Last checked at 12 Mar 2015 07:00
12 March 2015
Transense Technologies PLC
("Transense" or the "Company")
£1.1m Deal with Rema Tip Top UK
Transense Technologies plc (AIM: TRT), the provider of sensor systems for the transportation and industrial markets, is pleased to announce that Translogik, its tyre management solutions division, has signed an exclusive agreement to supply its tyre inspection probe to Rema Tip Top Holdings UK Limited ('Rema') for use in Rema's new passenger car tyre inspection system, 'Tip Top Tread'.
Tip Top Tread, based on Translogik's proprietary tyre probe technology, will provide a quick, efficient and accurate wireless car tyre inspection system to the tyre sales and fitment industry. The rollout, initially to the UK market, is scheduled to begin towards the middle of 2015.
Rema's exclusivity applies only to use of the probes in conjunction with the Tip Top Tread system, which is focused on the passenger car market and is contingent upon achieving agreed, rising quarterly minimum levels of UK sales totalling at least £1.1m in aggregate over the next three years.
Mark Insley, Group Managing Director of Rema commented: "As a market leader in the automotive sector, we believe our new Android based 'Tip Top Tread' system will achieve rapid market adoption. The UK market alone is estimated to be 40,000 tyre outlets which could benefit from the sales enhancing features of Tip Top Tread. "
Graham Storey, CEO of Transense, said: "We are delighted to have secured this deal with Rema. Not only has Rema responded rapidly to this opportunity, but they also have a powerful market position both in the UK and in Europe. We believe their established sales network and market expertise is capable of driving probe sales into the car tyre market much faster than would otherwise be achievable, and supports our strategy of diversifying into the substantial passenger vehicle market."
For further information, please contact:
Transense Technologies plc | Tel: +44 1869 238 380 |
Graham Storey, Chief Executive | |
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N+1 Singer - Nominated Adviser and Broker Aubrey Powell, Alex Wright | Tel: +44 20 7496 3000 |
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IFC Advisory Tim Metcalfe, Graham Herring | Tel: +44 20 3053 8671 |
About Rema Tip Top Holdings UK
Rema is a market leader specialising in Automotive, Material Processing and Surface Protection product sectors. As a company and a brand, we stand for top quality and outstanding service. Augmented by state-of-the-art technology and pioneering innovations, Rema is complemented by a team of experts to ensure that the business constantly maintains its position at the forefront of industry.
Rema is part of the larger Rema Tip Top AG group of companies that had 2013 turnover of EUR 728.6m. It has 5,253 employees in more than 170 countries.
Rema Limited is headquartered in Leeds, West Yorkshire.
http://www.rema-tiptop.co.uk/
About Transense Technologies
Based in Oxfordshire, UK, Transense has developed patent-protected sensor systems for use in diverse high growth markets. Developed in conjunction with partners including McLaren Electronic Systems and General Motors, Transense's Surface Acoustic Wave (SAW), wireless, battery-less, sensor systems offer significant advantages over legacy wireless sensor systems. Via three wholly owned divisions, IntelliSAW, Translogik and SAWSense, Transense is targeting the high growth global electrical Smart Grid applications market, the automotive and mining industries, and torque, temperature and pressure sensing markets respectively.
Transense's sensors are also being used in the wind turbine monitoring industry. The Company is part of a consortium of nine companies ("IntelWind") that has begun development on a major EU funded project to improve the efficiency and reliability of wind turbines.
Transense's shares are admitted to trading on AIM, a market operated by the London Stock Exchange (AIM: "TRT").
www.transense.co.uk