RICHMOND, British Columbia (May 23, 2003)—SmarTire Systems Inc. and SensoNor ASA have signed a memorandum of agreement that outlines a production and supply schedule for key sensor components.
Richmond-based SmarTire, which develops tire pressure and temperature monitoring technology, said the agreement covers components in SmarTire's current transmitters as well as the next generation of sensors. The pact also outlines a payment schedule for non-recurring engineering fees that will satisfy SmarTire's outstanding financial obligations to SensoNor.
Norway-based SensoNor is the primary supplier of application specific integrated sensors for SmarTire's transmitters, SmarTire said. The two companies have maintained a relationship since 1997.