Starcom PLC New WIMC Agreement (6975T)
22 March 2019 - 6:01PM
UK Regulatory
TIDMSTAR
RNS Number : 6975T
Starcom PLC
22 March 2019
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR").
22 March 2019
Starcom PLC
("Starcom" or the "Company")
Further re. Agreement with WIMC Solutions Inc
Starcom (AIM: STAR), which specialises in the development of
wireless solutions for the remote tracking, monitoring and
protection of a variety of assets, provides an update on the
agreement with WIMC Solutions Inc ("WIMC") that was announced on 23
January 2018 for the sale of Tetis units.
The original agreement entered into was for the supply and
support of Tetis units for the monitoring of containers by WIMC, a
US-based provider of real-time monitoring services of international
container movements.
To date, WIMC has placed orders for only 1,500 Tetis units under
this agreement and these were delivered to WIMC during 2018.
Although this number of units is less than previously indicated,
following successful testing of the Tetis units in the field and
acceptance by end customers, the Company has entered into a new
agreement with WIMC, replacing the previous agreement.
The new agreement, commencing from March 2019, provides for an
increased potential order of up to 30,000 Tetis units over a
three-year period while at the same time having a slightly reduced
unit price payable to Starcom, but still including ongoing SaaS
revenues from each unit installed. There is no obligation for WIMC
to order any units under the agreement and therefore there is no
guarantee that WIMC will ultimately order the maximum number of
units indicated under the new agreement, but WIMC has indicated
that it expects order levels for 2019 to be up to 3,400 units,
which would have an aggregate value of up to US$660,000 (excluding
ongoing SaaS revenue).
Avi Hartmann, CEO of Starcom, commented, "We are pleased to see
WIMC indicating satisfaction with Tetis and planning for larger
potential orders. Tetis is one of our 'growth engine' targets and
this positive feedback from WIMC is reassuring."
Enquiries:
Starcom Plc
Michael Rosenberg, Chairman 07785 727 595
Avi Hartmann, CEO +972 5447 5663
Allenby Capital Limited (Nominated Adviser
and Broker) 020 3328 5656
James Reeve / Jeremy Porter / Asha Chotai
Peterhouse Capital Limited (Joint Broker) 020 7469 0930
Lucy Williams / Charles Goodfellow / Eran Zucker
Leander PR (Financial PR) 07795 168 157
Christian Taylor-Wilkinson
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END
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