Transense Technologies PLC Extension to Agreement with Bridgestone (8252C)

TIDMTRT

RNS Number : 8252C

Transense Technologies PLC

13 February 2020

Transense Technologies plc

("Transense" or the "Company")

Extension to Joint Collaboration Agreement with Bridgestone

Transense Technologies plc, the provider of sensor systems for the industrial, mining and transportation markets, is pleased to announce an extension to the joint collaboration agreement ("the Agreement") with Bridgestone Corporation, Japan ("Bridgestone").

On 13 August 2019, Transense announced that it had entered into the Agreement, by which Bridgestone offers the iTrack system exclusively as a mining tyre monitoring system for tyres 57 inches and above for its off-the-road (OTR) customers. The Agreement was for an initial 18 month period with ability to extend. Under the Agreement, Transense undertook, inter alia, that it would not for a period of six months have discussions with any other party in relation to any transaction of a merger, acquisition or joint venture nature in respect of its iTrack business.

On 12 February 2020, Transense and Bridgestone agreed to extend the duration of the Agreement until 12 February 2022 at the earliest, and extend the period during which Transense undertake not to have discussions with other parties until 30 April 2020.

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

 
 Transense Technologies plc                Tel: [phone] 
  Graham Storey, Chief Executive            238380 
 finnCap                                   Tel: [phone] 
  Ed Frisby, Giles Rolls, Matthew Radley    0500 
  (Corporate Finance) 
  Tim Redfern, Tim Harper (ECM) 
 

About iTrack II

The iTrack II Mining system provides real-time data on the condition of the tyres, combined with live tracking of vehicle location and status. Our 24/7 Control Room monitors the pressures and temperatures live, and this information can, for example, be used to ensure tyres do not exceed critical heat thresholds, to detect incorrect load distributions, predict suspension failures and eliminate manual tyre pressure checks. The Directors believe that these benefits maximise the hours a truck is working (Truck Uptime) and improve productivity by minimising maintenance requirements and using data to identify underperforming trucks. www.trans-logik.com/itrack-2/

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 transport and mining industries, and the global torque, temperature and pressure sensing markets, via its trading divisions, Translogik and SAWSense. www.transense.co.uk

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

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

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February 13, 2020 02:00 ET (07:00 GMT)