T42 wins security seal order from Bulgaria

Container and freight security and monitoring technology company T42 IoT Tracking Solutions announced a commercial order from security seal supplier Olimp Bulgaria on Tuesday.

The AIM-traded firm said that, following an “extensive” pilot programme that ran for more than 18 months half and included working with Bulgaria's national customs authority, T42 had delivered the first order for 250 ‘Lokies Smart Tracking Lock’ units to be used by Bulgaria's customs authorities.

It said the pilot programme followed a competitive tender, and included a comparison of multiple competitor units, each of which was activated and integrated with Bulgarian customs systems and operating procedures.

“This order shows how T42 is expanding in new geographies, sectors and markets,” said chief executive officer Avi Hartmann.

“It demonstrates that our products compare favourably when tested against competitors. It has also shown our ability to work effectively with customs authorities and deliver benefits to our customers very quickly after adoption.

“We are hopeful this order will be followed by more in a long-term, mutually beneficial relationship with Olimp Bulgaria and we look forward to updating the market on this in due course.”

At 1118 BST, shares in T42 IoT Tracking Solutions were up 14.53% at 13.4p.

Reporting by Josh White at Sharecast.com.