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Wyld Networks Limited issues £1.1m of Converti...
Wyld Networks Limited issues £1.1m of Converti....
About this update from Tern Plc
[{"type":"text","content":"\n \n\n\nTern PLC (TERN)\n\n\n\nTern PLC: Wyld Networks Limited issues £1.1m of Convertible Loan Notes to Tern to replace existing Cash Flow Loan and announces new agreement20-May-2020 / 07:00 GMT/BSTDissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.The issuer is solely responsible for the content of this announcement.\n\n\n20 May 2020\n\nTern Plc (\"Tern\" or the \"Company\")\n\nWyld Networks Limited issues £1.1m of Convertible Loan Notes to Tern to replace existing Cash Flow Loan and announces new agreement\n\nTern Plc (AIM: TERN), the investment company specialising in the Internet of Things (IoT), announces that it has used the approximately £1.1 million of cash flow loan monies outstanding from its portfolio company, Wyld Networks Limited (\"Wyld\"), as at 19 May 2020 to apply for the subscription of a secured convertible loan note (\"CLN\") in Wyld of the same amount. \n\n \n\nTern is also pleased to announce that Wyld has also signed an agreement with Highland Health Ventures Ltd (\"HHVL\") to test and deploy its technology into certain care homes in Scotland with the aim of helping to protect and prevent the spread of COVID-19 and other viruses. HHVL is an independent company with a collaboration agreement with NHS Highland for the purpose of developing innovations in healthcare.\n\n \n\nWyld's technology is to be used to provide digital access and anonymised social distance monitoring and alerting through a mobile application and a mesh wireless network of connected smartphones and IoT devices. Wyld and HHVL have already started the first project for the initial testing and implementation of this technology in a care home in Scotland. The Board of Tern believes that Wyld's technology may also have broader applications in helping other businesses get back to work. \n\n \n\nThe Wyld system is to be used to create virtual 'geozones' around the care home and particularly sensitive or quarantined areas, to control access as well as dynamic personal two-metre geozones around everyone using the application. All staff and visitors will have to download the mobile application and input COVID-19 test results and enter any symptoms into a self-diagnostic algorithm embedded in the application to create a risk prof...