REG - T42 IOT Tracking Sol - Project Agreement Secured Evaluated at over US$5m

t42 IoT Tracking SolutionsAnnouncement

16/12/2024 11:00

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RNS Number : 2415Q  T42 IOT Tracking Solutions PLC  16 December 2024

16 December 2024

t42 IoT Tracking Solutions plc

("t42" or the "Company")

t42 Secures Long-Term Project Agreement in Latin America, total evaluated at
over US$5m.

 

T42 IoT Tracking Solutions plc (AIM: TRAC) ("t42" or the "Company"), the
provider of global shipping containers tracking solutions, is pleased to
announce the signing of a new agreement in Latin America,  (the "Agreement").
The client operates in the tracking and monitoring services sector in Latin
America.

This significant agreement is part of a government-regulated nationwide
initiative (the "Project") to enhance public safety and optimise vehicle fleet
operations through advanced monitoring systems. It represents a major step
forward in integrating critical infrastructure with IoT technology. The
initiative is expected to connect thousands of vehicles to the t42 platform,
recognised for its exceptional stability, scalability, and multilingual
support.

Under the terms of the Agreement, which covers a 7-year period, the initial
phase will begin in 2025 with 50,000 vehicles connected to the t42 platform,
with at least 20,000 additional vehicles projected to be added annually from
2026 to 2031. Subject to  the above connections being maintained on T42's
platform over the 7-year duration, the Agreement has a total estimated value
of c. US$5.2 million, principally from SaaS revenues.

The Agreement follows a comprehensive evaluation by the client of available
solutions, with t42's platform selected for its proven ability to handle high
data volumes and deliver reliable services across diverse applications. T42's
platform currently supports fleets in over 35 countries, processing over half
a billion messages daily.

The Project aligns with regulatory measures supported by local authorities and
the Agreement underscores t42's strategic focus on high-end, specialised
projects  within the automotive sector. It also builds on the Company's
recent strategic initiatives to drive innovation and expand its footprint in
high-growth markets which include the development of the focus on shipping
container markets.

Avi Hartmann, Chief Executive Officer of the Company

"The Agreement reinforces t42's commitment to leveraging its cutting-edge
technology for transformative infrastructure projects and further solidifies
its position as a trusted partner for large-scale IoT implementations. "

 

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
(http://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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