More good news from Transense Technologies and the share price rose by 9.5p to 70.5p.
A joint collaboration agreement with tyre manufacturer Bridgestone provides significant potential for the iTrack II system. Bridgestone, which previously ordered 50 iTrack II units, will be sales agent for Transense in the mining sector.
Bridgestone will adopt iTrack II as exclusive mining tyre monitoring system for large haul trucks and this will generate subscription revenues. It replaces Bridgestone’s own system.
The agreement initially lasts for 18 months and can be renewed for a further 12 months.
Bridgestone is providing an interest free loan of $750,000.
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