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Pin to quick picksTorotrak PLC Regulatory News (TRK)

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Durability milestone and licence payment

1 Apr 2014 10:13

RNS Number : 7121D
Torotrak PLC
01 April 2014
 



1 April 2014

 

Torotrak plc

("Torotrak" or the "Company")

 

 Durability milestone and licence payment

 

Torotrak (LSE: TRK) is pleased to confirm that it has completed the durability testing on production representative key component disc and rollers in relation to the Allison Transmission Inc. ("Allison") programme. The completion of this phase of testing has triggered a £1.6m licence payment against a total maximum £2.6m of license and engineering payments. This confirms Allison's exclusivity rights as Tier 1 licensed manufacturer to commercialise Torotrak's IVT technology in the Commercial Vehicle market.

 

The Company is currently in discussions with Allison over the next stage of its programme. These discussions will include the level of engineering services support required by Allison from Torotrak. The Company will update investors when reporting Preliminary Results for the year to 31 March 2014 in May 2014.

 

For more information, please visit www.torotrak.com or contact:

 

Torotrak plc

Jeremy Deering, Chief Executive / Rex Vevers, Finance Director

Tel: +44 1772 900931

 

Charles Stanley Securities (financial adviser and joint broker to Torotrak)

Marc Milmo / Karri Vuori / Carl Holmes

Tel: +44 20 7149 6000

 

N+1 Singer (joint broker to Torotrak)

Andrew Craig / Ben Wright

Tel: +44 20 7496 3000

 

Tavistock Communications (financial PR)

Simon Hudson / Lulu Bridges / James Collins

Tel: +44 20 7920 3150 or +44 (0)7966 477256

 

Notes to editors

Torotrak is a leading developer and supplier of variable drive transmission, engine boosting and kinetic energy recovery systems for vehicles. Our portfolio of technology solutions substantially improves fuel economy and reduces CO2 emissions in vehicles through harnessing the power of supercharging to enable engine downsizing, capturing and recycling energy that would otherwise be lost and managing the engine at the optimum point.

 

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This information is provided by RNS
The company news service from the London Stock Exchange
 
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