Last checked at 12 Jan 2023 07:30
REACH
12 January 2023
Tern Plc
("Tern" or the "Company")
Wyld Networks SEK 12.6 million Purchase Order
Tern Plc (AIM:TERN), the company focused on value creation from Internet of Things ("IoT") technology businesses, is pleased to note that Wyld Networks AB ("Wyld Networks" or "Wyld") has today announced that it has received an approximately SEK 12.6 million (approximately £1 million) purchase order for its satellite IoT Wyld Connect module (the "Wyld Announcement"). Tern holds 41.2% of Wyld Networks' equity.
Extracted from the Wyld Announcement
"Virtual satellite network operator Wyld Networks has been contracted to deliver its Wyld Connect satellite IoT module to a company based in the Middle East for deployment into the agricultural sector. Wyld Networks has received a purchase order with a total value of approximately SEK 12.6 million for delivery of Wyld Connect modules over a four-year period, starting in April 2023.
The Wyld Connect solution will allow for the customer to deploy IoT sensors in the agricultural sector to collect data directly from satellites.
'We are pleased to announce the receipt of this purchase order. Since launching the network in December 2022, Wyld is actively engaged in commercial discussions to solicit purchase orders with multiple customers for the Wyld Connect IoT module and data service', said Alastair Williamson, CEO of Wyld Networks.
Wyld's sensor-to-satellite module allows IoT sensors to communicate directly from sensor to Low Earth Orbit satellites. Wyld's portfolio of modems, devices, and embedded technologies enable communication with the cloud, no matter the location, providing 100% global IoT coverage.
The UN's Food and Agriculture Organization has predicted that global food production in 2050 will need to be 70% higher than in 2009, as the world population grows by nearly a third. To meet this increase in food demand, agriculture is rapidly adopting the IoT to collect data from the field and allow informed decisions that increase the yield of crops, reduce the waste of water and improve sustainability."
The full Wyld Announcement may be accessed at:
https://wyldnetworks.com/investor-relations
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) Matt Butlin / Kelly Gardiner (Sales and Corporate Broking) |
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 |
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