Starcom PLC New Agreement with CubeMonk (3998D)
February 19 2020 - 2:00AM
UK Regulatory
TIDMSTAR
RNS Number : 3998D
Starcom PLC
19 February 2020
19 February 2020
Starcom PLC
("Starcom" or the "Company")
New Agreement with CubeMonk Inc
Starcom (AIM: STAR), which specialises in the development of
wireless , Internet-Of-Things (IoT) based solutions for the remote
tracking, monitoring and protection of a variety of assets,
announces a new agreement with CubeMonk Inc ("CubeMonk"), a US
provider of shipping related services.
As announced on 3 February 2020, Starcom has been working with
CubeMonk over the last year to adapt and implement Starcom's Kylos
Air technology for use in CubeMonk's shipping solutions. A trial
phase, under which a few hundred Kylos Air units were integrated
within CubeMonk containers, was successfully completed in 2019.
CubeMonk has received very positive feedback from the end users in
the trial.
CubeMonk has now entered into a new three year Supply and
Support agreement with Starcom (the "New Agreement") for the supply
and support of the adapted Kylos Air units for use as part of
CubeMonk's tracking service for air containers. In the year ended
31 December 2019, the Company received orders totaling $0.2 million
from CubeMonk. Whilst the New Agreement does not contain any
minimum purchase commitments on the part of CubeMonk, the Directors
of Starcom anticipate a significant increase in orders for Kylos
Air units under this New Agreement will be received in the current
year compared to last year.
The Kylos Air units are connected through Starcom's online
control software, and will monitor key container parameters
including location, internal temperature and shocks experienced.
The units are automatically shut off during the take off and turn
on immediately after the landing of the aircraft in order to comply
with aviation regulation - a unique feature of this product. As a
result, the Kylos Air has been granted the necessary safety
certifications to allow in-air utilisation.
The success of the partnership with CubeMonk to date provides
the Board with the confidence that similar OEM arrangements can be
achieved for a variety of third party applications, opening up
further expansion opportunities for Starcom in the shipping and
container tracking industry.
Avi Hartmann, CEO of Starcom, commented, "Following the
successful trial, we are proud to have reached this important
milestone in our relationship with Cubemonk in the USA. This
contract, along with others under active negotiation, demonstrates
the significant opportunity for Starcom to expand its OEM strategic
partnerships with companies that will benefit from our proven
technology to enhance their respective businesses."
-ends-
Enquiries:
Starcom Plc
Michael Rosenberg, Chairman 07785 727 595
Avi Hartmann, CEO +972 5447 5663
Allenby Capital Limited (Nominated Adviser and
Broker) 020 3328 5656
James Reeve / Jeremy Porter / Asha Chotai
Peterhouse Capital Limited (Joint Broker) 020 7469 0930
Lucy Williams / Charles Goodfellow / Eran Zucker
Leander PR (Financial PR) 07795 168 157
Christian Taylor-Wilkinson
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END
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