13 May 2024
t42 IoT Tracking Solutions plc
("t42" or the "Company")
t42 Secures Long Term Agreement for 30,000
Monitoring Systems Over 3 Years, with estimated value of up to c.
$4.5 million
Highlights:
· Major
agreement with estimated value of up to c. $4.5 million for
both hardware and SaaS subscription fees over three years;
· Initial
order due to be placed for 10,000 units, following acceptance of
the now updated tracking solution to the client;
· Client is
a leading company in Brazil within the transportation and logistics
security tracking sector
t42 IoT Tracking Solutions plc (AIM: TRAC) ("t42" or
"the Company"), which provides real-time tracking, security, and
monitoring solutions for the global supply chain, logistics,
container, and freight market sectors, is pleased to announce that
after long and thorough process of assessment, it has entered into
a development and supply agreement ("Agreement) with a
transportation and logistics security tracking firm in Brazil
(the "Client") for 30,000 tracking units over 3 years, together
with associated SaaS revenues.
The Agreement is estimated by the Company to have a
total potential value of up to approximately $4.5 million, over the
3-year period, on the basis of full deployment of the hardware and
software services.
Under the Agreement, following acceptance by the
Client of the system development, the Client is due to place an
initial order with t42 for 10,000 tracking units, with a
non-refundable deposit payment having been received by the Company.
Revenues from the initial order, once placed, are expected to be
received commencing in FY 2024. The Company will update the
market once the initial order has been received.
The Agreement, which includes ongoing systems
development, has been executed after over a year of evaluation of
the Company's systems by the Client and a detailed analysis of the
Client's requirements by t42, which demonstrated the Company's
knowledge and ability to accurately identify the Client's needs and
to develop a product to meet these needs.
t42's comprehensive solution, integrating its
tracking units, has been developed through the integration of
various currently independent systems coupled with the introduction
of new applications into a unified system. These enhancements
extend to all facets of the system, encompassing hardware,
management software, and ultimately, a smartphone application for
end-user service, affording the Client a considerable advantage in
their domestic market and facilitates their entry into
international markets. This solution simplifies the system's
implementation with the Client's own systems.
Avi Hartmann, CEO of
t42, commented: "We are once again observing tangible
evidence of sustained efforts to integrate t42's innovative
solutions within the supply chain management sector. There is a
notable surge in demand for the expertise and experience offered by
t42, and we are optimistic that this will result in further
contracts as we move forward."
Contacts:
t42 IoT Tracking
Solutions PLC
Michael Rosenberg,
Chairman
07785
727595
Avi Hartmann, CEO
+972
5477 35663
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.
