Last checked at 25 Feb 2011 12:12
25 February 2011
TRAKM8 HOLDINGS PLC
("Trakm8" or "the Company")
Manufacturing Agreement
Trakm8 (AIM: TRAK), the designer and developer of GPRS based hardware and software for the vehicle placement and security market, announces that its wholly owned subsidiary, Trakm8 Limited, has entered into a further framework manufacturing agreement (the "Agreement") with Omitec Limited ("Omitec") for the production of new telematics hardware, the T8 Mini, which is complementary to and will be marketed alongside Trakm8's existing T8 vehicle telematics hardware platform.
This Agreement, as for the manufacturing agreement with Omitec that was announced on 21 June 2010 in relation to the T8 hardware platform, is a framework agreement for manufacture of hardware products for Trakm8 Limited. Trakm8 has placed an initial order under the Agreement with a value of £447,000.
Omitec, based in Devizes, Wiltshire, is a leading UK provider of automotive diagnostic products and services. Omitec is a wholly owned subsidiary of Omitec Group Ltd.
John Watkins, Chief Executive Officer of Trakm8, is also a director and shareholder of Omitec Group Ltd, and therefore the entering into the Agreement is deemed to be a related party transaction under the AIM Rules for Companies. Accordingly, the independent directors of the Company, being all of the Company's directors save for John Watkins, consider, having consulted with Arbuthnot Securities Limited, the Company's Nominated Adviser, that the terms of the Agreement are fair and reasonable insofar as the Company's shareholders are concerned.
For further information please contact:
Trakm8 Holdings Plc James Hedges, Finance Director
| 01747 858 444 |
Arbuthnot Securities Limited Hugh Field Ed Groome
| 020 7012 2000 |
Tavistock Communications Simon Hudson | 020 7920 3150 |