T42 IOT Tracking Solutions PLC t42 enters into a significant agreement

RNS Number : 3234P

T42 IOT Tracking Solutions PLC

21 May 2024

 

21 May 2024

  `

t42 IoT Tracking Solutions Plc.

("t42", the "Company" or the "Group")

 

t42 enters into a significant agreement with US based reseller for 30,000 container shipping tracking units, estimated value of approx. US$7million.

Highlights:

·    Significant agreement ("Agreement") signed with a US based reseller for the supply of 30,000 units (consisting of a combination of Lokies and Tetis)

 

·    Under the terms of the Agreement, the Company will benefit from Hardware and SaaS subscription fees over a period of three years

 

·    Initial order for 3,500 units received and further orders for 6,500 units expected to be received during 2024

 

·    This is the fourth major long-term agreement for the Company since the beginning of 2024, representing total potential orders of up to 100,000 units, mainly in LATAM

 

t42 IoT Tracking Solutions plc (AIM: TRAC) ("t42" or the "Company"),  one of the global leaders in the field of real time tracking and monitoring of shipping containers, announces today that it has entered into a significant long-term agreement to supply, for the first time, a combination of smart keyless padlocks (Lokies) and advanced tracking solutions (Tetis) for an estimated total value of approx. US$7 million  over 3 years, including expected associated SaaS subscription fees.

The Agreement provides for the supply of 30,000 units over a 3-year period.  The initial order of 3,500 units (a combination of Tetis and Lokies) has been received and is expected to be delivered in the second quarter of 2024. Under the terms of the Agreement, orders for the delivery of a further 6,500 units are expected later in 2024.

The customer is a US-based reseller, operating mainly in LATAM, and is a leading provider of end-to-end services for supply chain management, using AI models to provide shipment data and business intelligence services, allowing for effective management of supply chains.  

This Agreement is the fourth major long-term agreement announced by t42 since the beginning of 2024, representing total potential orders of up to 100,000 units to the end of 2026, the majority of which are from customers in LATAM.

t42 is in the process of transitioning its business model to focus primarily on recurring monthly SaaS fees.  This allows the delivery of comprehensive software solutions with vast data processing capabilities whilst maintaining its unique and competitive hardware offering, providing the most comprehensive set of sensors and data points available in the market.

 

Avi Hartmann, Chief Executive Officer of t42, commented: "I am very pleased with the momentum we are experiencing in the international markets and, in particular, in LATAM. T42 offers a comprehensive technological solution for monitoring, tracking and securing shipping containers and refrigerated air cargo. Our products successfully address one of the most complex problems in the container tracking industry. With our solutions, customers benefit from reliability, security and cost-effectiveness, while also enjoying shorter installation times and a faster return on investment. We continue to identify significant business opportunities in our key target markets, as reflected by the recent agreements we have signed and their substantial business potential."

Contacts:

  

t42 IoT Tracking Solutions PLC     Michael Rosenberg, Chairman 07785 727595

Avi Hartmann, CEO                                                                                                             [phone]

  

Strand Hanson Limited (Nominated Adviser and Financial Adviser)              020 7409 3494

James Harris/ Richard Johnson/ Robert Collins

  

Peterhouse Capital Limited                                                                                            020 7469 0930

Lucy Williams/ Charles Goodfellow/ Eran Zucker

  

  

t42 IoT Tracking Solutions plc (AIM: TRAC), formerly Starcom Systems plc, provides real-time tracking, analysis, monitoring, and security IoT solutions for the global container and freight market and covers 55 countries, over 100 distributors, and 50 logistics and support partners.

  

t42's multi-sensor IoT tracking devices use a wide range of detection capabilities with cloud-based analytics and alerts, with real-time data transmission, analysis, and actionable insights. Its devices are used by ports, cargo owners, shipping companies, freight forwarders, insurance companies, customs authorities, homeland security, and police for end-to-end global container tracking and digital transformation of shipments.

  

For more information on the Company, please visit: https://www.t42.co.uk/    

The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.

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