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10 Sep 2020 07:00
Transense Technologies plc
("Transense" or the "Company")
Transense agrees final consideration relating to the transfer of the operational business and trading assets relating to iTrack, to Bridgestone Corporation, Japan ("Bridgestone")
Transense Technologies plc, the provider of specialist sensor systems, previously announced that on 24 June 2020 the Company granted an exclusive worldwide licence to ATMS Technology Limited ("ATMS"), a wholly owned subsidiary of Bridgestone, covering all current and future iTrack technology for a period of ten years.
In order to capitalise fully on the market potential of the use of the technology, the operational business and trading assets relating to the iTrack system were transferred to ATMS at provisional net asset value of approximately US$1.01m for cash consideration. The amount of the final consideration for the transfer has now been agreed by the parties at US$1.31m, comprising the agreed value of the operational business and trading assets transferred of US$3.26m, less the repayment of working capital loans totalling US$1.95m.
The above sums will be reflected in the final audited results for the year ended 30 June 2020 which are planned to be released in late October 2020.
The Company announces that the website address, at which the information required by AIM Rule 26 can be found, has changed to www.transense.com.
For further information please visit www.transense.com or contact:
Transense Technologies plc Nigel Rogers, Executive Chairman Melvyn Segal, Chief Financial Officer | Tel: +44 (0) 1869 238380 |
finnCap Ed Frisby, Giles Rolls, Matthew Radley (Corporate Finance) Tim Redfern, Tim Harper (ECM) | Tel: +44 (0) 20 7220 0500 |
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 torque, temperature and pressure sensing markets via its SAWSense division. The Translogik division offers a range of tyre testing equipment aimed at fleet managers and tyre service providers. Further details are available at www.transense.com.
Transense's shares are admitted to trading on AIM (AIM: TRT).
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