REG - T42 IOT Tracking Sol - t42 enters into a significant agreement

t42 IoT Tracking SolutionsAnnouncement

21/05/2024 13:45

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RNS Number : 3234P  T42 IOT Tracking Solutions PLC  21 May 2024

21 May 2024

  `

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/)
https://www.t42.co.uk/ (https://www.t42.co.uk/) (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.

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