t42 IoT Tracking Solutions plc announced a five-year contract with OpenBox Ventures Inc. ("OpenBox"), for the sale and distribution of some of t42's tracking solutions and services across the USA (the "Contract"). In order to maintain exclusivity, OpenBox must meet minimum annual order volumes and whilst these are not guaranteed, if they are met it could result over the period of the Contract in over 280,000 t42 Tracking Lock units (previously known as Lokies) supplied to OpenBox and revenue of approximately US$21m in the first three years and a total of USD 76 million over the five years of the Contract, of which approximately US$29 million is expected to be contributed by recurring SaaS revenues. OpenBox distributes cutting edge technologies across the US security industry ensuring the integrity of goods transported in shipping containers.

It will act as the vendor and distributor of the t42 Tracking Lock product in the USA, as well as on certain online platforms. t42's remaining innovative IoT capabilities which enable real-time tracking, monitoring and security for shipping container owners remain outside the scope of the Contract, which the management of t42 believe have huge revenue potential in the USA alone, in addition to the Contract. The Company's new strategy targets the multibillion-dollar global shipping container industry, where the Board sees immense unmet asset tracking needs. t42's solution provides 24/7 real-time monitoring, cloud-based analytics, enhanced security and actionable data for target customers which includes ports, cargo owners, shipping companies, freight forwarders, insurance companies, customs authorities and homeland security and police.