Time Finance Regulatory News (TIME)

15 Mar 2005 07:00

For Immediate Release 15th March 2005 Timestrip plcsupplies smart label technology to Ocado - a UK leading online grocer Timestrip plc, which markets an inexpensive and versatile label technology foraccurately measuring lapsed time, is pleased to announce further progress inits strategy of marketing its technology to a mass market consumer customerbase. The Group has entered into a supply agreement with Ocado, one of theUK's leading online grocers, to sell Timestrip‚® retail packs among its range ofgrocery and household products currently available to a third of UKhouseholds. The retail pack, available in April, will comprise of 25 disposable,self-adhesive timestrip‚® smart-labels measuring time of up to 14 days in thefridge and will allow consumers to monitor how long refrigerated produce hasbeen open by simply activating the timestrip‚® and attaching it to food stuffs.This product has been approved and certified by the Good Housekeeping Instituteand will retail at ‚£1.99. Reuben Isbitsky, joint CEO and Founding Director of Timestrip plc commented:"We are very excited that our retail product has been selected by Ocado, whichhas a proven track record of providing high quality goods and unrivalledcustomer service. We believe that this online retail agreement, which Ocado ismarketing to key customers nationwide via the distribution of sample timestrip‚®packs, will showcase the strength of both our technology and product offering,which has significant mass market applications and will drive its growth as ahousehold recognised brand." For further information:Paul Freedman\Reuben Isbitsky Joint CEOs, Timestrip plc 01462 440700Shane Dolan, Biddicks 0207 448 1000ENDTIMESTRIP PLC