3rd May 2005 07:00
Torotrak PLC03 May 2005 Torotrak plc3 May 2005 Torotrak secures global off-highway transmission manufacturer Torotrak plc announces the signing of a development licence, rights to a fullmanufacturing licence, and an exclusivity option agreement with Carraro S.p.A.of Italy to enable them to exploit Torotrak's Infinitely Variable Transmission("IVT") technology. Carraro has purchased the non-exclusive right to develop and manufacture the IVTtechnology for Carraro's own use and for third party use in medium-sizedoff-highway (agriculture and construction) and on-highway (bus and truck)applications. Torotrak will receive in excess of Euro 1.2 million in exclusivity and licencepayments over the next two years, plus subsequent royalties. The royalty ratessecured through this licence meet our target for this sector. Dick Elsy, Chief Executive, said "For Torotrak this is much more than the addition of a new licensee. The seriesof agreements that we have signed with this new partner represent a jointcommitment to take IVT to production. This is the first success in our strategyto broaden our product and market portfolio by targeting the high-volume,medium-sized sector of the off-highway industry." Enquiries: Rebecca Joyce, Torotrak plc 01772 900900Steffan Williams/Paula Crymble, Capital MSL 020 7307 5330 Notes: Torotrak plc Torotrak is the world leader in the design and development of traction driveInfinitely Variable Transmission (IVT) systems with competitive benefits for theautomotive and off-highway industries. In automotive, IVT offers significantimprovements in fuel economy, performance and smoothness combined withinnovative driving control features. In off-highway, IVT offers a cost effectiveand mechanically efficient technology that can be used across product ranges.Torotrak's principal commercial strategy is to generate royalty income from highvolume manufacture of IVT technology by our licensed customers. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Torotrak PLC