Last checked at 19 Feb 2020 07:00
19 February 2020
Transense Technologies plc
("Transense" or the "Company")
Changes to Board responsibilities
Transense Technologies plc, the provider of sensor systems for the industrial, mining and transportation markets, announces changes to Board responsibilities with immediate effect.
On 13 February 2020, Transense announced that it had extended the duration of the Joint Collaboration Agreement with Bridgestone Corporation ("the Agreement") by which Bridgestone offers the iTrack system exclusively as a mining tyre monitoring system for tyres 57 inches and above for its off-the-road (OTR) customers. The Agreement was extended until February 2022 at the earliest, and the period during which Transense undertake not to have discussions with other parties in relation to any merger, acquisition or joint venture in respect of the iTrack business was extended until 30 April 2020.
David Ford, Executive Chairman of Transense, has undertaken a leading role in building our close working relationship with our partners at Bridgestone, and positioning iTrack for a period of strong growth. He has now decided to step down as Chairman of the Transense board in order to devote his full attention to delivering further success as the Chief Executive of the iTrack business. He will remain a member of the Transense board.
He is replaced as Non-executive Chairman of the Transense board by Nigel Rogers, who has been Deputy Chairman of Transense since July 2015.
David Ford commented, "I have found myself focusing more and more on iTrack as the demands of that business have been increasing. The business has reached a stage in its development where it really isn't possible to devote the time needed as well as discharge effectively the responsibilities of the Chair. I am very excited by the prospects ahead."
Nigel Rogers commented, "I am delighted to be taking responsibility as Chairman at a pivotal time in the commercialisation of our leading technologies in iTrack and Surface Acoustic Wave sensing. On behalf of the Board, I would like to take this opportunity to thank David for his leadership over many years. We look forward to continue working closely together to take full advantage of the excellent platform that has been built for the future."
For further information please visit www.transense.co.uk or contact:
Transense Technologies plc Nigel Rogers, Non-executive Chairman Melvyn Segal, Chief Financial Officer | Tel: +44 (0) 1869 238380 nigel.rogers@transense.co.uk |
finnCap Ed Frisby, Giles Rolls, Matthew Radley (Corporate Finance) Tim Redfern, Tim Harper (ECM)
| Tel: +44 (0) 20 7220 0500
|
About iTrack
The iTrack Mining system provides real-time data on the condition of the tyres, combined with live tracking of vehicle location and status. Our 24/7 Control Room monitors the pressures and temperatures live, and this information can, for example, be used to ensure tyres do not exceed critical heat thresholds, to detect incorrect load distributions, predict suspension failures and eliminate manual tyre pressure checks. The Directors believe that these benefits maximise the hours a truck is working (Truck Uptime) and improve productivity by minimising maintenance requirements and using data to identify underperforming trucks. www.trans-logik.com/itrack-2/
About Transense Technologies
Based in Oxfordshire, UK, Transense has developed patent-protected sensor systems and supporting technology for use in a variety of diverse high growth markets. The Directors believe that Transense's Surface Acoustic Wave (SAW), wireless, battery-less, sensor systems offer advantages over legacy wireless sensor systems. Transense is targeting the transport and mining industries, and the global torque, temperature and pressure sensing markets, via its trading divisions, Translogik and SAWSense. www.transense.co.uk
Transense's shares are admitted to trading on AIM (AIM: TRT).