.4 Feb 2019 13:10
2016 RNS Referred to in todays RNS:
Transense Technologies Plc (AIM: TRT), the provider of sensor systems for the transportation and industrial markets, is pleased to announce that it has signed a licencing agreement (the "Agreement") with General Electric Company ("GE") for the use of Transense's patented, wireless, passive Surface Acoustic Wave (SAW) technology in certain specific torque applications.
The Agreement, which is non-exclusive, provides for a non-refundable payment to Transense of US$500,000 on signing. GE will pay a further non-refundable payment to Transense of US$250,000, subject to the Company's SAW technology passing various tests to be conducted by GE. Should GE not make this further payment by 30 June 2017, the licence will terminate. In addition, GE will pay a perpetual sales royalty to the Company in respect of each unit using the technology.
Graham Storey, CEO of Transense Technologies, said: "The signing of this licensing agreement with GE is a very significant development for Transense. Having worked closely with GE since the signing of the memorandum of understanding a year ago, we are very pleased that they have recognised the value of incorporating our SAW technology in certain of their products and are making this commitment. As the licence to GE is both non-exclusive and is valid for only a relatively narrow field of use it clearly benchmarks the overall value of the Company's IP portfolio. We continue to work with other potential partners to deploy our SAW technology in the commercial environment."
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