Transense Technologies Plc (LON:TRT) announced today that at the Company’s Annual General Meeting (“AGM”) being held at 2 p.m. today at finnCap’s offices, 60 New Broad Street, London, EC2M 1JJ, the Chairman, David Ford, will make the following statement:
“Trading since the start of our financial year in July has generated total revenue at a similar level to the corresponding period last year (excluding the prior year IntelliSAW disposal license fee).
The launch of iTrack II at Minexpo, in Las Vegas, in September, has generated an encouraging response. A number of pilot installations have already commenced, while others are scheduled to commence over the next month or two. We continue to anticipate receiving orders in the second half of the year.
Testing of our Surface Acoustic Wave (“SAW”) technology for certain torque sensing applications with GE continues to yield positive results and indications are that the testing programme will conclude during Q1 2017.
The US$0.4m balance of proceeds from the sale of IntelliSAW to Emerson in October 2015 has been received in full. Cash flow for the year to date has been positive, giving rise to an increase in net cash to £3.95m as at 31 October.
Accordingly, the board maintains a cautiously optimistic view of the short term outlook and remains confident of the longer term prospects for the Company.”
Based in Oxfordshire, UK, Transense Technologies Plc 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 global transport and mining industries, and the global torque, temperature and pressure sensing markets, via its two trading divisions,Translogik and SAWSense.