LONDON (ShareCast) - (Sharecast News) - Industrial, mining and transportation sensor provider Transense Technologies announced a joint collaboration agreement with Japan's Bridgestone Corporation on Tuesday.
The AIM-traded firm had announced on a8 February that it had received an order from a new customer for 50 'iTrack II' units, for installation in mines in North America, and it confirmed on Monday that the customer referred to in that announcement was a subsidiary of Bridgestone.

It said it had now entered into a joint collaboration agreement with Bridgestone in respect of the iTrack II system and its future generations, for an initial 18-month period with the ability to extend.

Based on the joint collaboration agreement, Bridgestone agreed to offer the iTrack system exclusively as a mining tyre monitoring system for tyres 57 inches and above, for its off-the-road customers.

Additionally, Bridgestone would be providing financial support by way of an interest free loan of $0.75m, to enable Transense's Translogik division to support the accelerated rate of growth that was anticipated from the relationship.

Transense said it also agreed that it would not contract with any other tyre manufacturer for the provision of the iTrack system for tyres 57 inches and above for the term of the agreement, nor would it have discussions with any other party in relation to any transaction of a merger, acquisition or joint venture nature in respect of its iTrack business for six months.

"We are delighted to have the opportunity to be working with Bridgestone," said Transense chief executive officer Graham Storey.

"They are a leading supplier of tyres to the mining off-the-road marketplace, and their decision to offer the iTrack system is a testament to the capabilities of Translogik and the iTrack system.

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