Update re shipping container tracking
t42 IoT Tracking Solutions plc is exploring opportunities to expand its shipping container tracking technology through potential partnerships. The company is targeting parties in the freight and logistics industries to enhance their operations using t42's technology. To facilitate this strategy, advisors have been appointed to seek investors for project-level funding, separate from the Group, ensuring it remains non-dilutive to shareholders and has no impact on the company's present working capital. The Board believes this strategy has the potential to incorporate its products and technology across the global shipping container sector.
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t42 IoT Tracking Solutions plc (AIM: TRAC), a leading provider of global shipping container tracking solutions, is pleased to provide an update on its shipping container tracking technology.
The Company has been exploring the future development of its offerings, and the opportunities for potential partners that would be interested in working with the t42 team, utilising the Company's new product and technology solutions to enable the tracking of global shipping containers, in addition to the Group's existing operations.
t42 are targeting discussions with parties engaged in the freight and logistics industries who would be able to enhance and improve these industries utilising the Company's technology. To progress this strategy, the Company has appointed advisers to seek potential investors interested in providing funding to participate in these plans.
This strategy is expected to involve a structure with investors, partners and funding at a project level separate to the Group, which would be non-dilutive to shareholders and without impact on the Company's present working capital, with a view to ensuring a separate team is tasked for this project.
The Board believes this strategy has the potential to incorporate its products and technology across the global shipping container sector, although there can be no certainty that funding will be secured, the structure of any transaction or that definitive agreements entered into.
The Company will update shareholders in due course as the project progresses and when further details are available.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.