Tern PLC FundamentalVR contract win
01 December 2020 - 6:00PM
RNS Non-Regulatory
TIDMTERN
Tern PLC
01 December 2020
REACH
1 December 2020
Tern Plc
("Tern" or the "Company")
FundamentalVR contract win
Tern Plc (AIM:TERN), the investment company specialising in the
Internet of Things ("IoT"), is pleased to announce that its
portfolio company, FVRVS Limited ("FundamentalVR"), has secured a
three year contract worth a minimum of GBP0.9 million from a new
client, which is a global medical device company (the "Client"), to
accelerate the adoption, and subsequent safe and compliant use, of
the Client's product.
The contract is for the creation of a virtual reality ("VR")
platform, that will be embedded on a VR headset to accompany every
installation of the Client's product, to teach and provide
assistance to the end user. As well as covering the configuration
of FundamentalVR's platform, the contract will also deliver
recurring annual revenues over its three-year term from licences
and support. The rollout of the VR simulation is intended to
deliver the Client's ambitions to accelerate the safe and compliant
use of their products by using FundamentalVR's unique HapticVR(TM)
and multiuser @HomeVR(TM) technologies to provide users with the
opportunity to rehearse, practice, and test themselves within a
safe, controllable space that is as close to real-life as
possible.
Commenting Al Sisto, CEO of Tern, said : "We are very pleased
that FundamentalVR has secured this further significant contract
win. This contract and the recently announced follow-on order from
a global pharmaceutical client are, we believe, strong validations
of FundamentalVR's technology. We look forward to the continuing
progress of FundamentalVR and the securing of further contracts
from their significant pipeline of opportunities."
Enquiries
Tern Plc via IFC Advisory
Al Sisto (CEO)
Sarah Payne (CFO)
Allenby Capital Limited Tel: 0203 328 5656
(Nominated Adviser and Broker)
David Worlidge / Alex Brearley (Corporate
Finance)
Guy McDougall (Equity Sales)
IFC Advisory Tel: 0203 934 6630
(Financial PR and IR) tern@investor-focus.co.uk
Tim Metcalfe
Graham Herring
Florence Chandler
About FundamentalVR
FundamentalVR delivers VR haptic 'flight simulators' for surgery
creating a safe, measurable and repeatable space to refine skills.
FundamentalVR's goal is to transform the way surgeons prepare,
practice, and refine their skills. It has built an immersive,
surgical simulation application platform, Fundamental Surgery , to
provide medical professionals with the opportunity to rehearse,
practice, and test themselves within a safe, controllable space
that is as close to real-life as possible.
Tern's shareholding in FundamentalVR is 26.9% and as at 30 June
2020 this holding had a book valuation of GBP3.0 million.
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END
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