Transense Technologies plc has formed a joint venture company with SenGenuity, the sensors division of Vectron International Inc. The joint venture company, Bulldog Innovations Limited is a 50/50 partnership between Transense and SenGenuity that is designed to enable “closer cooperation in order to accelerate the development of specific applications based on the companies' existing [battery-less sensor] technologies.”
For the past eighteen months Transense has worked closely with McLaren Electronic Systems developing, manufacturing and deploying its Torque sensor as part of a KERS (Kinetic Energy Recovery System) that was used with success during this season’s Formula One championship. As far as Transense is concerned, the most significant aspect of this project has been the technical performance validation and commercial application of both the SAW (Surface Acoustic Wave) sensor and the company’s patented Reader Electronics equipment within the demanding operating environment of an F1 car – a procedure involving the wireless measurement of torque on a shaft rotating at up to 18,000 rpm.
At the beginning of June, Transense Technologies plc formed a new wholly owned subsidiary to supply direct to Original Equipment Manufacturers (OEM’s), Value Added Resellers (VAR’s), System Integrators (SI’s), and in certain instances, directly to the end user. The product line will include the Pneu Logic Ltd range of commercial tyre inspection equipment, which includes the OTR Tread Depth Probe, jointly developed with Transense, incorporating a Radio Frequency Identification (RFID) reader and the Transense SAW (Surface Acoustic Wave) sensor reader electronics. The company will also offer a tyre patch, which incorporates a Temperature and Pressure sensor, together with an RFID tag for “Cradle to Grave” tyre inventory purposes. Stand-alone RFID tags will be available for other asset management purposes.
Jim Perry and Peter Woods, Transense Technologies’ chief executive and chairman, are reportedly due to step down following shareholder approval for the TPMS development company’s latest round of fundraising. The news follows Transense’s failed reverse takeover of steering system producer Bishop Technology, which was blocked by private shareholders. Mr Perry told Investors Chronicle: “Under the deal we were doing with Bishop, I would become deputy chairman. I still intend to do that.” The management changes are expected to take place imminently.
Transense Technologies PLC additional 2006 losses partly due to a new accounting charge on share options and a £178,000 patent cost amortisation charge. The AFX news aency reported that losses for the year to December 31 widened to £1.33 million from £1.14 million a year ago, on a 9 per cent increase in sales to £604,000. However the company remains convinced that large revenues will develop over the medium-term. At the end of 2006 Transense signed deals with American automotive company Lear Corporation and Michelin in the US.
Writing in the Guardian Newspaper, financial analyst, Katie Allen, suggested that TMPS company Transense could have another successful year in 2007. The group, which develops tyre pressure monitoring technology, improved by only 15.75p to 91.75p over last year but it is said to enter the year “with a strong order book.” It has recently struck deals with the American automotive company Lear Corporation and with Michelin in the US, meaning that the world’s biggest tyre company will be using Transense’s pressure monitoring systems for its lorry tyres. “Now that it is commercialising years of technology development the company could take off in 2007,” said Allen.
Canadian TPMS specialist SmarTire Systems Inc. has announced that its revenue for the first quarter of the 2007 fiscal year has increased by 44% to $851,770 (£436,476), up from $592,866 (£303,805) in the first quarter of the 2006 fiscal year. At the same time net loss for the quarter decreased to $5.3 million (£2.7 million), or $0,02 per share, for the fiscal year’s first quarter, down from $17.8 million (£9.1 million) or $0.06 a year earlier.
Oxfordshire based Transense Technologies PLC has announced that it has entered into an agreement with Honeywell International Inc to extend the use of Transense’s Tyre Pressure Monitoring System (TPMS).
Automotive supplier Lear Corp. has signed an agreement with Transense Technologies PLC to develop a tyre pressure monitoring system (TPMS) that does not require batteries and will comply with US federal regulations. Financial terms have not been disclosed.
Transense Technologies shares recently crashed when the company announced that it could not enter volume production of its tyre pressure sensors until late 2004. However last week saw the shares rise to 26p after Bridgewell Securities assisted the rise by clearing out a big seller at 14p on Thursday. Rumours that Michelin, the tyremaker and existing Transense licensee, is set to inject cash in return for equity are believed to be unfounded.
Transense Technologies PLC, the company involved which recently licensed exclusive world-wide rights for the Société de Technologie Michelin to embed Transense’s “surface acoustic wave” sensor technology on automotive and aircraft tyres, is proposing a three-for-one bonus share issue to boost the marketability of its shares