REG - Trackwise Designs - UK EV OEM Contract termination

Trackwise DesignsAnnouncement

25/07/2023 07:00

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RNS Number : 0282H  Trackwise Designs PLC  25 July 2023

25 July 2023

 

TRACKWISE DESIGNS PLC

 

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

 

UK EV OEM Contract termination

 

 

Further to the Contract update provided on 30 June 2023, the Company has
informed the UK EV OEM that, pursuant to the relevant clause of the General
Terms and Conditions of the Commercial Order ("Commercial Order") between the
two companies, their failure to remedy a material breach of a material
obligation of the Commercial Order within 30 days of receipt of a notice
requiring them to remedy the same provides TWD with the right to terminate the
Commercial Order immediately.  In accordance with that term the Company has
informed the UK EV OEM that it terminates the Commercial Order with immediate
effect.

 

Trackwise intends to seek full redress for the UK EV OEM's failure to honour
the agreed terms of the Commercial Order.

 

 

Enquiries

 

 Trackwise Designs plc                           +44 (0)1684 299 930
 Philip Johnston, CEO                            www.trackwise.co.uk (http://www.trackwise.co.uk/)
 Paul Cook, CFO

 FRP Advisory Trading Limited                    trackwise@frpadvisory.com

 finnCap Ltd                                     +44 (0)20 7220 0500
 NOMAD and Broker
 Ed Frisby/Fergus Sullivan - Corporate Finance

 Andrew Burdis/Barney Hayward - ECM

 Alma PR                                         +44 (0)20 3405 0205
 Financial PR and IR
 David Ison/ Kieran Breheny/Pippa Crabtree

 

Notes to editors

Trackwise is a UK-based, King's Award winning, manufacturer of specialist
products using printed circuit technology.

 

The full suite includes: Improved Harness Technology™ ("IHT") and Advanced
PCBs - Microwave and Radio Frequency ("RF"), Short Flex, Flex Rigid and Rigid
Multilayer products.

 

IHT uses a proprietary, patented process that Trackwise has developed to
manufacture multilayer flexible printed circuits of unlimited length. While
the technology has many applications, the directors expect that one of its
primary uses will be to replace traditional wire harnesses in a variety of
industries.

 

The Company operates from three sites, located in Tewkesbury, Stonehouse
and Stevenage. It serves customers in Europe and North America.

 

Trackwise Designs plc was admitted to trading on AIM in 2018 with the ticker
TWD. For additional information please visit www.trackwise.co.uk.
(http://www.trackwise.co.uk/)

 

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part
of UK law by virtue of the European Union (Withdrawal) Act 2018. The
information is disclosed in accordance with the Company's obligations under
Article 17 of the UK MAR. Upon the publication of this announcement, this
inside information is now considered to be in the public domain.

 

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