Tern PLC (TERN)
Tern PLC: Significant commercial order for InVMA
13-Jan-2020 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
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This announcement contains inside information for the purposes of Article 7
of EU Regulation 596/2014.
13 January 2020
Tern Plc ("Tern" or the "Company")
Significant commercial order for InVMA
Tern Plc (AIM: TERN), the investment company specialising in the Internet of
Things ("IoT"), is pleased to announce that its portfolio company, InVMA
Limited ("InVMA"), has secured an initial order commitment worth GBP817,000
over a two-year period to provide its AssetMinder(R) solution to a global,
multi-billion Euro revenue supplier to the industrial and construction
sectors (the "Supplier").
This represents the start of a global partnership between the Supplier and
InVMA, which will see AssetMinder(R) deployed into the Industrial Internet
of Things ("IIoT") sector. InVMA will enable the Supplier to deliver a
condition-monitoring offering for the smart manufacturing and process
industries, IIoT sensor, and other asset management that incorporates
predictive analytics to maximise uptime and productivity.
InVMA Chairman and Tern director, Bruce Leith, said,
"We believe that InVMA is a pioneer in the digital transformation arena and
this order commitment highlights the level of acceptance that its
AssetMinder(R) solution has gained within the industry. This is a
significant strategic relationship and provides a foundation to expand the
capabilities of the Supplier's IIoT product portfolio. As a major
shareholder in InVMA, we look forward to benefitting from the value that
this contract should create within this exciting investment."
Tern has a 50% equity ownership of InVMA. Tern's investment in InVMA was
valued at GBP1 million in the Company's unaudited interim results for the six
months to 30 June 2019.
Tern plc Via Newgate Communications
Al Sisto, CEO
Sarah Payne, Finance Director
Tel: 0203 328 5656
Allenby Capital Limited
(Nomad and Joint broker)
David Worlidge/Alex Brearley
Tel: 020 7659 1234
Nick Lovering/Christopher Furness
Newgate Communications Tel: 020 3757 6880
Elisabeth Cowell/Megan Kovach
Category Code: MSCM
LEI Code: 2138005F87SODHL9CQ36
Sequence No.: 39993
EQS News ID: 951525
End of Announcement EQS News Service
(END) Dow Jones Newswires
January 13, 2020 02:00 ET (07:00 GMT)