Transense Technologies, a sensors specialist, has been informed by one of the world's largest mining companies that its iTrack Tyre Temperature and Pressure Monitoring System for mining and off-the-road vehicles has successfully completed field trials and is now an approved product for deployment in the southern African region.
The unnamed mining company will initially focus on fitting the iTrack system to its haul trucks while also considering fitment to its ancillary mine vehicles, more than doubling the potential number of vehicles requiring the system. The iTrack system alerts operators to track their vehicles in real-time and receive early warning of potential problems or hazards.
Surgical Innovations Group, which provides solutions for minimally invasive surgery, has signed a five-year extension to its distribution agreement with UK distributor Elemental Healthcare. The agreement is worth £5.0m over the period of the contract, which is based on minimum contracted volumes and provides Elemental with continued exclusive distribution rights to Surgical Innovation's entire product portfolio within the UK under the SI brand.
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Treveria Group, a German retail-focused real estate investment company, turned to a loss for the year ended December 31st 2011 after gross rental income on managed properties fell from €124.3m to €95.1m year-on-year. Reported loss before tax came in at €14.7m (2010: profit €143m), while adjusted profit actually rose from €5.0m to €5.8m. The company reported a small decline in its portfolio value from €1.37bn to €1.33bn while net asset value per share fell from 54 cents to 48.8 cents. The company secured 233 new leases secured during 2011 generating annual rent of €15.3m, down from the 299 leases and €14.5m generated the previous year. The firm said its cost-cutting programme was progressing.
Media Corportation has made all of the staff in its Purple Lounge division redundant and will liquidate the relevant companies after a review found it was no longer tenable due to "historic operational and financial failings within the business". The company said it will specifically request that the liquidators look into the financial arrangements within the Purple Lounge group of companies and to review the position as to player funds.
"The board regrets any corporate failings in the past and seeks to assure shareholders that it is exploring routes to try, in some way, to mitigate the expected player losses, though this is against a background where the group has loaned well over £1.0m to the division since its acquisition in October 2009," the firm said. The company was keen to emphasise that it does not believe that the group will incur any further liabilities over and above the realisation of the loan and that it will be working to bring the company back to profit as quickly as possible.
Minoan Group is in the process of acquiring Ski Travel Centre, a Glasgow-based travel agency, and will complete the transaction following regulatory approval, which is aimed to be completed by the end of July. Commenting on recent economic developments in Greece, the company said that it believes any future government will "proactively seek to attract investment in quality tourism and the value of such tourist assets will be underpinned by their ability to generate foreign earnings". The firm also said that its travel and leisure business continues to trade well and commissions and operating profits are on budget.
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