TCM.L Share News (TCM)

(ShareCast News) - AIM-listed Telit Communications has been provided with a preferred loan of €12.8m and awarded a €3.6m grant by the Italian Ministry of Economic Development to further develop a platform for the application of Internet of Things technology.Telit said the loan will allow it to increase investment in research and development of new technologies, products, applications and services and, in particular, in the development of a new and innovative family of LTE class 4 gateway products.The gateway will be able to collect data and serve multiple types of end devices wirelessly connected via short range technologies including BlueTooth, Smart BlueTooth and WiFI.Chief executive Oozi Cats said: "This additional financial resource will enable us to invest further in innovations and R&D in wireless connectivity which is a key element of our growth strategy. "The funds will enable us to strengthen our IOT platforms and competitive advantages by integrating many wireless connectivity technologies on both existing platforms and on those still in development."At 1430 BST, the shares were down 3.4% to 232.75p.