Terranet provides update in connection with the recently communicated rights issue – partnership in 2024 on the agenda.
January 19 2024 - 2:30AM
Terranet provides update in connection with the recently
communicated rights issue – partnership in 2024 on the agenda.
Terranet, a company that develops advanced driver
support for the automotive industry, today announces that the
rights issue of up to SEK 10 million strengthens the conditions for
entering into new partnerships during the year.
Terranet is convinced that the Company, with its
advancements in advanced driver assistance (ADAS), has a
significant opportunity to enter into agreements with one or more
leading players in the automotive industry in 2024. The proceeds
will enable the Company to accelerate towards this goal, where the
result from the Company's prototype demonstration in a passenger
car during the second quarter 2024 will be an important part.
During the first half of the year, the company will strengthen and
accelerate its efforts within business- and partnership development
to bring BlincVision to market.
The company intends to update the stock market
with more information about our prototype demonstration during the
quarter.
Comments from Magnus Andersson,
CEO: "We are very pleased with the confidence that
investors have shown by participating in last week's share issue,
which aims to give Terranet the best possible conditions for
continued successful development and commercialization of our
advanced driver support, BlincVision. We believe that Terranet
through this capital injection, in combination with the warrants of
series TO7 and TO8, has the conditions to be able to maintain a
strong position in discussions and negotiations with potential
partners. The company has also, given a favourable outcome from our
warrants, secured liquidity into 2025.
Terranet is at a unique stage as the result of
several years of intensive development work will be displayed in
the form of prototype demonstrations in passenger cars during the
second quarter of 2024. It is management's assessment and
perception that this prototype demonstration will form the basis
for contract discussions and be a crucial step in the
commercialization phase. Based on the interest we have seen from
leading players in the industry since the start of our development
programs, I can confidently say that Terranet has good
opportunities to enter into one or more partnership agreements with
leading players during the course of the year. As CEO of Terranet,
it is my great hope that 2024 can be the year that we prove to the
global market that Swedish security innovation is still one of the
leaders in the world’’.
For more information, please contact:Magnus
Andersson CEO Email: magnus.andersson@terranet.se
About Terranet AB (publ)
Terranet is on a mission to save lives in urban
traffic.
We develop breakthrough tech solutions for Advanced Driver
Assistance Systems (ADAS) and Autonomous Vehicles (AV) that protect
vulnerable road users.
With a unique and patented vision technology, Terranet’s
anti-collision system BlincVision scans and detects road objects
multiple times faster and with higher accuracy than any other ADAS
technology available today.
Terranet is based in Lund, Sweden, and in the heart of the
European automotive industry in Stuttgart, Germany. The company is
listed on Nasdaq First North Premier Growth Market since
2017(Nasdaq: TERRNT-B).
Follow our journey at www.terranet.se
Certified Adviser to Terranet is Mangold Fondkommission AB,
08-503 015 50, ca@mangold.se.
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