Last checked at 29 Mar 2017 07:00
29 March 2017
Transense Technologies plc
("Transense" or the "Company")
Further Payment from General Electric
Transense Technologies plc (AIM: TRT), the provider of sensor systems for the transportation and industrial markets, is pleased to provide an update on it's relationship with General Electric Company ("GE").
On 18 July 2016, the Company announced that it had entered into a licence agreement with GE for the use of Transense's patented, wireless, passive Surface Acoustic Wave ("SAW") technology in certain specific torque applications. An initial instalment of the licence fee of US$500,000 was paid on signing and a further instalment of US$250,000 was payable no later than 30 June 2017, subject to the Company's SAW technology passing various tests to be conducted by GE.
The Company is pleased to announce that GE have now confirmed that the tests have been successfully concluded and the second instalment of US$250,000 is now payable. In addition, GE will pay a perpetual sales royalty to the Company in respect of each unit using the technology.
Graham Storey, CEO of Transense Technologies, said: "Both GE and the Company have been working hard since last July to achieve this result and we are delighted that our technology has passed all of the tests set by GE. The payment by GE of an initial licence fee of US$750,000 indicates their commitment to the technology and we will now be working together with them to achieve commercialisation."
For further information please visit www.transense.co.uk or contact:
Transense Technologies plc Graham Storey, Chief Executive
| Tel: +44 1869 238 380 |
finnCap Ed Frisby, Giles Rolls (Corporate Finance) Tony Quirke, Alice Lane (Corporate Broking)
| Tel: +44 20 7220 0500 |
IFC Advisory Tim Metcalfe, Graham Herring, Heather Armstrong | Tel: +44 20 3053 8671 |
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. Transense's Surface Acoustic Wave (SAW) wireless, battery-less, sensor systems offer significant advantages over legacy wireless sensor systems. Transense is targeting the global transport and mining industries, and the global torque, temperature and pressure sensing markets, via its two trading divisions,Translogik and SAWSense.
Transense's shares are admitted to trading on AIM, a market operated by the London Stock Exchange (AIM: "TRT").
www.transense.co.uk
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014