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Update on Agreement with Xplosive

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RNS Number : 6408I
Starcom PLC
12 August 2019
 

12 August 2019

Starcom plc

("Starcom" or the "Company")

 

Update on agreement with Xplosive

 

Starcom (AIM: STAR), which specialises in the development of wireless solutions for the remote tracking, monitoring and protection of a variety of assets, provides the following update regarding the Company's agreement with Xplosive Solutions Pty Ltd ("Xplosive") in South Africa.

 

On 7 February 2019, the Company announced a revised agreement over a three-year period with Xplosive for the supply of Kylos units intended for use in the protection of cattle.  Although a limited number of initial goods were shipped under the revised agreement, it has become apparent to the Company that Xplosive is unable or unwilling to continue with the contractual arrangements for local reasons. Despite attempts by the Company to find a solution to these problems, the Directors of Starcom now consider this contract to have been terminated and no further action will be taken with regard to it.

 

Anticipated revenues over the three-year period under the agreement with Xplosive would have been approximately $500,000. Notwithstanding the termination of this agreement by Starcom, the Directors still anticipate that trading for the current year will be in line with current market expectations and that the Company will achieve revenue growth over the previous year.

 

The Company's interim results for the period ended 30 June 2019 are expected to be published within the next few days.

 

Enquiries:

 

Starcom Plc


Michael Rosenberg, Chairman

07785 727 595

Avi Hartmann, CEO 

 

 

+972 5447 5663

Allenby Capital Limited (Nominated Adviser and Broker)

020 3328 5656

James Reeve / Jeremy Porter / Asha Chotai 

 

 


Peterhouse Capital Limited (Joint Broker)

020 7469 0930

Lucy Williams / Charles Goodfellow / Eran Zucker 

 

 


Leander PR (Financial PR)

07795 168 157

Christian Taylor-Wilkinson

 


 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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AGRLFFIFTRILLIA

Quick facts: Starcom PLC

Price: 1.175

Market: AIM
Market Cap: £4.06 m
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