T42 IOT Tracking Solutions PLC Significant distribution agreement in Argentina (2424S)
13 July 2022 - 4:00PM
UK Regulatory
TIDMTRAC
RNS Number : 2424S
T42 IOT Tracking Solutions PLC
13 July 2022
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.
13 July 2022
t42 IoT Tracking Solutions plc
("t42" or the "Company")
t42 signs significant distribution agreement in Argentina
t42 IoT Tracking Solutions plc (AIM: TRAC) ("t42" or the
"Company"), the provider of shipping container tracking solutions ,
is pleased to announce that, following a successful and intensive
pilot programme, it has signed an agreement with a second LATAM
distributor to provide t42 solutions to local port authorities over
four years from 2023, with an estimated total value of over US$16
million.
The pilot programme was conducted at an Argentinian port with
successful results from an initially deployed 200 test units of
smart tracking locks ("Lokies") over a period of 14 months. This
pilot programme involved two official approval processes: the
Lokies were fully certified for use and the online portal was
successfully integrated and certified by the Argentinian customs
authority.
The agreement includes both hardware and recurring SaaS service
revenues, which are expected to continue while the equipment
remains operational. Hardware sales and revenues are expected to
commence from the beginning of 2023 and materially increase from
2024 as larger volume orders are delivered.
The technological solution being offered provides proven
solutions for port authorities, enabling them to limit smuggling
activities, ensure compliance with cross-border regulations, and
secure significant local jurisdiction tax revenues.
Avi Hartmann, CEO of t42, commented:
"We are thrilled to announce a further contract win in Latin
America following a successful pilot scheme. It is especially
pleasing to see more evidence of the growing recognition of the
value of our offering in the region and beyond. We have always
known that the best way to showcase our products is to show them in
action.
"We are seeing increased needs from many directions for better
information about containers, as they are at the heart of so many
global supply chains. There is strong demand for current, reliable,
and actionable data for all kinds of stakeholders, including
governments, manufacturers, shipping companies, and customers."
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)
James Harris/ James Dance/ Robert Collins 020 7409 3494
Peterhouse Capital Limited (Joint Broker)
Lucy Williams/Charles Goodfellow/Eran Zucker 020 7469 0930
Yellow Jersey PR (Financial PR) 020 3004 9512
Tom Randell/Henry Wilkinson/Annabelle Wills t42@yellowjerseypr.com
Notes to Editors
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:
www.t42.co.uk/ .
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END
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