T42 IoT Tracking Solutions Expresses Dissatisfaction with OpenBox Ventures

T42 IoT Tracking Solutions has expressed dissatisfaction with its contract with OpenBox Ventures, stating that it has not produced any orders to date and has failed to meet the distributor's expectations.

As a provider of real-time monitoring products for the container and freight market, the London-listed company revealed on Wednesday that it had not achieved the estimated minimum order level of $1.9 million for 2022. Consequently, the exclusivity conditions specified in the contract have not been met.

For this reason, T42 IoT Tracking Solutions has explored other opportunities in the U.S., which have proven to be successful and have resulted in new orders. The company remains optimistic about securing further orders in the future.

It should be noted that in February, T42 IoT Tracking Solutions publicly acknowledged that its five-year distribution and sales contract with OpenBox in the U.S. was not performing as expected.

Despite these challenges, the company assures that it is working diligently with OpenBox under the distribution agreement. T42 IoT Tracking Solutions promises to provide updates on the situation as developments unfold.

As of 0815 GMT, shares have taken a hit, showing a decline of 0.50 pence or 9.5%, reaching 4.75 pence.