TIDMTRAC
RNS Number : 4039X
T42 IOT Tracking Solutions PLC
04 January 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.
4 January 2022
t42 IoT Tracking Solutions plc
t42 signs a five year U.S. distribution contract for containers
tracking solutions with exclusivity linked to the achievement of
total estimated sales of US$76m
t42 IoT Tracking Solutions plc (AIM: TRAC) ("t42" or the
"Company"), the real-time tracking, security and monitoring
solutions for the global container and freight market, is pleased
to announce a five-year contract with OpenBox Ventures Inc
("OpenBox"), for the sale and distribution of some of t42's
tracking solutions and services across the USA (the
"Contract").
In order to maintain exclusivity, OpenBox must meet minimum
annual order volumes and whilst these are not guaranteed, if they
are met it could result over the period of the Contract in over
280,000 t42 Tracking Lock units (previously known as Lokies)
supplied to OpenBox and revenue of approximately US$21m in the
first three years and a total of US$76 million over the five years
of the Contract, of which approximately US$29 million is expected
to be contributed by recurring SaaS revenues.
OpenBox distributes cutting edge technologies across the US
security industry ensuring the integrity of goods transported in
shipping containers. It will act as the vendor and distributor of
the t42 Tracking Lock product in the USA, as well as on certain
online platforms. t42's remaining innovative IoT capabilities which
enable real-time tracking, monitoring and security for shipping
container owners remain outside the scope of the Contract, which
the management of t42 believe have huge revenue potential in the
USA alone, in addition to the Contract.
The Company's new strategy targets the multibillion-dollar
global shipping container industry, where the Board sees immense
unmet asset tracking needs. t42's state-of-the-art solution
provides 24/7 real-time monitoring, cloud-based analytics, enhanced
security and actionable data for target customers which includes
ports, cargo owners, shipping companies, freight forwarders,
insurance companies, customs authorities and homeland security and
police.
Avi Hartmann, CEO of t42, commented:
"We are delighted to announce t42 IoT Tracking Solutions plc's
second sales and distribution partnership since the implementation
of the Company's new strategy. The Contract with OpenBox reflects
our new strategic focus on the global shipping container market and
the minimum orders needed for exclusivity to be maintained by the
distributor are a strong indicator of the major sales opportunities
they believe they can achieve.
"The Board believes that considerable losses for global shipping
and logistics companies, and the disruption to supply chains, could
be prevented by widespread adoption of t42's real-time monitoring
solution. The Company is therefore keen to spread the benefits of
its tracking technology as widely as possible around the world and
to deliver significant benefits in terms of improved reliability
and efficiency of global supply chain assets. This will in turn
drive down costs for the shipping industry, and hence for end user
consumers.
"With discussions now well advanced on a promising pipeline of
substantial projects within the sector, we look forward to
providing further updates in due course."
Contacts:
t42 IoT Tracking Solutions plc
Michael Rosenberg, Chairman 07785 727595
Avi Hartmann, CEO +972 547 35663
Allenby Capital Limited (AIM Nominated
Adviser and Joint Broker) 020 3328 5656
Jeremy Porter/Piers Shimwell
Peterhouse Capital Limited (Joint Broker) 020 7469 0930
Lucy Williams/Charles Goodfellow/Eran Zucker
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 and
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/
Information required pursuant to rule 26 of the AIM Rules for
Companies can be found at www.starcomsystems.com
OpenBox Ventures Inc.
OpenBox provides companies with venture capital funding and
commercial distribution through pairing new cutting-edge technology
with the U.S. defense and shipping markets. With over 25 years of
track record in successful business development, OpenBox is driving
partnerships towards operational and commercial scale-up within the
U.S. defense, transportation and port authority sectors.
The company's website can be found at:
https://openboxventures.com .
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