Purchase of Pneu-Logic Intellectual Property (I...
Transense Technologies plc (the 'Company' or 'Transense')
23rd November 2009
Re Purchase of Pneu-Logic Intellectual Property (IP) and Trading Name
Further to the recent announcement of 8th June 2009, regarding the
agreement to distribute the Bluetooth enabled tyre inspection tools
manufactured by Pneu-Logic, Translogik Limited ('Translogik'), the
wholly owned subsidiary of Transense, is pleased to announce the
purchase of the IP relating to these tools and the trading name of
Pneu-Logic. Translogik has paid an initial amount of £50,000 and
additional payments will be made, subject to sales volumes, up to an
agreed maximum total consideration.
This agreement enables Translogik to gain complete control of the
manufacture and distribution of these tools and reduce the cost of
sales. Pneu-Logic will continue to manufacture the probes in the near
term in order to effect an orderly handover. Translogik is in ongoing
negotiations to move production to a highly respected, mid-sized; UK
based engineering company which has additional facilities in China.
Graham Storey, Transense CEO, said "The recent series of price rises
in tyres and fuel has brought these costs into sharp focus within the
increasingly competitive fleet service providers market. Prolonging
the life of tyres is a critical element in maintaining profitability
for fleet management operations. Our range of tyre management
solutions provide our customers with a rugged, high quality, cost
effective tool, for maximising the life of their tyres. In addition
to the recent Goodyear rollout, we have received additional orders
from around the world for our expanding suite of data collection
tools.
We are delighted to have secured this acquisition; these tools form
an integral part of our overall strategy for the Off the Road (OTR)
and commercial truck fleet markets, and this agreement gives us
considerable additional flexibility in executing our future expansion
plans".
George Yeomans, CEO of Pneu Logic said "Integrating our data
collection tools into a solution which will additionally incorporate
an RFID reader and SAW (Surface Acoustic Wave) TPMS sensor reader is
exactly what the market has been demanding. I am convinced this will
be a huge success".
Contacts:
Transense Technologies PLC
Graham Storey 01869 238380
Laren Yeomans
Brewin Dolphin Investment Banking
Neil Baldwin 0845 213 4730
Sean Wyndham-Quin
About Pneu -Logic
Pneu-Logic develops and supplies electronic data capture equipment
to the commercial tyre industry, specialising in Tyre Pressure
Monitoring Systems (TPMS) and Radio Frequency Identification (RFID)
solutions. The company is based in Swadlincote, Derbyshire.
About Translogik
Translogik Limited is a provider of innovative technology solutions
for Data Capture and Asset Management to the Commercial vehicle and
Industrial markets.
Translogik Limited is a wholly owned subsidiary of Transense
Technologies PLC. Transense is listed on the Alternative Investment
Market of the London Stock Exchange (TRT).
www.trans-logik.com
About Transense
Transense Technologies is a technology transfer company based
in Upper Heyford, Oxfordshire. Transense develops Surface Acoustic
Wave (SAW), wireless, batteryless, sensor systems in partnership with
its licensees and partners, Honeywell, Melexis, Michelin, Sengenuity,
Stack, Tai-Saw, Texas Instruments, SCHOTT, McLaren Electronic Systems
and Carbon Motors.
Current applications include Tyre Pressure Monitoring Systems (TPMS)
and torque systems for Electrical Power Assisted Steering (EPAS) and
driveline management.
Transense is listed on the Alternative Investment Market of the
London Stock Exchange (TRT).
www.transense.co.uk
ENDS
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