21 May 2024
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t42 IoT Tracking Solutions Plc.
("t42", the "Company" or
the "Group")
t42 enters into a significant agreement with
US based reseller for 30,000 container shipping tracking units,
estimated value of approx. US$7million.
Highlights:
·
Significant agreement ("Agreement") signed with a US based
reseller for the supply of 30,000 units (consisting of a
combination of Lokies and Tetis)
· Under the
terms of the Agreement, the Company will benefit from Hardware and
SaaS subscription fees over a period of three years
· Initial
order for 3,500 units received and further orders for 6,500 units
expected to be received during 2024
· This is
the fourth major long-term agreement for the Company since the
beginning of 2024, representing total potential orders of up to
100,000 units, mainly in LATAM
t42 IoT Tracking Solutions plc (AIM: TRAC)
("t42" or the "Company"), one of the global
leaders in the field of real time tracking and monitoring of
shipping containers, announces today that it has entered into a
significant long-term agreement to supply, for the first time, a
combination of smart keyless padlocks (Lokies) and advanced tracking solutions
(Tetis) for an estimated
total value of approx. US$7 million over 3 years, including
expected associated SaaS subscription fees.
The Agreement provides for the supply of 30,000 units
over a 3-year period. The initial order of 3,500 units (a
combination of Tetis and Lokies) has been received and is expected
to be delivered in the second quarter of 2024. Under the terms of
the Agreement, orders for the delivery of a further 6,500 units are
expected later in 2024.
The customer is a US-based reseller, operating mainly
in LATAM, and is a leading provider of end-to-end services for
supply chain management, using AI models to provide shipment data
and business intelligence services, allowing for effective
management of supply chains.
This Agreement is the fourth major long-term
agreement announced by t42 since the beginning of 2024,
representing total potential orders of up to 100,000 units to the
end of 2026, the majority of which are from customers in LATAM.
t42 is in the process of transitioning its business
model to focus primarily on recurring monthly SaaS fees. This
allows the delivery of comprehensive software solutions with vast
data processing capabilities whilst maintaining its unique and
competitive hardware offering, providing the most comprehensive set
of sensors and data points available in the market.
Avi Hartmann, Chief
Executive Officer of t42, commented: "I am very pleased with
the momentum we are experiencing in the international markets and,
in particular, in LATAM. T42 offers a comprehensive technological
solution for monitoring, tracking and securing shipping containers
and refrigerated air cargo. Our products successfully address one
of the most complex problems in the container tracking industry.
With our solutions, customers benefit from reliability, security
and cost-effectiveness, while also enjoying shorter installation
times and a faster return on investment. We continue to identify
significant business opportunities in our key target markets, as
reflected by the recent agreements we have signed and their
substantial business potential."
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)
020 7409 3494
James Harris/ Richard Johnson/ Robert Collins
Peterhouse Capital
Limited
020 7469 0930
Lucy Williams/ Charles Goodfellow/ Eran Zucker
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:
https://www.t42.co.uk/
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.