Starcom PLC Update on North African Distributor (9408A)

TIDMSTAR

RNS Number : 9408A

Starcom PLC

03 June 2019

3 June 2019

Starcom plc

("Starcom" or "the Company")

Update on North African Distributor

Starcom (AIM: STAR), which specialises in the development of wireless solutions for the remote tracking, monitoring and protection of a variety of assets, is pleased to update shareholder with regards to its North African distributor.

In January 2019, the Company announced that it had received an initial payment in respect of the $1.1 million contract signed with a North African distributor in November 2018. The terms of the contract required a further payment to be made before any shipments of hardware would be made under the contract. The Company is pleased to confirm that a further payment has now been received and the Company will now ship the hardware to the distributor. Once shipped, the contract provides for inspection of the goods by the end client and, once concluded, a further and final sum will be payable representing approximately 20% of the overall contract value.

No further revenue is expected to be recognised by the Company under the contract until the satisfactory completion of the product inspection by the client and receipt of the balance outstanding on the contract value.

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Enquiries:

 
 Starcom Plc 
 Michael Rosenberg, Chairman                          07785 727 595 
 Avi Hartmann, CEO                                   [phone] 
 
 Allenby Capital Limited (Nominated Adviser 
  and Broker)                                         020 3328 5656 
 James Reeve / Jeremy Porter / Asha Chotai 
 
 Peterhouse Capital Limited (Joint Broker)            020 7469 0930 
 Lucy Williams / Charles Goodfellow / Eran Zucker 
 
 Leander PR (Financial PR)                            07795 168 157 
 Christian Taylor-Wilkinson 
 

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June 03, 2019 06:13 ET (10:13 GMT)