Transense Technologies plc (LON:TRT), the provider of sensor systems for the industrial, mining and transportation markets, today announced a joint collaboration agreement with Bridgestone Corporation, Japan.
On 18 February 2019, Transense announced that it had received an order from a new customer with respect to 50 iTrack II units for installation in mines in North America. The customer referred to in that announcement was a subsidiary of Bridgestone.
The Company is pleased to announce that it has now entered into a joint collaboration agreement with Bridgestone in respect of the iTrack II system and its future generations (“iTrack system”) for an initial 18-month period with ability to extend.
Based on this joint collaboration agreement, Bridgestone has agreed to offer the iTrack system exclusively as a mining tyre monitoring system for tyres 57 inches and above for its off-the-road (OTR) customers. Furthermore, Bridgestone will be providing financial support by way of an interest free loan of US$750,000 to enable the Company’s Translogik division to support the accelerated rate of growth that is anticipated from this relationship. In addition, the Company has agreed that it will not contract with any other tyre manufacturer for the provision of the iTrack system for tyres 57 inches and above for the term of the agreement, nor will it for a period of six months have discussions with any other party in relation to any transaction of a merger, acquisition or joint venture nature in respect of its iTrack business.
Graham Storey, CEO of Transense, commented, “We are delighted to have the opportunity to be working with Bridgestone. They are a leading supplier of tyres to the mining OTR marketplace and their decision to offer the iTrack system is a testament to the capabilities of Translogik and the iTrack system.”