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t42 IoT Tracking Solutions PLC on Tuesday said it has received orders worth more than $2.5 million from Contguard Ltd, and has agreed to extend its existing $1.3 million loan.
Shares in t42 were up 23% at 2.71 pence in London on Tuesday afternoon. The stock remains down 40% over the past year, however.
The provider of real-time tracking solutions for the freight market said the maturity date of its $1.3 million secured convertible loan from Ewave Mobile Ltd has been extended to December 10, 2027.
Contguard has also placed purchase orders for t42 tracking product units, worth more than $2.5 million, with payments in advance of deliveries. The orders are scheduled for 2025 and 2026.
‘The board views this agreement as a strong endorsement of the company’s technology and market positioning. The order reflects only part of the growth in demand expected from Contguard, whose operational performance has led to a marked increase in order volumes,’ said t42.
‘Furthermore, once deployed and operational, the units are expected to generate additional significant [software as a service] revenues to the company.’
t42 expects to release its results for the six months to June 30 by the end of August.
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