16th Mar 2020 18:37
(Alliance News) - Sensor systems maker Transense Technologies PLC on Monday announced a loan from Japan's Bridgestone Corp.
Transense in August last year announced a collaboration agreement with Bridgestone, which sees the Japanese firm offer Transense's iTrack system as a mining tyre monitor to its customers.
At the same time, Bicester, Oxfordshire-based Transense also drew down an unsecured loan from Bridgestone for USD750,000 to provide extra capital given the "unprecedented" increase in sales. The loan was interest free.
A further loan of USD1.2 million is now needed, Transense said, to build up a supply of iTrack kits. This loan is also interest free.
Shares closed 1.0% lower on Monday in London at a price of 51.00 pence each.
By George Collard; [email protected]
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