REG - T42 IOT Tracking Sol - t42 enters significant agreement in Mexico

t42 IoT Tracking SolutionsAnnouncement

16/04/2024 11:15

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RNS Number : 8190K  T42 IOT Tracking Solutions PLC  16 April 2024

16 April 2024

 

t42 IoT Tracking Solutions Plc.

("t42", the "Company" or the "Group")

 

t42 enters significant agreement in Mexico evaluated at over $1m and further
SaaS revenues

t42 IoT Tracking Solutions Plc (AIM: TRAC) ("t42" or the "Company"), a global
innovator in real-time tracking, analysis, monitoring, and security IoT
solutions, is delighted to announce a significant new agreement for the
provision of advanced tracking solutions to a leading petrol and diesel
transportation organisation in Mexico.

 

The agreement, with t42's distributor in Mexico, is expected to be valued at
over $1m in hardware sales, and is expected to generate additional significant
SaaS revenues, subject to full deployment, installation and operation of the
hardware units. The agreement sets out a phased deployment of t42's advanced
tracking devices across a substantial segment of the end-user client's Mexican
transportation fleet. A first order has been received for approximately $80k
and, following installation of these initial units, the next hardware order is
expected to be for a value of approximately $0.5m.

 

The client is Mexico's leading petrol and diesel transportation cooperative
organisation, responsible for over 60% of all petrol and diesel transportation
and storage in Mexico. Mexico has the second highest number of traffic
fatalities in Latin America which is estimated to have negatively impact
annual GDP by 1.7% (over $17bn losses) in 2022. The client had previously
sought to have tracking solutions installed however, due to complexities with
the installation process and an inability to upgrade, this was not a viable
solution at that time. T42, along with its local partner in Mexico, submitted
an NRE (non-recurring engineering) proposal for a new product based on a
single solution combining both speed limiters and vehicles fleet management.
Following several months of development, t42 produced a completely new
product, and has completed a 12 month trial implementation of the t42
solution. The client has reported a significant outcome: zero accidents and a
100% success rate in preventing incidents that would have previously led to
significant losses and insurance claims.

 

Avi Hartmann, CEO of t42, commented: "This is yet further proof that t42 is at
the frontline of technological advancements in the tracking solutions space.
Our ability to innovate and develop around the client's requirements has
allowed us to secure this new order  and is expected to bring in future
additional orders where solutions are evaluated by quality rather than price
alone."

 

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)
                   020 7409 3494

James Harris/ Richard Johnson/ Robert Collins

 

Peterhouse Capital Limited
                                                                                 020
7469 0930

Lucy Williams/ Charles Goodfellow/ Eran Zucker

 

 

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: (https://www.t42.co.uk/)
https://www.t42.co.uk/ (https://www.t42.co.uk/) (https://www.t42.co.uk/)
 

The information contained within this announcement is deemed by the Company to
constitute inside information pursuant to Article 7 of EU Regulation 596/2014
as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended.

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