Business
Extension to Agreement with Bridgestone
Extension to Agreement with Bridgestone.
About this update from Transense Technologies Plc
[{"type":"text","content":"\n \nRNS Number : 8252C Transense Technologies PLC 13 February 2020 \n\nTransense Technologies plc\n(\"Transense\" or the \"Company\")\n \nExtension to Joint Collaboration Agreement with Bridgestone\n \nTransense Technologies plc, the provider of sensor systems for the industrial, mining and transportation markets, is pleased to announce an extension to the joint collaboration agreement (\"the Agreement\") with Bridgestone Corporation, Japan (\"Bridgestone\").\nOn 13 August 2019, Transense announced that it had entered into the Agreement, by which Bridgestone offers the iTrack system exclusively as a mining tyre monitoring system for tyres 57 inches and above for its off-the-road (OTR) customers. The Agreement was for an initial 18 month period with ability to extend. Under the Agreement, Transense undertook, inter alia, that it would not for a period of six months have discussions with any other party in relation to any transaction of a merger, acquisition or joint venture nature in respect of its iTrack business.\nOn 12 February 2020, Transense and Bridgestone agreed to extend the duration of the Agreement until 12 February 2022 at the earliest, and extend the period during which Transense undertake not to have discussions with other parties until 30 April 2020.\n \nFor further information please visit www.transense.co.uk or contact:\n \n\n\n\nTransense Technologies plc\nGraham Storey, Chief Executive\n \n\n\nTel: +44 (0) 1869 238380\n \n\n\n\n\nfinnCap\nEd Frisby, Giles Rolls, Matthew Radley (Corporate Finance)\nTim Redfern, Tim Harper (ECM)\n \n\n\nTel: +44 (0) 20 7220 0500\n \n\n\n\n \nAbout iTrack II\n \nThe iTrack II Mining system provides real-time data on the condition of the tyres, combined with live tracking of vehicle location and status. Our 24/7 Control Room monitors the pressures and temperatures live, and this information can, for example, be used to ensure tyres do not exceed critical heat thresholds, to detect incorrect load distributions, predict suspension failures and eliminate manual tyre pressure checks. The Directors believe that these benefits maximise the hours a truck is working (Truck Uptime) and improve productivity by minimising maintenance requirements and using data to identify underperforming trucks. www.trans-logik.com/itrack-2/&n...