Last checked at 18 Jul 2016 07:00
18 July 2016
Transense Technologies Plc
("Transense" or "the Company")
Licence Agreement with GE
Transense Technologies Plc (AIM: TRT), the provider of sensor systems for the transportation and industrial markets, is pleased to announce that it has signed a licencing agreement (the "Agreement") with General Electric Company ("GE") for the use of Transense's patented, wireless, passive Surface Acoustic Wave (SAW) technology in certain specific torque applications.
The Agreement, which is non-exclusive, provides for a non-refundable payment to Transense of US$500,000 on signing. GE will pay a further non-refundable payment to Transense of US$250,000, subject to the Company's SAW technology passing various tests to be conducted by GE. Should GE not make this further payment by 30 June 2017, the licence will terminate. 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: "The signing of this licensing agreement with GE is a very significant development for Transense. Having worked closely with GE since the signing of the memorandum of understanding a year ago, we are very pleased that they have recognised the value of incorporating our SAW technology in certain of their products and are making this commitment. As the licence to GE is both non-exclusive and is valid for only a relatively narrow field of use it clearly benchmarks the overall value of the Company's IP portfolio. We continue to work with other potential partners to deploy our SAW technology in the commercial environment."
For further information please visit www.transense.co.uk or contact:
Transense Technologies Plc Graham Storey, Chief Executive
| Tel: +44 (0) 1869 238380
|
finnCap Ed Frisby, Giles Rolls (Corporate Finance) Tony Quirke, Alice Lane (Corporate Broking)
| Tel: +44 (0) 20 7220 0500
|
IFC Advisory Tim Metcalfe, Graham Herring, Heather Armstrong
| Tel: +44 (0) 20 3053 8671
|
About GE
GE (NYSE: GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store" through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com.
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 transport and mining industries, and the global torque, temperature and pressure sensing markets, via its 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.