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Tern PLC (TERN)
Tern PLC: Long term contract win for Device Authority and Further re
Portfolio Update
27-Dec-2018 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
*27 December 2018* *Tern Plc (the "Company", or the "Group")*
*Long term contract win for Device Authority and Further re Portfolio
Update*
*Long term contract win for Device Authority*
Tern Plc (AIM:TERN), the investment company specialising in the Internet of
Things ("IoT"), is pleased to announce a five year contract win for Device
Authority ("DA"), the IoT security business in which Tern has a 56.8%
holding.
The contract, with a leading medical device manufacturer, has a first year
contract value of approximately $80,000 to DA, with an anticipated value of
more than $1 million over five years.
The contract will see DA, in conjunction with a leading hardware security
modules (HSM) vendor, utilise DA's KeyScaler platform to deliver a security
solution for the high quality surgical devices the customer manufactures,
used in a variety of hospital treatments, which handle critical and
confidential patient data. DA will provide enhanced features, supporting
both online and offline processing.
*Tern CEO Al Sisto said: *"We are delighted to announce this new contract
win for Device Authority within the Internet of Medical Things space. This
demonstrates the versatile nature of DA's KeyScaler platform, its patented
technology and the company's continuing ability to produce and develop
integral security solutions.
"We look forward to announcing further updates from DA in the future."
*Further re Portfolio Update*
Further to the announcement issued on 22 November 2018, the Company wishes
to make clear that the reference to total cash raised in the year of GBP6.0m
does not include the GBP550,000 of convertible unsecured loan notes that were
drawn down on 9 January 2018 under the GBP2.2m facility entered into on 30
November 2017 and subsequently converted into ordinary shares, as previously
announced on 17 January 2018 and 16 February 2018. The cash balance at 31
October 2018 remains as GBP2m.
This announcement contains inside information for the purposes of Article 7
of EU Regulation 596/2014. ***ENDS***
*Enquiries*
*Tern Plc* via Newgate Communications
Al Sisto/Sarah Payne
*Allenby Capital Limited* Tel: 0203 328 5656
(Nomad and joint broker)
David Worlidge / Alex Brearley
*Whitman Howard* Tel: 020 7659 1234
(Joint broker)
Nick Lovering / Christopher Furness
*Newgate Communications* Tel: 020 3757 6880
Elisabeth Cowell / Fiona Norman
ISIN: GB00BFPMV798
Category Code: PFU
TIDM: TERN
LEI Code: 2138005F87SODHL9CQ36
Sequence No.: 7027
EQS News ID: 762013
End of Announcement EQS News Service
(END) Dow Jones Newswires
December 27, 2018 02:01 ET (07:01 GMT)
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