Purchase of Pneu-Logic IP and Trading Name
Published on Monday, 23 November 2009
Further to the recent announcement of 8th June 2009, regarding the agreement to distribute the Bluetooth enabled tyre inspection tools manufactured by Pneu-Logic, Translogik Limited (‘Translogik’), the wholly owned subsidiary of Transense, is pleased to announce the purchase of the IP relating to these tools and the trading name of Pneu-Logic. Translogik has paid an initial amount of £50,000 and additional payments will be made, subject to sales volumes, up to an agreed maximum total consideration.
This agreement enables Translogik to gain complete control of the manufacture and distribution of these tools and reduce the cost of sales. Pneu-Logic will continue to manufacture the probes in the near term in order to effect an orderly handover. Translogik is in ongoing negotiations to move production to a highly respected, mid-sized; UK based engineering company which has additional facilities in China.
Graham Storey, Transense CEO, said “The recent series of price rises in tyres and fuel has brought these costs into sharp focus within the increasingly competitive fleet service providers market. Prolonging the life of tyres is a critical element in maintaining profitability for fleet management operations. Our range of tyre management solutions provide our customers with a rugged, high quality, cost effective tool, for maximising the life of their tyres. In addition to the recent Goodyear rollout, we have received additional orders from around the world for our expanding suite of data collection tools.
We are delighted to have secured this acquisition; these tools form an integral part of our overall strategy for the Off the Road (OTR) and commercial truck fleet markets, and this agreement gives us considerable additional flexibility in executing our future expansion plans”.
George Yeomans, CEO of Pneu Logic said “Integrating our data collection tools into a solution which will additionally incorporate an RFID reader and SAW (Surface Acoustic Wave) TPMS sensor reader is exactly what the market has been demanding. I am convinced this will be a huge success”.
Transense Technologies PLC
Graham Storey 01869 238380
Brewin Dolphin Investment Banking
Neil Baldwin 0845 213 4730