Traffic Technologies Ltd. announced that the Company's contract to supply LED street lights to TasNetworks has been extended a further 12 months until October 2023. The contract is estimated to be worth $3-$5 million for the renewal period. The contract has been renewed on the same terms as initially entered into in October 2018.

Tasmanian Networks Pty Limited, trading as TasNetworks, is a Tasmanian Government State-owned company that owns, operates and maintains the electricity transmission and distribution network in Tasmania and manages the supply, installation and maintenance of over 50,000 street lights across the State. The upgrade of existing street lights with energy-efficient LEDs and photoelectric cells (PE cells) is being promoted by councils and government bodies as a sustainable improvement (with economic and environmental benefits) for the safety and security of local communities. Traffic Technologies partners with TasNetworks to assist with its street light replacement program and to facilitate the reduction of CO2 gas emissions, while significantly reducing annual power and maintenance costs.

To date, Traffic Technologies has supplied over 27,000 Smart City LED street lights to TasNetworks. The products to be supplied under the contract are Smart City "P" (Pedestrian) and "V" (Vehicles) category LED street light fittings using the latest LED technology with lower wattages to generate additional power savings. Traffic Technologies was the first manufacturer to supply major category Smart City ready LED street lights to TasNetworks and has been working closely with TasNetworks' engineers to design and develop suitable light fixtures for the Tasmanian environment.

This extension presents further opportunity for Traffic Technologies to partner with TasNetworks to assist with its replacement program and facilitate the reduction of CO2 gas emissions while significantly reducing annual power and maintenance costs.