(“Torotrak” or the “Company”)
Durability milestone and licence payment
Torotrak (LSE: TRK) is pleased to confirm that it has completed the durability testing on production representative key component disc and rollers in relation to the Allison Transmission Inc. (“Allison”) programme. The completion of this phase of testing has triggered a £1.6m licence payment, received on 31 March 2014, against a total maximum £2.6m of license and engineering payments. This confirms Allison’s exclusivity rights as Tier 1 licensed manufacturer to commercialise Torotrak’s IVT technology in the Commercial Vehicle market.
The Company is currently in discussions with Allison over the next stage of its programme. These discussions will include the level of engineering services support required by Allison from Torotrak. The Company will update investors when reporting Preliminary Results for the year to 31 March 2014 in May 2014.
For more information, please visit www.torotrak.com or contact:
|Jeremy Deering , Chief Executive||Simon Hudson||Marc Milmo|
|Rex Vevers, Finance Director||Lulu Bridges||Karri VuoriCarl Holmes|
|Torotrak Plc||Tavistock Communications||Charles Stanley Securities|
|Tel: +44 1772 900931||Tel: +44 20 7920 3150||Tel: +44 20 7149 6000|
Notes to editors
Torotrak is a leading developer and supplier of variable drive transmission, engine boosting and kinetic energy recovery systems for vehicles. Our portfolio of technology solutions substantially improves fuel economy and reduces CO2 emissions in vehicles through harnessing the power of supercharging to enable engine downsizing, capturing and recycling energy that would otherwise be lost and managing the engine at the optimum point.