t42 pursuing new shipping container tracking partnerships

(Sharecast News) - t42 IoT Tracking Solutions said on Thursday that it is pursuing new strategic partnerships and funding opportunities to expand its shipping container tracking technology into broader freight and logistics markets. The AIM-traded company said it was in discussions with potential partners in the global freight and logistics industries to explore ways its technology could enhance and improve container tracking and supply-chain efficiency.

To advance the strategy, t42 said it had appointed advisers to identify potential investors interested in providing funding to support the project.

The proposed structure would involve investment and partnerships at a project level, separate from the company's existing operations, in what t42 described as a non-dilutive approach that would not affect current shareholders or working capital.

A dedicated team would be established to lead the initiative.

t42 said the strategy aimed to extend the adoption of its tracking products and technology across the global shipping container sector, though it cautioned that there was no certainty that funding will be secured or that any transaction would proceed.

The company said it would update shareholders "in due course" as discussions progressed.

At 0857 BST, shares in t42 IoT Tracking Solutions were up 0.26% at 1.96p.

Reporting by Josh White for Sharecast.com.