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30 Sep 2016 14:28
30 September 2016
Starcom Plc
("Starcom" or the "Company")
Update on Distributor Order with Global Tracking Technology
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 provide an update on the contract awarded to its African distributor, Global Tracking Technology plc ("Global Tracking"), by Ethio telecom, as announced on 15 October 2015. Ethio telecom ("Ethio") is an integrated telecommunications solutions provider operating in Ethiopia offering internet, data, VAS, international and voice services throughout the entire country on both voice and internet and data channels.
An initial order for 400 Helios Advanced units has been received out of a total order of 1,350 units for installation on Ethio's transportation fleet. The balance of 950 units, which will replace competitor systems, is to be installed before the end of 2016. Starcom, through Global Tracking, is also to provide its online SAS tracking and data management system.
In 2017 and 2018, Global Tracking expects further orders from Ethio for a total of 3,000 Helios units. Orders from other customers in 2017 and 2018 are expected to amount to 2,000 Helios units (together with SAS systems), making a total of 5,000 units for those years.
Revenues from the 1,350 Helios units expected to be ordered in 2016 are estimated to amount to US$120,000. Revenues from the 5,000 Helios units expected to be ordered in 2017 and 2018 are estimated to amount to US$445,000. Total SAS recurring revenues in 2017 and 2018 from the units expected to be ordered in 2016 to 2018 are estimated at a minimum of US$150,000.
Avi Hartmann, CEO of Starcom said: "Although this order has taken longer to implement than expected, we are delighted it is now under way and is the first we have achieved with a telecom company which includes its own SIM card installed with our tracking solution. The Board believes that this may help in opening up additional businesses in this sector."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
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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 | 020 3861 6625 |
Nominated Adviser and Broker Edward Hutton / David Hignell (Corporate Finance)
John Howes / Abigail Wayne (Sales and Broking)
| |
Peterhouse Corporate Finance Limited Joint Broker | 020 7469 0930 |
Lucy Williams / Charles Goodfellow / Eran Zucker
| |
Leander PR Financial PR | 020 7520 9267 |
Christian Taylor-Wilkinson | 07795 168 157 |
Notes to Editors:
Global Tracking Technology plc is a location based service provider for the supply chain management. It offers logistics management systems throughout Ethiopia and Africa. Global Tracking offers Fleet Management Systems (FMS) and Electronic Cargo Tracking Systems (ECTS) along with monitoring services to trucking companies within Ethiopia and beyond.
Global Tracking has secured operational licenses from the Ministry of Trade, Ministry of Transport and the Ethiopian Revenue and Customs Authority with fully deployed systems.
The company is one of two licensed companies within the region. The Company currently has contracts with 16 companies, most notably Oilibya (formerly Shell Oil), Coca Cola, Pepsi Cola, National Oil Ethiopia, National Cement, Weyera Transport, and Sky Bus.
Under FMS, Global Tracking offers Basic Track & Trace and Advanced Tracking services.
For further information please go to: www.gtiplc.com
Ethio telecom is an integrated telecommunications solutions provider operating in Ethiopia offering internet, data, VAS, International and voice services throughout the entire country on both voice, internet & data, channels. http://www.ethiotelecom.et/?q=aboutus
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