3rd Jun 2019 15:36
LONDON (Alliance News) - Starcom PLC said Monday it will now start shipping hardware to its North African distributor following receipt of a further payment from the contract it signed last November.
After the hardware has been shipped, the goods will be inspected by the client, after which a final sum of about 20% of the overall contract value will be paid to Starcom.
In January, Starcom said it had received a significant amount of the USD1.1 million order from its distributor. But the terms of the agreement, originally signed in November 2018, stated a further payment was required before Starcom shipped any hardware.
The agreement with the distributor covers Starcom's Helios Advanced vehicle tracking technology and its BIO CAN fuel sensors.
Starcom said no further revenue is expected from the contract until the completion of the product inspection.
Shares in Starcom were up 4.0% Monday at 1.30 pence each.
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