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1 Dec 2020 07:00
REACH
1 December 2020
Tern Plc
("Tern" or the "Company")
FundamentalVR contract win
Tern Plc (AIM:TERN), the investment company specialising in the Internet of Things ("IoT"), is pleased to announce that its portfolio company, FVRVS Limited ("FundamentalVR"), has secured a three year contract worth a minimum of £0.9 million from a new client, which is a global medical device company (the "Client"), to accelerate the adoption, and subsequent safe and compliant use, of the Client's product.
The contract is for the creation of a virtual reality ("VR") platform, that will be embedded on a VR headset to accompany every installation of the Client's product, to teach and provide assistance to the end user. As well as covering the configuration of FundamentalVR's platform, the contract will also deliver recurring annual revenues over its three-year term from licences and support. The rollout of the VR simulation is intended to deliver the Client's ambitions to accelerate the safe and compliant use of their products by using FundamentalVR's unique HapticVRTM and multiuser @HomeVRTM technologies to provide users with the opportunity to rehearse, practice, and test themselves within a safe, controllable space that is as close to real-life as possible.
Commenting Al Sisto, CEO of Tern, said: "We are very pleased that FundamentalVR has secured this further significant contract win. This contract and the recently announced follow-on order from a global pharmaceutical client are, we believe, strong validations of FundamentalVR's technology. We look forward to the continuing progress of FundamentalVR and the securing of further contracts from their significant pipeline of opportunities."
Enquiries
Tern Plc Al Sisto (CEO) Sarah Payne (CFO) | via IFC Advisory |
Allenby Capital Limited (Nominated Adviser and Broker) David Worlidge / Alex Brearley (Corporate Finance) Guy McDougall (Equity Sales) |
Tel: 0203 328 5656 |
IFC Advisory (Financial PR and IR) Tim Metcalfe Graham Herring Florence Chandler |
Tel: 0203 934 6630 tern@investor-focus.co.uk |
About FundamentalVR
FundamentalVR delivers VR haptic 'flight simulators' for surgery creating a safe, measurable and repeatable space to refine skills. FundamentalVR's goal is to transform the way surgeons prepare, practice, and refine their skills. It has built an immersive, surgical simulation application platform, Fundamental Surgery, to provide medical professionals with the opportunity to rehearse, practice, and test themselves within a safe, controllable space that is as close to real-life as possible.
Tern's shareholding in FundamentalVR is 26.9% and as at 30 June 2020 this holding had a book valuation of £3.0 million.
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