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(Alliance News) - Transense Technologies PLC on Thursday said it has transferred its iTrack tyre monitoring systems business to Bridgestone Corp.
The sensor systems maker said it has granted an exclusive worldwide licence to newly-formed Bridgestone Corp subsidiary ATMS Technology Ltd. Under the licence, ATMS will offer Bridgestone customers worldwide with tyre monitoring systems for all off-the-road vehicles based upon iTrack technology. Transense will receive quarterly royalty payments based on the number and classification of vehicles upon which the iTrack technology is used over 10 years, with the initial quarterly royalty or vehicles currently using iTrack being GBP150,000.
Transense's continuing businesses comprise SAWSense which produces a range of sensor systems for measuring torque, temperature and pressure wirelessly without the need for batteries, and Translogik which designs and markets tyre test equipment.
Nick Hopkins has been hired as managing director of SAWSense, effective immediately. He has many years of experience in the electronics sector, including seven years as commercial & business development director in a patented RF torque sensing business using surface acoustic wave transducers, Transense said.
Following the iTrack transfer, Nigel Rogers has been hired as executive chair. He joined the company in 2015. He is currently chair of Surgical Innovations Group PLC and non-executive director of Solid State PLC. He was chief executive of Stadium Group PLC from 2001 to 2011.
"Significant resources have been directed towards the development and commercialisation of the iTrack system, and it is very pleasing to see this technology licensed to a market leading global company to be fully exploited commercially for our mutual benefit," the company said.
"Whilst we are in no way complacent in relation to the possible effects of the Covid-19 pandemic on future growth, we do not currently envisage a significant short term impact on revenues. Trading results for the year ending June 30, 2020 are currently anticipated to be in line with previous expectations, although their presentation will reflect the iTrack operating business as a discontinued activity," Rogers said.
Separately, Transense said Judith Westhead, wife of Non-Executive Director Rodney Westhead, bought 5,000 shares at 62 pence each. Following the purchase they will have a 0.1% stake.
The stock closed 19% lower at 65.00 pence each on Thursday in London, and 12% lower than at the start of the year.
By Ife Taiwo; ifetaiwo@alliancenews.com.
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