Last checked at 30 Aug 2017 07:00
30 August 2017
Starcom Plc
("Starcom" or "the Company")
Agreement with CropX
Starcom (AIM: STAR), which specialises in the development of wireless solutions for the remote tracking, monitoring and protection of a variety of assets and people, is pleased to announce that an agreement has been reached with CropX Ltd ("CropX") for the supply of a number of units based on the technology of Kylos Air with agreed modifications to suit the needs of CropX.
The agreement provides for an initial order to be delivered by January 2018 and, subject to satisfactory performance, further orders are expected to be placed between April and August 2018. The aggregate potential order value of the agreement is bound by commercial confidentiality but would be significant in relation to historic revenues for 2017. An initial payment on account of a development service fee (which includes the cost of the initial order) has been received by the Company.
CropX is an Israeli company which is now a world leader in the provision of its devices to farmers enabling them accurately to measure the irrigation needs, in real time, of their crops through the deployment of sensors in their fields.
The agreement reached between the two companies follows a long period of joint development and demonstrates the flexibility of Starcom's technology to adapt to many different uses.
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This announcement contains inside information.
For further information, please contact:
Starcom Plc
Michael Rosenberg, Chairman 07785 727 595
Avi Hartmann, CEO +972 5430 70103
+972 3619 9901
Northland Capital Partners Limited (Nominated Adviser and Broker) 020 3861 6625
Edward Hutton / David Hignell (Corporate Finance)
John Howes (Sales and Broking)
Peterhouse Corporate Finance (Joint Broker) 020 7469 0930
Lucy Williams / Charles Goodfellow / Eran Zucker
Leander PR (Financial PR) 020 7520 9267
Christian Taylor-Wilkinson 07795 168 157