Trackwise Designs PLC UK EV OEM Contract termination (0282H)
July 25 2023 - 2:00AM
UK Regulatory
TIDMTWD
RNS Number : 0282H
Trackwise Designs PLC
25 July 2023
25 July 2023
TRACKWISE DESIGNS PLC
("Trackwise", the "Company" or the "Group")
UK EV OEM Contract termination
Further to the Contract update provided on 30 June 2023, the
Company has informed the UK EV OEM that, pursuant to the relevant
clause of the General Terms and Conditions of the Commercial Order
("Commercial Order") between the two companies, their failure to
remedy a material breach of a material obligation of the Commercial
Order within 30 days of receipt of a notice requiring them to
remedy the same provides TWD with the right to terminate the
Commercial Order immediately. In accordance with that term the
Company has informed the UK EV OEM that it terminates the
Commercial Order with immediate effect.
Trackwise intends to seek full redress for the UK EV OEM's
failure to honour the agreed terms of the Commercial Order.
Enquiries
Trackwise Designs plc +44 (0)1684 299 930
Philip Johnston, CEO www.trackwise.co.uk
Paul Cook, CFO
FRP Advisory Trading Limited trackwise@frpadvisory.com
finnCap Ltd +44 (0)20 7220 0500
NOMAD and Broker
Ed Frisby/Fergus Sullivan - Corporate
Finance
Andrew Burdis/Barney Hayward -
ECM
Alma PR +44 (0)20 3405 0205
Financial PR and IR
David Ison/ Kieran Breheny/Pippa
Crabtree
Notes to editors
Trackwise is a UK-based, King's Award winning, manufacturer of
specialist products using printed circuit technology.
The full suite includes: Improved Harness Technology(TM) ("IHT")
and Advanced PCBs - Microwave and Radio Frequency ("RF"), Short
Flex, Flex Rigid and Rigid Multilayer products.
IHT uses a proprietary, patented process that Trackwise has
developed to manufacture multilayer flexible printed circuits of
unlimited length. While the technology has many applications, the
directors expect that one of its primary uses will be to replace
traditional wire harnesses in a variety of industries.
The Company operates from three sites, located in Tewkesbury,
Stonehouse and Stevenage. It serves customers in Europe and North
America.
Trackwise Designs plc was admitted to trading on AIM in 2018
with the ticker TWD. For additional information please visit
www.trackwise.co.uk.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
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END
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