Tern PLC
Tern PLC: Wyld Networks is awarded Innovate UK grant and appoints new CEO
24-Jun-2019 / 07:01 GMT/BST
Non-regulatory announcement
24 June 2019
*Tern Plc ("Tern" or the "Company")*
*Wyld Networks is awarded Innovate UK grant and appoints new CEO*
Tern Plc (AIM: TERN), the investment company specialising in the Internet of
Things ("IoT"), is pleased to announce that Wyld Networks Limited ("Wyld"),
the technology inventor for communications at the edge of the internet in
which Tern has a 100% holding, has been awarded a GBP121,344 grant by Innovate
UK to collaborate on a new mass production technology, SmartDrop, for
Archipelago Technology Group Ltd. ("Archipelago"). Tern is also pleased to
announce that Alastair Williamson has been appointed as CEO of Wyld
Networks.
*Award of Innovate UK Grant*
UK industry and the UK Government are strongly promoting additive
manufacturing, a market expected to reach $21bn USD by 2020 (Source:
Innovate UK). Wyld Networks will work together with Archipelago on
developing the SmartDrop manufacturing platform as a next generation,
world-leading offering for customers, assisted by GBP121,344 grant funding
from Innovate UK.
Wyld Networks will embed its technology, which has long range and mesh
capabilities, into SmartDrop, to enable it to dramatically reduce wastage
and make the process more efficient with a reduced environmental impact.
Once developed, it is intended that Archipelago will undertake pilots for a
mass-market roll out.
The grant has been awarded due to the fact that the project fits with the UK
government's initiative to support the development of digital technologies
for new applications which improve productivity, system flexibility and
resource efficiency.
*Appointment of Wyld Networks CEO*
Alastair Williamson has over 28 years' experience working for technology
companies including Krone, Lucent and most recently, Ranplan Group AB, where
he acted as CEO and VP of Sales working to develop the company's customer
base and successfully raising $7m with an IPO on NASDAQ First North in
Sweden in 2018, providing liquidity for the existing shareholders.
*Al Sisto, Tern CEO, said* "We are very pleased to have Alastair join Wyld
Networks. Wyld is an exciting company positioned for growth and adding an
experienced leader at the helm with Alastair's industry depth will bring
real strength to the team. Furthermore, securing the Innovate UKgrant and
the Archipelago partnership endorses Tern's strategic intent to develop its
IoT networking holdings. Archipelago's SmartDrop project is very
complimentary and Wyld's technology will help enable Archipelago to
accelerate the adoption of its patented additive manufacturing technology."
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***ENDS***
*Enquiries*
+-----------------------------+--------------------------+
|*Tern plc* |Via Newgate Communications|
|Al Sisto, CEO | |
|Sarah Payne, Finance Director| |
+-----------------------------+--------------------------+
|*Newgate Communications* |Tel: 020 3757 6880 |
|Elisabeth Cowell/Fiona Norman| |
+-----------------------------+--------------------------+
Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
End of Announcement - EQS News Service
829069 24-Jun-2019
(END) Dow Jones Newswires
June 24, 2019 02:01 ET (06:01 GMT)
