Traffic Technologies secures significant financing and partnership with SG

Traffic Technologies Limited (ASX:TTI) has announced a significant partnership with SG, a leading IoT technology-agnostic solutions provider and manufacturer. SG will provide USD $3 million in debt financing through a convertible note, along with an AUD $0.9 million equity investment. This partnership also involves the conversion of part of the debt facility with First Samuel. Additionally, SG will become Traffic Technologies' main IoT solutions provider, leveraging SG's engineering teams in Hong Kong, Dongguan, Eindhoven, and Toronto.

Executive Commentary on the Partnership and Financing

Carl Hung, President & CEO at SG, expressed confidence in Traffic Technologies' capabilities and highlighted the investment of working capital, design, and manufacturing support as a testament to their commitment. He emphasized the anticipation of significant growth and value delivered to Traffic Technologies' shareholders. Con Liosatos, Managing Director at Traffic Technologies, expressed excitement about the partnership with SG, citing SG's extensive design and manufacturing know-how, as well as their geographical flexibility with sites in China, Malaysia, and Mexico, which will broaden the scope of Traffic Technologies' product roadmap and enable them to satisfy customer demand on a global scale.

Summary of Partnership and Financing Announcement

Traffic Technologies (ASX:TTI) has secured a substantial financing package and partnership with SG, a prominent IoT technology-agnostic solutions provider and manufacturer. The partnership includes USD $3 million in debt financing through a convertible note, an AUD $0.9 million equity investment, and the conversion of part of the debt facility with First Samuel. SG will also become Traffic Technologies' main IoT solutions provider, offering support through their engineering teams in various locations. The collaboration aims to support the continuous growth of Traffic Technologies to meet the foreseeable demand for smart traffic solutions. Both companies have expressed their commitment to developing products that enhance living standards, with SG's investment and support reflecting their confidence in Traffic Technologies' capabilities. The partnership is expected to bring significant growth and value to Traffic Technologies' shareholders, while also enabling the company to satisfy customer demand on a global scale through SG's extensive expertise and geographical flexibility.