TRAC T42 Iot Tracking Solutions Plc

TIDMTRAC

RNS Number : 3001M

T42 IOT Tracking Solutions PLC

13 September 2023

13 September 2023

t42 IoT Tracking Solutions plc

Notice of Interim Results and Business Update

t42 IoT Tracking Solutions plc (AIM: TRAC) ("t42" or the "Company"), the provider of global shipping containers tracking solutions, expects to announce its interim results for the 6 months ended 30 June 2023 on or around 22 September 2023, together with a trading statement for the current year.

Further to the business update on 16 February 2023, in which the Company noted that the 5-year distribution and sales contract with OpenBox Ventures Inc ("OpenBox") in the USA was underperforming, the Company notes that the contract has, to date, not produced orders and thus failed to perform according to the distributor's estimates, with their estimated US$1.9m minimum order level for 2022 not being achieved and thus exclusivity conditions have not been met to date.

Accordingly, the Company has been able to pursue other opportunities in the USA, leading to successful orders as announced in January and March this year, with further orders anticipated. The Company continues to work with OpenBox under the distribution agreement and will provide further updates in due course.

Contacts:

 
 t42 IoT Tracking Solutions PLC 
  Michael Rosenberg, Chairman                    07785 727595 
  Avi Hartmann, CEO                              +972 5477 35663 
 Strand Hanson Limited (Nominated Adviser 
  and Financial Adviser) 
  James Harris / Richard Johnson / Robert 
  Collins                                      020 7409 3494 
 Peterhouse Capital Limited 
  Lucy Williams / Charles Goodfellow / Eran 
  Zucker                                       020 7469 0930 
 

Notes to Editors

t42 IoT Tracking Solutions plc (AIM: TRAC), formerly Starcom Systems plc, provides real-time tracking, analysis, monitoring, and security IoT solutions for the global container and freight market and covers 55 countries, over 100 distributors, and 50 logistics and support partners.

t42's multi-sensor IoT tracking devices use a wide range of detection capabilities with cloud-based analytics and alerts, with real-time data transmission, analysis, and actionable insights. Its devices are used by ports, cargo owners, shipping companies, freight forwarders, insurance companies, customs authorities, homeland security, and police for end-to-end global container tracking and digital transformation of shipments.

For more information on the Company, please visit: www.t42.co.uk/ .

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September 13, 2023 03:07 ET (07:07 GMT)

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