Last checked at 27 Aug 2019 07:00
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
27 August 2019
Surface Transforms plc
("Surface Transforms" or the "Company")
Contract Agreement with German OEM 5
Surface Transforms (AIM:SCE), manufacturer of carbon fibre reinforced ceramic brake discs is pleased to announce that it has concluded the final contractual terms on the contract award with German OEM 5 as previously described in the Company's RNS announcement on 16 July 2019.
Specifically, the Company has agreed and accepted a signed multi year supply agreement and separate price agreement (previously together described as the "Agreements") with its customer known as German OEM 5.
The supply agreement also refers to the supply of spares, albeit without any volume or revenue commitment from either party. Whilst the term of the Agreements has been extended to now run from 1 January 2019 to 31 December 2029, allowing for post production spares supply, the OEM series production details are unchanged from that previously advised by the Board.
In addition, discussions continue with German OEM 5 on other cars in the customers' portfolio.
Kevin Johnson, CEO said, "The conclusion of this contract is another important milestone in the progress of Surface Transforms. We are now focussed on bringing our carbon ceramic disc into volume production with OEM 5 in October 2021, a significant customer reference. And of course, in the meantime, working with OEM 5 to extend our supply onto other cars in their portfolio."
For enquiries, please contact
Surface Transforms plc +44 151 356 2141
Kevin Johnson, CEO
Michael Cunningham, CFO
David Bundred, Chairman
Cantor Fitzgerald Europe (Nomad & Joint Broker) +44 20 7894 7000
David Foreman/Michael Boot (Corporate Finance)
Caspar Shand Kydd/ Maisie Atkinson (Sales)
finnCap Ltd (Joint Broker) +44 20 7220 0500
Ed Frisby/Giles Rolls (Corporate Finance)
Richard Chambers (ECM)
For further Company details, visit www.surfacetransforms.com