5 February 2024
t42 IoT Tracking Solutions
Plc.
("t42", the
"Company" or the "Group")
T42 Secures Significant Long-Term Agreement for up to 30,000
Container Shipping 'Lokies' Tracking Units
t42 IoT Tracking Solutions plc
(AIM: TRAC) ("t42" or the
"Company"), a provider of
global shipping container tracking solutions, is pleased to
announce a significant follow-up agreement ("Agreement") with the
customer referenced in our 16th January 2023
announcement. Under the Agreement, the customer
("Customer"), which
provides cutting-edge IoT and AI solutions for monitoring goods in
the supply chain, has agreed to place orders for up to 30,000
'Lokies' units over the next three years, together with associated
Software as a Service (SaaS) fees, which if received and deployed
would be estimated to deliver revenues of over $7.5 million to the
Company, although there is no guarantee of the total number
or timing of ordering of units, nor revenues to be derived from,
the Agreement.
Following the initial agreement (which is being
superseded by this Agreement) in January 2023, under which the
Company has successfully delivered 2,000 'Lokies' tracking units
along with additional other products and services, the demonstrated
effectiveness of 'Lokies' units in safeguarding goods and ensuring
the integrity of worldwide deliveries has led to this significant
new and expanded agreement with the Customer, with an immediate
despatch to satisfy the first order of 1,000 units. The Agreement
represents a strategic shift for t42, furthering its focus on the
global container and supply chain market and is expected to provide
a steady stream of recurring revenue throughout the period of
use.
After a detailed evaluation of development
requirements and a thorough assessment of the Company's
capabilities, the Company is pleased to announce this agreement,
which provides for further development and updates of 'Lokies' and
positions the Company to supply the Customer and its end-users with
more efficient, cutting-edge solutions.
'Lokies' stands out as a unique, smart keyless
padlock, with innovative IoT capabilities. It integrates advanced
Global Navigation Satellite System (GNSS) and cellular technology,
complemented by the latest Bluetooth Low Energy connectivity and
sophisticated user management abilities. 'Lokies' enables customers
to identify and manage various users based on their access
authorisations. This feature significantly enhances cargo
visibility and security, making it a key tool in modern logistics
and supply chain management.
The Customer, a leading provider in the realm
of end-to-end goods management services, utilises advanced AI
models to deliver comprehensive shipment data and business
intelligence services. This sophisticated approach enables the
effective management of supply chains, offering unparalleled
insights and operational efficiencies. Their expertise in
integrating cutting-edge technology into logistics processes
underscores the strategic importance of their partnership with the
Company.
CLN extension
update
As previously announced the Company is
negotiating with the holders of the 2021 unsecured convertible loan
notes ("CLN") with a view to extending the maturity date and other
amendments. There are several different investors in the CLN and,
while the Company believes that all are supportive of the
extension, it is taking longer than originally anticipated to
complete the necessary legal arrangements. A further update will be
provided when an agreement is entered into.
Avi Hartmann,
CEO of t42, commented: "t42 is witnessing the
tangible impact of its long-term efforts to integrate cutting-edge
solutions within the supply chain industry. There is a notable
global surge in interest for 'Lokies' and the associated
comprehensive t42 solution, which is expected to be positively
reflected in the Company's financial results in 2024 and
beyond."
Contacts:
t42 IoT
Tracking Solutions PLC
Michael Rosenberg, Chairman
07785 727595
Avi Hartmann,
CEO +972
5447 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.