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t42 IoT Tracking Solutions plc announced on 13 September 2023 that its interim results for the six months ended 30 June 2023 are expected on or around 22 September 2023. The company also updated on its 5-year distribution contract with OpenBox Ventures Inc., noting it has not produced orders and their estimated US$1.9 million minimum order level for 2022 was not achieved, leading to exclusivity conditions not being met. This enabled t42 to secure other orders announced in January and March.
| Date | 13 Sept 2023 |
| Time | 08:07:51 |
| Category | Results |
| ID | 3001M |
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:
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t42 IoT Tracking Solutions PLC Michael Rosenberg, Chairman Avi Hartmann, CEO
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07785 727595 +972 5477 35663 |
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Strand Hanson Limited (Nominated Adviser and Financial Adviser) James Harris / Richard Johnson / Robert Collins
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020 7409 3494 |
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Peterhouse Capital Limited Lucy Williams / Charles Goodfellow / Eran Zucker
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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/.