC3N 3DS, the Chairman, David Kleeman, will make the following statement in relation to its board composition:

"As stated in the recent results release, the Company is pleased with the recent progress it has made in all of its operating divisions, commercialising its proprietary surface acoustic wave (SAW) technology and know-how.  Translogik, our tyre management solutions division, has seen multiple customer orders, including two major contracts for the iTrack system with Anglo American and Otraco, in South Africa and Chile respectively.  IntelliSAW, our power industry solutions division, completed its first full-factory fit out in S.E. Asia and has a growing partner network and number of pilots underway, and SAWsense continues to develop torque measurement applications for the automotive, aviation and wind turbine industries. These are long term projects with the potential to deliver royalty income.

Having seen the business develop over the last four years under the current management team to its position today, Transense has now reached the stage where it is seeing marked improvement in revenue and in its prospects - indeed new business opportunities are building faster than at any previous point in its history.  With the Company's SAW solutions finding resonance with an international range of distributors, partners and key customers, and following almost 6 years in the role, I feel that now is the appropriate time to relinquish the role of Chairman. 

The Board believes that different skills are called for at this stage in the growth and development of the Company.  David Ford, currently an Executive Director, will serve as Executive Chairman, utilising the skills acquired as an intellectual property lawyer and experience as former CEO of a technology business in this next phase of the Company's evolution.  I am pleased to be able to continue to serve shareholders in the capacity of a Non-Executive Deputy Chairman.  These changes will be effective immediately following the conclusion of the AGM. 

I look forward to working in this new role with the wider board, as Transense makes further progress towards being a sustainable business." 

In response to the Chairman's statement, Graham Storey, Chief Executive Officer, will make the following remarks:

"On behalf of shareholders and the Company, I would like to thank David Kleeman for his many years' service in the role of Chairman and in advance for his continuing support and counsel as a Non-Executive Director.  With existing Director David Ford stepping up to the role of Chairman, we believe that Transense and its shareholders will benefit from the continuity that these changes provide, as we strive to build further value at this exciting and pivotal time in our corporate development.  Following a period of substantial investment in developing our proprietary SAW technology and creating differentiated solutions from it, the fundraising this summer has put Transense in a strong position to capitalise on the considerable market opportunities it now addresses."

Further information:

Transense Technologies plc Graham Storey, Chief Executive	Tel: [phone]
N+1 Singer - Nominated Adviser and Broker Shaun Dobson, Aubrey Powell	Tel: [phone]
Newgate Threadneedle               Caroline Evans-Jones, Robyn McConnachie	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. Transense's Surface Acoustic Wave (SAW), wireless, battery-less, sensor systems offer significant advantages over legacy wireless sensor systems. Transense is targeting the global electrical Smart Grid applications market, the transport and mining industries, and the global torque, temperature and pressure sensing markets, via its three trading divisions, IntelliSAW, Translogik and the newly established SAWSense, respectively.

Transense's shares are admitted to trading on AIM, a market operated by the London Stock Exchange (AIM: "TRT").

www.transense.co.uk

 

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