Thalassa Holdings Limited Update for Autonomous Robotics Limited (2577C)
12 Abril 2017 - 3:00AM
UK Regulatory
TIDMTHAL
RNS Number : 2577C
Thalassa Holdings Limited
12 April 2017
12 April 2017
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa", "the Company" or "the Group")
Update for Autonomous Robotics Limited ("ARL")
The Board of Thalassa is pleased to announce that Dave Grant,
the CEO of ARL, has accepted the role of Chairman of ARL as part of
an ongoing reorganization. Arran Holloway, the Engineering Manager
of ARL, has been appointed to the board of ARL and a search for a
new CEO is underway. The ideal candidate will have an engineering
background in robotics, coupled with the ability to take on the
financial oversight role in the short term.
Thalassa acquired the business of GO Science Limited out of
administration in 2013 into GO Science 2013 Limited (renamed ARL).
A comprehensive concept of operation (CONOPS) review of the
technology was undertaken with the assistance of external
specialists. The CONOPS review identified a number of weaknesses in
the original Go Science technology and ARL has since designed an
entirely new node and node recovery system. A prototype was
successfully trialed in March, which has triggered the recruitment
of additional key personnel as part of a first phase external
funding programme. Thalassa has invested over $6.5 million into ARL
since November 2013 and will continue to provide certain funding,
although external investment will now also be sought.
Duncan Soukup, chairman of Thalassa, said: "We have reached a
point in the development of the ARL node where we need to increase
the level of investment to bring the product to market, as was
always planned. The existing team have done an excellent job so far
and I am confident that the next phase of development will continue
with the same level of success. I would like to personally thank
Dave for spearheading the project on a part time basis. However,
having achieved initial proof of concept, it is now time to scale
up the business and accelerate development with the clear objective
of achieving commercialisation within the next 3 years. To this end
we have commenced a process to identify and hire a full time CEO
who, with Dave's continued guidance, will lead the Company through
a significant capital raise and the next phase of accelerated
development."
Investor Enquiries:
Thalassa Holdings Ltd
Duncan Soukup, Chairman +33 (0)6 78 63 26 89
WH Ireland Limited (Nominated Adviser and Broker)
Chris Fielding, Head of Corporate Finance +44 (0)207 220 1650
Press Enquiries:
Square1 Consulting (Public Relations)
David Bick +44 (0)207 929 5599
www.thalassaholdingsltd.com
Note to Editors:
Thalassa Holdings Ltd, incorporated and registered in the BVI
and quoted on AIM, is a holding company currently with positions in
the Energy Services and Defence and Homeland Security
Industries.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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