Microsaic Systems plc Further order from DeepVerge (3561V)
13 Dezembro 2021 - 4:00AM
UK Regulatory
TIDMMSYS
RNS Number : 3561V
Microsaic Systems plc
13 December 2021
13 December 2021
Microsaic Systems plc
("Microsaic" or the "Company")
Microsaic to supply mass spectrometry equipment for DeepVerge
Modern Water Mobile Services for pathogen detection, adding the
detection of forever chemicals in soil and water
Microsaic (AIM: MSYS), is pleased to announce that it has
received a further order from DeepVerge plc ("DeepVerge") for
additional miniaturised mass spectrometry ("MS") equipment and
services (the "Order"). The value of the Order is approximately
GBP262k and part of the order (the "Further Order") is being
fulfilled pursuant to the Company's existing Framework Services
Agreement (the "Agreement") with DeepVerge, as announced on 24
March 2021 and referenced in the trading update on 6 July 2021
referring to a subsequent order under the Agreement.
Additionally, the Order includes a number of units of
Microsaic's newly developed solid phase extraction - liquid
chromatography ("SPE-LC") Systems, which do not form part of the
Agreement, and related consumables which will be used for quality
and contamination detection in a range of markets including water
and soil analysis (the "New Order"). As announced on 6 July 2021,
Microsaic had previously loaned this equipment to DeepVerge, to
enable an early evaluation of certain technical aspects of its
potential use in detecting a range of chemical contaminants,
referred to as Chemicals of Emerging Concern ("CEC"), including
forever chemicals.
It is expected that equipment with a value of up to
approximately GBP94k will be shipped by Microsaic in the current
financial year, with the remainder of the Order to be fulfilled as
soon as practicably possible in 2022.
The SPE-LC System is expected to be used to detect CECs in
water, and will be supplied to DeepVerge to form part of
DeepVerge's third generation solution of multiplex pathogen
detection and the launch of its Modern Water Mobile Services, which
will facilitate auto-sampling at wastewater sites to reduce the
time and cost of detection. Further information on the scope of the
system can be found in the announcement by DeepVerge released
today.
Glenn Tracey, CEO of Microsaic, commented:
"This order once again exemplifies the close working partnership
between DeepVerge and Microsaic, and our aligned approach to the
application of miniaturised but powerful detection technologies,
used at the point of need."
Related party transactions
The Further Order has a value of approximately GBP109k and this
constitutes a related party transaction under Rule 13 of the AIM
Rules for Companies ("AIM Rules"). At the time of entering into the
Agreement, the independent directors, being Glenn Tracey and Bevan
Metcalf, considered, having consulted with the Company's nominated
adviser, that the terms of the Agreement, were fair and reasonable
insofar as the Company's shareholders are concerned. The
independent directors also consider the terms of the Further Order
are consistent with both the terms of the Agreement and previous
orders under the Agreement, and therefore they consider the terms
of the Further Order to be fair and reasonable insofar as
shareholders are concerned.
The New Order has an approximate value of GBP153k and comprises
the additional SPE-LC Systems and related consumables, which are
outside the scope of the Agreement. The New Order also constitutes
a related party transaction pursuant to Rule 13 of the AIM
Rules.
The Company proposes to amend the Agreement such that the
provision of the new SPE-LC System, and additional goods and
services which it may develop and supply in future can be supplied
to DeepVerge in line with the current terms of the Agreement. Any
such amendments to the Agreement will necessarily be made subject
to the mutual consent of Microsaic and DeepVerge and include
provision requiring each party to consult with its respective
nominated adviser on any proposed additional goods to be added to
the Agreement from time to time.
The independent directors, being Glenn Tracey and Bevan Metcalf,
consider, having consulted with the Company's nominated adviser,
that the terms of the New Order and the proposed amendments to the
Agreement are fair and reasonable insofar as the Company's
shareholders are concerned.
Enquiries:
Microsaic Systems plc
Glenn Tracey, CEO +44 (0)1483 751
Bevan Metcalf, FD 577
Singer Capital Markets +44 (0)20 7496
(Nominated Adviser & Joint Broker) 3000
Aubrey Powell / George Tzimas (Investment
Banking)
Turner Pope Investments (TPI) Limited
(Joint Broker) +44 (0) 20 3657
Andy Thacker / James Pope 0050
About Microsaic ( www.microsaic.com )
Microsaic listed on AIM in 2011 to develop and commercialise
micro-engineering chip-based mass spectrometry equipment. Having
invested GBP30m over the last 20 years before and after the IPO,
Microsaic has a robust patent portfolio in cutting-edge technology
purpose built for "Industry 4.0" which enables analytical detection
and characterisation at the point-of-need, whether within a human
health environment, conventional laboratory setting, or within a
bioprocessing facility for continuous mass spectrometer detection
and monitoring of data at any step in the process workflow.
Microsaic's products and systems are commercially available
through global markets via a network of regional and local
partners, targeting its core laboratory, manufacturing, and
point-of-need applications.
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