Transense Technologies PLC Further Working Capital Loan Agreement (1866G)
16 Marzo 2020 - 8:00AM
UK Regulatory
TIDMTRT
RNS Number : 1866G
Transense Technologies PLC
16 March 2020
Transense Technologies plc
("Transense" or the "Company")
Further Working Capital Loan Agreement with Bridgestone
Transense Technologies plc, the provider of sensor systems for
the industrial, mining and transportation markets, is pleased to
announce that the agreement of a further working capital loan with
Bridgestone Corporation, Japan ("Bridgestone").
On 13 August 2019, Transense announced that it had entered into
a Joint Collaboration Agreement ("JCA") 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. At that time, Transense also drew down an unsecured loan
from Bridgestone of US$0.75m to provide additional working capital
for the unprecedented increase in sales activity under the JCA. The
loan was interest free, and repayable from a proportion of future
relevant subscription income, or after three years if earlier.
The current pipeline of sales opportunities indicates that it is
appropriate to put in place, and draw down, a further unsecured
loan of US$1.2m in order to build additional inventory of iTrack
kits. This further loan is also interest free, and repayable from a
proportion of future relevant subscription income or upon the
cessation of the JCA if earlier.
On 12 February 2020, as previously announced, Transense and
Bridgestone agreed to extend the duration of the JCA until 12
February 2022 at the earliest, and extend the period during which
Transense undertake not to have discussions with other parties
relating to any transaction of a merger, acquisition or joint
venture nature relating to the iTrack business until 30 April
2020.
For further information please visit www.transense.co.uk or
contact:
Transense Technologies plc Tel: +44 (0) 1869 238380
Nigel Rogers, Non-executive Chairman
Melvyn Segal, Chief Financial Officer
finnCap Tel: +44 (0) 20 7220
Ed Frisby, Giles Rolls, Matthew Radley 0500
(Corporate Finance)
Tim Redfern, Tim Harper (ECM)
About iTrack
The iTrack 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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END
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