Tern PLC: New commercial order for FundamentalVR

Tern PLC (TERN) 
Tern PLC: New commercial order for FundamentalVR 
04-Dec-2019 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
 This announcement contains inside information for the purposes of Article 7 
                of EU Regulation 596/2014. 
 
4 December 2019 
 
        Tern Plc ("Tern" or the "Company") 
 
        New commercial order for FundamentalVR 
 
Tern Plc (AIM: TERN), the investment company specialising in the Internet of 
Things ("IoT"), is pleased to announce that FVRVS Limited ("FundamentalVR"), 
      a leading virtual reality ("VR") training and data analysis technology 
     platform, and one of Tern's existing portfolio companies, has secured a 
  significant new contract (GBP0.5 million) to create a Virtual Reality Haptic 
    Simulation platform for a new customer, which is a global pharmaceutical 
                company ("the Client"). 
 
  This is the first of a planned series of virtual reality simulations to be 
   designed by FundamentalVR to support the Client's ambitions to accelerate 
   the safe and compliant use of their products. This order to configure the 
   Fundamental platform for a surgical procedure is expected to be completed 
    during 2020. FundamentalVR's technology is now being used by an array of 
                customer groups including: 
 
  · Clinics/ medical centres 
 
  · Device companies 
 
  · Pharmaceutical companies 
 
           FundamentalVR's award winning platform combines immersive VR with 
cutting-edge haptics (the sense of touch) to create low-cost, measurable and 
 scalable simulation experiences. FundamentalVR's unique technology provides 
  surgeons and medical professionals with a new and better way of developing 
   their skills. Importantly, it also provides companies with data on skills 
and usage of their products, enabling acceleration of the safe and compliant 
                use of their products. 
 
     Tern CEO, Al Sisto, said, "FundamentalVR continues to expand its market 
 presence through its complementary haptic-based simulation platforms and we 
        congratulate the FundamentalVR team on this additional contract win. 
           FundamentalVR's award-winning technology will be employed by this 
pharmaceutical company to drive the uptake of its products, highlighting the 
          broad array of medical markets available to our portfolio company. 
Importantly, the FundamentalVR team is ideally positioned to execute on this 
      potential multi-phase project following its recent fundraise which saw 
 investment from well-regarded institutions. We look forward to reporting on 
 the future growth of this exciting business, as well as our other portfolio 
                companies." 
 
        **ENDS** 
 
Enquiries 
 
Tern plc                          Via Newgate Communications 
 
Al Sisto, CEO 
 
Sarah Payne, Finance Director 
 
Allenby Capital Limited           Tel: [phone] 
 
(Nomad and Joint broker) 
 
David Worlidge/Alex Brearley 
 
Whitman Howard                    Tel: [phone] 
 
(Joint broker) 
 
Nick Lovering/Christopher Furness 
 
Newgate Communications            Tel: [phone] 
 
PR 
 
Elisabeth Cowell/Megan Kovach 
 
ISIN:          GB00BFPMV798 
Category Code: MSCM 
TIDM:          TERN 
LEI Code:      2138005F87SODHL9CQ36 
Sequence No.:  33120 
EQS News ID:   927543 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

December 04, 2019 02:00 ET (07:00 GMT)