MTRK Marinetrack

 

TIDMMTRK 
 
RNS Number : 7966L 
Marinetrack Holdings PLC 
16 January 2009 
 

 
 
 
 
 
 
 
 
16 January 2009 
 
 
MarineTrack Holdings Plc ("MarineTrack" or the "Company") 
 
 
Trading and financial update 
 
 
Since the Company's announcement on 5 January 2009, MarineTrack's trading 
environment has become even more challenging with sales further impacted by 
worldwide economic downturn which has affected the Company's commercial 
customers and particularly its traditional leisure market. As announced on 5 
January 2008, the Company has switched its sales focus in the short term to the 
major one-off opportunity represented by the December 2008 deadline for 
commercial shipping fleets to gain compliance with new international rules on 
LRIT (Long Range Identification Tracking). Although the board believes that the 
Company has the potential to benefit from this opportunity, it does not expect 
it to result in an immediate significant increase in sales. 
 
Whilst the board of MarineTrack believes firmly in the long term prospects of 
the business, the very difficult trading conditions have put it in the position 
where it must secure additional financing if it is to continue trading beyond 
the end of this month. With this in mind the Company is in discussions with its 
key suppliers and financiers with a view to securing the short term position of 
the Company and will make a further announcement once these discussions have 
concluded but will, in any event, make a further announcement by 23 January 
2009. In addition, the Company continues to look for a strategic corporate 
transaction which would significantly enhance the prospects of the business and 
further announcements will be made as appropriate. 
 
 
 
Enquiries: 
 
 
Duncan Lipscombe, Director 
MarineTrack Holdings Plc 
Tel: 07775 681648 
www.marinetrackholdingsplc.co.uk 
 
 
Philip Secrett / Colin Aaronson 
Grant Thornton UK LLP (Nominated Adviser) 
Tel: 020 7383 5100 
 
 
About the Company 
 
 
MarineTrack Holdings plc's primary operating business is MarineTrack Ltd. 
 
 
 MarineTrack Ltd is a telematics business supplying tracking, alert, 
alarm, monitoring and messaging solutions mainly to the commercial and 
recreational maritime markets. 
 
 These solutions, which integrate hardware 
and software, utilise global positioning systems ("GPS") to identify the 
location and movements of marine vessels, as well as monitoring their 
operational status against pre-determined parameters. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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