Surface Transforms PLC Contract Agreement with German OEM 5 (1539K)
27 Agosto 2019 - 8:02AM
UK Regulatory
TIDMSCE
RNS Number : 1539K
Surface Transforms PLC
27 August 2019
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
27 August 2019
Surface Transforms plc
("Surface Transforms" or the "Company")
Contract Agreement with German OEM 5
Surface Transforms (AIM:SCE), manufacturer of carbon fibre
reinforced ceramic brake discs is pleased to announce that it has
concluded the final contractual terms on the contract award with
German OEM 5 as previously described in the Company's RNS
announcement on 16 July 2019.
Specifically, the Company has agreed and accepted a signed multi
year supply agreement and separate price agreement (previously
together described as the "Agreements") with its customer known as
German OEM 5.
The supply agreement also refers to the supply of spares, albeit
without any volume or revenue commitment from either party. Whilst
the term of the Agreements has been extended to now run from 1
January 2019 to 31 December 2029, allowing for post production
spares supply, the OEM series production details are unchanged from
that previously advised by the Board.
In addition, discussions continue with German OEM 5 on other
cars in the customers' portfolio.
Kevin Johnson, CEO said, "The conclusion of this contract is
another important milestone in the progress of Surface Transforms.
We are now focussed on bringing our carbon ceramic disc into volume
production with OEM 5 in October 2021, a significant customer
reference. And of course, in the meantime, working with OEM 5 to
extend our supply onto other cars in their portfolio."
For enquiries, please contact
Surface Transforms plc +44 151 356 2141
Kevin Johnson, CEO
Michael Cunningham, CFO
David Bundred, Chairman
Cantor Fitzgerald Europe (Nomad & Joint Broker) +44 20 7894 7000
David Foreman/Michael Boot (Corporate Finance)
Caspar Shand Kydd/ Maisie Atkinson (Sales)
finnCap Ltd (Joint Broker) +44 20 7220 0500
Ed Frisby/Giles Rolls (Corporate Finance)
Richard Chambers (ECM)
For further Company details, visit www.surfacetransforms.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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