Transense Technologies PLC Further Payment from General Electric (8150A)
29 March 2017 - 5:01PM
UK Regulatory
TIDMTRT
RNS Number : 8150A
Transense Technologies PLC
29 March 2017
29 March 2017
Transense Technologies plc
("Transense" or the "Company")
Further Payment from General Electric
Transense Technologies plc (AIM: TRT), the provider of sensor
systems for the transportation and industrial markets, is pleased
to provide an update on it's relationship with General Electric
Company ("GE").
On 18 July 2016, the Company announced that it had entered into
a licence agreement with GE for the use of Transense's patented,
wireless, passive Surface Acoustic Wave ("SAW") technology in
certain specific torque applications. An initial instalment of the
licence fee of US$500,000 was paid on signing and a further
instalment of US$250,000 was payable no later than 30 June 2017,
subject to the Company's SAW technology passing various tests to be
conducted by GE.
The Company is pleased to announce that GE have now confirmed
that the tests have been successfully concluded and the second
instalment of US$250,000 is now payable. In addition, GE will pay a
perpetual sales royalty to the Company in respect of each unit
using the technology.
Graham Storey, CEO of Transense Technologies, said: "Both GE and
the Company have been working hard since last July to achieve this
result and we are delighted that our technology has passed all of
the tests set by GE. The payment by GE of an initial licence fee of
US$750,000 indicates their commitment to the technology and we will
now be working together with them to achieve
commercialisation."
For further information please visit www.transense.co.uk or
contact:
Transense Technologies plc Tel: +44 1869 238 380
Graham Storey, Chief Executive
finnCap Tel: +44 20 7220 0500
Ed Frisby, Giles Rolls (Corporate
Finance)
Tony Quirke, Alice Lane
(Corporate Broking)
IFC Advisory Tel: +44 20 3053 8671
Tim Metcalfe, Graham Herring,
Heather Armstrong
About Transense Technologies
Based in Oxfordshire, UK, Transense has developed
patent-protected sensor systems and supporting technology for use
in a variety of diverse high growth markets. Transense's Surface
Acoustic Wave (SAW) wireless, battery-less, sensor systems offer
significant advantages over legacy wireless sensor systems.
Transense is targeting the global transport and mining industries,
and the global torque, temperature and pressure sensing markets,
via its two trading divisions,Translogik and SAWSense.
Transense's shares are admitted to trading on AIM, a market
operated by the London Stock Exchange (AIM: "TRT").
www.transense.co.uk
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014
This information is provided by RNS
The company news service from the London Stock Exchange
END
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