Transense Technologies Signs Acoustic Technology Deal With GE -- Update
July 18 2016 - 5:18AM
Dow Jones News
By Simon Zekaria and Olga Cotaga
LONDON--Shares in Transense Technologies PLC (TRT.LN) soared
Monday after the industrial sensor systems producer said it had
signed a licensing deal worth more than $750,000 with U.S.
conglomerate General Electric Co. (GE) to provide its surface
acoustic wave technology.
The deal comprises a payment of $500,000 and a second payment of
$250,000, subject to testing of the technology by GE. Should GE not
make this further payment by June 30 next year, the license will
end, Transense said.
In addition, GE will pay royalties to Transense.
"The signing of this licensing agreement with GE is a very
significant development for Transense," said Transense Chief
Executive Graham Storey.
Separately, Transense said it expects trading for the fiscal
year ended June 30 was in line with expectations of revenue of
about 2 million pounds ($2.64 million).
At 0816 GMT, Transense's shares were up 58% at 1.6 pence.
Write to Simon Zekaria at simon.zekaria@wsj.com and Olga Cotaga
at olga.cotaga@wsj.com
(END) Dow Jones Newswires
July 18, 2016 05:03 ET (09:03 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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