t42 IoT Tracking Solutions plc announced a significant follow-up agreement with the customer referenced in 16th January 2023 announcement. Under the Agreement, the customer ("Customer"), which provides cutting-edge IoT and AI solutions for monitoring goods in the supply chain, has agreed to place orders for up to 30,000 'Lokies' units over the next three years, together with associated Software as a Service (SaaS) fees, which if received and deployed would be estimated to deliver revenues of over $7.5 million to the Company, although there is no guarantee of the total number or timing of ordering of units, nor revenues to be derived from, the Agreement. Following the initial agreement (which is being superseded by this Agreement) in January 2023, under which the Company has successfully delivered 2,000 'Lokies') tracking units along with additional other products and services, the demonstrated effectiveness of 'Lokies' units in safeguarding goods and ensuring the integrity of worldwide deliveries has led to this significant new and expanded agreement with the Customer, with an immediate despatch to satisfy the first order of 1,000 units.

The Agreement represents a strategic shift for t42, furthering its focus on the global container and supply chain market and is expected to provide a steady stream of recurring revenue throughout the period of use. After a detailed evaluation of development requirements and a thorough assessment of the Company's capabilities, the Company announced this agreement, which provides for further development and updates of 'Lokies' and positions the Company to supply the Customer and its end-users with more efficient, cutting-edge solutions. 'Lokies' stands out as a unique, smart keyless padlock, with innovative IoT capabilities.

It integrates advanced Global Navigation Satellite System (GNSS) and cellular technology, complemented by the latest Bluetooth Low Energy connectivity and sophisticated user management abilities. 'Lokies' enables customers to identify and manage various users based on their access authorisations. Their expertise in integrating cutting-edge technology into logistics processes underscores the strategic importance of their partnership with the Company.