Starcom receives further payment due from North African distributor

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Remote tracking technology company Starcom said it had received a further payment due from a North African distributor.

The company had in January received an initial payment in respect of a $1.1m contract signed with the distributor in November.

The terms of the contract required a further payment to be made before any shipments of hardware would be made under the contract.

'The company is pleased to confirm that a further payment has now been received and the company will now ship the hardware to the distributor.'

'Once shipped, the contract provides for inspection of the goods by the end client and, once concluded, a further and final sum will be payable representing approximately 20% of the overall contract value.'

'No further revenue is expected to be recognised by the company under the contract until the satisfactory completion of the product inspection by the client and receipt of the balance outstanding on the contract value.'

At 2:10pm: (LON:STAR) Starcom PLC share price was 0p at 1.25p