leadf
logo-loader
RNS
viewTern PLC

Tern PLC - FundamentalVR contract win

RNS Number : 0088H
Tern PLC
01 December 2020
 

REACH

 

1 December 2020

 

Tern Plc

("Tern" or the "Company")

 

FundamentalVR contract win

 

Tern Plc (AIM:TERN), the investment company specialising in the Internet of Things ("IoT"), is pleased to announce that its portfolio company, FVRVS Limited ("FundamentalVR"), has secured a three year contract worth a minimum of £0.9 million from a new client, which is a global medical device company (the "Client"), to accelerate the adoption, and subsequent safe and compliant use, of the Client's product.

 

The contract is for the creation of a virtual reality ("VR") platform, that will be embedded on a VR headset to accompany every installation of the Client's product, to teach and provide assistance to the end user.  As well as covering the configuration of FundamentalVR's platform, the contract will also deliver recurring annual revenues over its three-year term from licences and support.  The rollout of the VR simulation is intended to deliver the Client's ambitions to accelerate the safe and compliant use of their products by using FundamentalVR's unique HapticVRTM and multiuser @HomeVRTM technologies to provide users with the opportunity to rehearse, practice, and test themselves within a safe, controllable space that is as close to real-life as possible.

 

Commenting Al Sisto, CEO of Tern, said: "We are very pleased that FundamentalVR has secured this further significant contract win.  This contract and the recently announced follow-on order from a global pharmaceutical client are, we believe, strong validations of FundamentalVR's technology.  We look forward to the continuing progress of FundamentalVR and the securing of further contracts from their significant pipeline of opportunities."

 

Enquiries

 

Tern Plc

Al Sisto (CEO)

Sarah Payne (CFO)

via IFC Advisory

 

Allenby Capital Limited

(Nominated Adviser and Broker)

David Worlidge / Alex Brearley (Corporate Finance)

Guy McDougall (Equity Sales)

 

Tel: 0203 328 5656

 

IFC Advisory

(Financial PR and IR)

Tim Metcalfe

Graham Herring

Florence Chandler

 

Tel: 0203 934 6630

[email protected]

 

About FundamentalVR

 

FundamentalVR delivers VR haptic 'flight simulators' for surgery creating a safe, measurable and repeatable space to refine skills.  FundamentalVR's goal is to transform the way surgeons prepare, practice, and refine their skills. It has built an immersive, surgical simulation application platform, Fundamental Surgery, to provide medical professionals with the opportunity to rehearse, practice, and test themselves within a safe, controllable space that is as close to real-life as possible.

 

Tern's shareholding in FundamentalVR is 26.9% and as at 30 June 2020 this holding had a book valuation of £3.0 million.

 

About Reach announcements

 

This is a Reach announcement. Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute media only / non-regulatory news releases into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on Reach.

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. 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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NRAFLFITLILIVII

Quick facts: Tern PLC

Price: -

Market: AIM
Market Cap: -
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

4 min read