Transense Regulatory News (TRT)

22 Sep 2006 07:01

Transense Technologies PLC22 September 2006 Transense Technologies plc Joint development agreement with Lear Corp. Transense Technologies plc has signed a non-exclusive licence agreement withLear Corporation, a $19 billion tier 1 supplier to the automotive industry, tointegrate Transense's batteryless tyre pressure monitoring system (TPMS)technology with Lear's remote keyless entry receiver (RKE) technology. Jim Perry, Chief Executive of Transense said last night: "Lear is a pioneer ofRKE technology and is the world leader in these systems, with an estimated 60%of the market. It also supplies 10 million battery-based TPMS systems a year,which we believe represents approximately 15% of the current market." Last night Lear released the following announcement: "Lear Corp. Announces Joint Development Agreement with Transense for Batteryless Tire Pressure Monitoring Systems Southfield, Mich., September 21, 2006 - Lear Corporation (NYSE:LEA) todayannounced that it has signed a license agreement with Transense Technologies plcto integrate Transense's batteryless tire pressure monitoring system (TPMS)technology with Lear's remote keyless entry receiver (RKE) technology.Financial terms were not disclosed and Lear's agreement with Transense does notaffect an existing joint development agreement Lear has with Beru for TPMS. Under terms of the agreement, Lear and Transense will work closely together tointegrate Transense's batteryless surface acoustic wave (SAW) TPMS technologywith Lear's remote keyless entry receiver technology. The two companies haverecently worked together on the development of two functional North Americanvehicle prototypes equipped with the batteryless Transense TPMS systems. "Lear is a world leader in RKE technology as well as a significant provider ofTPM systems to the automotive market," said Mike Fawaz, vice president,Electronics Design & Development for Lear Corporation. "Transense's SAW-basedsensor technology is a game changer and will advance the next generation systemto meet government regulations in a more environmentally friendly manner,satisfying customer and consumer needs." The Transportation Recall Enhancement, Accountability and Documentation (TREAD)ACT mandates the use of a suitable TPM technology in all passenger vehicles soldin the U.S. in order to alert drivers of severe under inflation condition oftheir tires. This regulation affects all light motor vehicles registered afterSeptember 1, 2007, with phase-in commencing in October 2005 at 20% and rampingup to 70% after September of this year. Additionally, European and Asianregulators are also expected to rule on the subject even if no signs oflegislative activity are forecasted in the near future. A typical TPM system employs four or five transmitter-sensors, an RF receiverand other satellite hardware which can identify the position of the tire that isimproperly inflated. The current systems utilize a lithium battery in the tireto power the sensor which has a limited lifespan of ten years and requiresspecial handling related to disposal of the batteries. "The new TPM system will provide several benefits including battery elimination,lower weight and superior functional performance at a competitive price," saidJim Perry, chief executive officer of Transense. "By combining our leadingtechnologies we can create an industry standard for TPMS that improves productfunctionality and recyclability." Lear Corporation is one of the world's largest suppliers of automotive interiorsystems and components. Lear provides complete seat systems, electronic productsand electrical distribution systems and other interior products. With annualnet sales of $17.1 billion in 2005, Lear ranks #127 among the Fortune 500. TheCompany's world-class products are designed, engineered and manufactured by adiverse team of 115,000 employees at 282 locations in 34 countries. Lear'sheadquarters are in Southfield, Michigan, and Lear is traded on the New YorkStock Exchange under the symbol (LEA). Further information about Lear isavailable on the Internet at http://www.lear.com. Transense Technologies is a technology transfer company that develops SurfaceAcoustic Wave (SAW), wireless, batteryless, sensor systems for the automotiveindustry. Current applications include Tire Pressure Monitoring Systems (TPMS)and torque systems for Electrical Power Assisted Steering (EPAS) and drivelinemanagement. Transense is listed on the Alternative Investment Market of theLondon Stock Exchange (TRT). Further information on Transense can be found onthe Internet at http://www.transense.co.uk." 22 September 2006 For further information please contact: Transense Technologies plcJames Perry 01869 238 380 This information is provided by RNS The company news service from the London Stock Exchange