25 Jul 2023 07:00
25 July 2023
TRACKWISE DESIGNS PLC
("Trackwise", the "Company" or the "Group")
UK EV OEM Contract termination
Further to the Contract update provided on 30 June 2023, the Company has informed the UK EV OEM that, pursuant to the relevant clause of the General Terms and Conditions of the Commercial Order ("Commercial Order") between the two companies, their failure to remedy a material breach of a material obligation of the Commercial Order within 30 days of receipt of a notice requiring them to remedy the same provides TWD with the right to terminate the Commercial Order immediately. In accordance with that term the Company has informed the UK EV OEM that it terminates the Commercial Order with immediate effect.
Trackwise intends to seek full redress for the UK EV OEM's failure to honour the agreed terms of the Commercial Order.
Enquiries
Trackwise Designs plc | +44 (0)1684 299 930 |
Philip Johnston, CEO | www.trackwise.co.uk |
Paul Cook, CFO
| |
FRP Advisory Trading Limited
finnCap Ltd | trackwise@frpadvisory.com
+44 (0)20 7220 0500 |
NOMAD and Broker | |
Ed Frisby/Fergus Sullivan - Corporate Finance Andrew Burdis/Barney Hayward - ECM
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Alma PR | +44 (0)20 3405 0205 |
Financial PR and IR | |
David Ison/ Kieran Breheny/Pippa Crabtree |
Notes to editors
Trackwise is a UK-based, King's Award winning, manufacturer of specialist products using printed circuit technology.
The full suite includes: Improved Harness Technology™ ("IHT") and Advanced PCBs - Microwave and Radio Frequency ("RF"), Short Flex, Flex Rigid and Rigid Multilayer products.
IHT uses a proprietary, patented process that Trackwise has developed to manufacture multilayer flexible printed circuits of unlimited length. While the technology has many applications, the directors expect that one of its primary uses will be to replace traditional wire harnesses in a variety of industries.
The Company operates from three sites, located in Tewkesbury, Stonehouse and Stevenage. It serves customers in Europe and North America.
Trackwise Designs plc was admitted to trading on AIM in 2018 with the ticker TWD. For additional information please visit www.trackwise.co.uk.
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.