Tern PLC: New commercial order for FundamentalVR (927543)
December 04 2019 - 2:00AM
UK Regulatory
Tern PLC (TERN)
Tern PLC: New commercial order for FundamentalVR
04-Dec-2019 / 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.
The issuer is solely responsible for the content of this announcement.
This announcement contains inside information for the purposes of Article 7
of EU Regulation 596/2014.
4 December 2019
Tern Plc ("Tern" or the "Company")
New commercial order for FundamentalVR
Tern Plc (AIM: TERN), the investment company specialising in the Internet of
Things ("IoT"), is pleased to announce that FVRVS Limited ("FundamentalVR"),
a leading virtual reality ("VR") training and data analysis technology
platform, and one of Tern's existing portfolio companies, has secured a
significant new contract (GBP0.5 million) to create a Virtual Reality Haptic
Simulation platform for a new customer, which is a global pharmaceutical
company ("the Client").
This is the first of a planned series of virtual reality simulations to be
designed by FundamentalVR to support the Client's ambitions to accelerate
the safe and compliant use of their products. This order to configure the
Fundamental platform for a surgical procedure is expected to be completed
during 2020. FundamentalVR's technology is now being used by an array of
customer groups including:
· Clinics/ medical centres
· Device companies
· Pharmaceutical companies
FundamentalVR's award winning platform combines immersive VR with
cutting-edge haptics (the sense of touch) to create low-cost, measurable and
scalable simulation experiences. FundamentalVR's unique technology provides
surgeons and medical professionals with a new and better way of developing
their skills. Importantly, it also provides companies with data on skills
and usage of their products, enabling acceleration of the safe and compliant
use of their products.
Tern CEO, Al Sisto, said, "FundamentalVR continues to expand its market
presence through its complementary haptic-based simulation platforms and we
congratulate the FundamentalVR team on this additional contract win.
FundamentalVR's award-winning technology will be employed by this
pharmaceutical company to drive the uptake of its products, highlighting the
broad array of medical markets available to our portfolio company.
Importantly, the FundamentalVR team is ideally positioned to execute on this
potential multi-phase project following its recent fundraise which saw
investment from well-regarded institutions. We look forward to reporting on
the future growth of this exciting business, as well as our other portfolio
companies."
**ENDS**
Enquiries
Tern plc Via Newgate Communications
Al Sisto, CEO
Sarah Payne, Finance Director
Allenby Capital Limited Tel: 0203 328 5656
(Nomad and Joint broker)
David Worlidge/Alex Brearley
Whitman Howard Tel: 020 7659 1234
(Joint broker)
Nick Lovering/Christopher Furness
Newgate Communications Tel: 020 3757 6880
PR
Elisabeth Cowell/Megan Kovach
ISIN: GB00BFPMV798
Category Code: MSCM
TIDM: TERN
LEI Code: 2138005F87SODHL9CQ36
Sequence No.: 33120
EQS News ID: 927543
End of Announcement EQS News Service
(END) Dow Jones Newswires
December 04, 2019 02:00 ET (07:00 GMT)
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