Surface Transforms PLC Contract Agreement with German OEM 5

Data : 27/08/2019 @ 08:02
Fonte : UK Regulatory (RNS & others)
Titolo : Surface Transforms Plc (SCE)
Quotazione : 26.0  -0.8 (-2.99%) @ 10:42
Quotazione Surface Transforms Grafico

Surface Transforms PLC Contract Agreement with German OEM 5

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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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August 27, 2019 02:02 ET (06:02 GMT)

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