Transense extends iTrack exclusivity period with Bridgestone

(Sharecast News) - Industrial, mining and transportation sensor provider Transense Technologies updated the market on the joint collaboration agreement with Japan-based Bridgestone Corporation on Friday.
The AIM-traded firm entered into the agreement on 13 August last year, by which Bridgestone offered the iTrack system exclusively as a mining tyre monitoring system for tyres 57 inches and above for its off-the-road customers.

It said the agreement was for an initial 18 month period, with the ability to extend.

Transense, meanwhile, undertook 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 for its iTrack business.

"On 12 February, 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 undertook not to have such discussions with other parties until 30 April 2020," the board said in its statement.

"By mutual agreement, the period during which Transense undertakes not to have discussions with other parties of a merger, acquisition or joint venture nature has been further extended until 31 May 2020."

At 1340 BST, shares in Transense Technologies were up 6.93% at 54p. Transense