- Sensor system provider Transense Technologies said it had signed a joint collaboration agreement with tire company Bridgestone.

Transense revealed that Bridgestone was the new customer it mentioned in February that was buying 50 of its iTrack II units, for installation in mines in North America.

'The company is pleased to announce that it has 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 ability to extend,' it said.

Based on the agreement, Bridgestone had 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.

Bridgestone would also provide interest-free loan of $750k to enable the company's Translogik division to support the accelerated rate of growth that was anticipated from the relationship.

Transense said it had 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 for a period of six months 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.

At 8:31am: [LON:TRT] Transense Technologies PLC share price was +8p at 69p

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