Business
Contract Agreement with German OEM 5
Contract Agreement with German OEM 5.
About this update from Surface Transforms Plc
[{"type":"text","content":"\n \nRNS Number : 1539K Surface Transforms PLC 27 August 2019 \n\nThe information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n27 August 2019\nSurface Transforms plc\n(\"Surface Transforms\" or the \"Company\")\n \nContract Agreement with German OEM 5\n \nSurface Transforms (AIM:SCE), manufacturer of carbon fibre reinforced ceramic brake discs is pleased to announce that it has concluded the final contractual terms on the contract award with German OEM 5 as previously described in the Company's RNS announcement on 16 July 2019.\n \nSpecifically, the Company has agreed and accepted a signed multi year supply agreement and separate price agreement (previously together described as the \"Agreements\") with its customer known as German OEM 5. \n \nThe supply agreement also refers to the supply of spares, albeit without any volume or revenue commitment from either party. Whilst the term of the Agreements has been extended to now run from 1 January 2019 to 31 December 2029, allowing for post production spares supply, the OEM series production details are unchanged from that previously advised by the Board.\n \nIn addition, discussions continue with German OEM 5 on other cars in the customers' portfolio.\n \nKevin Johnson, CEO said, \"The conclusion of this contract is another important milestone in the progress of Surface Transforms. We are now focussed on bringing our carbon ceramic disc into volume production with OEM 5 in October 2021, a significant customer reference. And of course, in the meantime, working with OEM 5 to extend our supply onto other cars in their portfolio.\"\n \nFor enquiries, please contact\nSurface Transforms plc +44 151 356 2141\n \nKevin Johnson, CEO\nMichael Cunningham, CFO\nDavid Bundred, Chairman\n \nCantor Fitzgerald Europe (Nomad & Joi...