TIDMMSYS
RNS Number : 5035I
Microsaic Systems plc
19 April 2022
19 April 2022
Microsaic Systems PLC
("Microsaic" or "the Company")
Microsaic signs new manufacturing services framework
and an initial contract worth GBP400k with Innovenn UK
Limited
Microsaic now supplying services for Multi-Sensor Upgrades
of Environmental and Human Health Diagnostic Equipment
Microsaic plc (AIM: MSYS) has signed a new framework agreement
with, and an initial contract worth GBP400,000 from, Innovenn UK
Limited, a division of DeepVerge plc ("DeepVerge"), to refine and
miniaturise existing monitoring equipment for environmental and
human health diagnostics (the "Manufacturing Services Framework
Agreement" or "MSFA").
The MSFA framework sets out the terms and conditions for
Microsaic to improve and manufacture certain DeepVerge products and
to provide the design, assembly, quality, and project management
functions necessary to produce and ship equipment based on
DeepVerge approved specifications, design, and quality
requirements.
The MSFA extends the parties' existing relationship which was
formalised in the 3-year framework agreement announced on 24 March
2021[i], under which Microsaic supplies its own miniaturised mass
spectrometry equipment and services on a non-exclusive basis across
DeepVerge's global sales, marketing and distribution channels, for
healthcare diagnostic and environmental health applications.(1)
Further manufacturing services contracts with DeepVerge may
follow under the new MSFA, subject to satisfactory execution of the
initial contract and mutual agreement.
The mutual goals under the MSFA include ensuring the timely
availability of quality products and in the desired quantities, as
well as meeting high workmanship and quality standards and ensuring
delivery needs are met. Furthermore, DeepVerge and Microsaic will
jointly strive to achieve value pricing consistent with prudent
practices to balance costs and the availability of services
materials.
Additional disclosure is made below in relation to AIM Rule
13.
Gerard Brandon, Acting Executive Chairman of Microsaic Systems
plc, commented:
"Microsaic's business model has been transitioned to offer
additional services which leverage the considerable depth and
breadth of technical design, engineering and delivery expertise
within its team. This new framework diversifies the Company's
revenues beyond equipment sales of Mass Spectrometers. By offering
the skillsets that created the smallest compact mass spectrometer
in the world, partner customers such as DeepVerge can outsource
their engineering development of existing and new monitoring
equipment and concentrate on growing their business. This new
agreement illustrates how Microsaic is able to access additional
revenues from other innovative companies seeking a high quality
product design, development and manufacturing service."
Microsaic Systems plc
Gerry Brandon, Acting Executive Chairman +44 (0)734 0055 648
Singer Capital Markets
(Nominated Adviser & Joint Broker) +44 (0)20 7496 3000
Aubrey Powell / Tom Salvesen / George
Tzimas
Turner Pope Investments (TPI) Limited
(Broker)
Andy Thacker / James Pope +44 (0) 20 3657 0050
Related Party Transaction:
As set out above, an initial order for GBP 400,000 has been
placed in accordance with the terms of the MSFA under an agreed
statement of work covering the specified supply of services and
product. This new contract falls outside the scope of the existing
framework agreement between the two companies.
The MSFA and the associated new order constitute a related party
transaction for the Company under AIM Rule 13, as Microsaic
directors Gerard Brandon (Acting Executive Chairman) and Nigel
Burton (Non-executive Director) are also Executive Chairman and
Non-executive Director, respectively, of DeepVerge.
The independent director (Robert Moore) considers, having
consulted with Singer Capital Markets as the Company's nominated
adviser, that the terms of MSFA and the associated new contract are
fair and reasonable insofar as the Microsaic shareholders are
concerned.
Market Abuse Regulation (MAR) Disclosure
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
About Microsaic
Microsaic develops and commercialises micro-engineering
chip-based mass spectrometry equipment. 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, or in
frontline environmental monitoring
About DeepVerge plc (www.deepverge.com)
DeepVerge is an environmental and life science group of
companies that develops and applies AI and IoT technology to
analytical instruments for the analysis and identification of
bacteria, virus and toxins; Utilising artificial intelligent data
analytics to scientifically prove the impact of skincare product
claims on skin.
[i]
https://www.londonstockexchange.com/news-article/MSYS/framework-services-agreement-update/14911251
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END
CNTEAELPFDXAEAA
(END) Dow Jones Newswires
April 19, 2022 02:01 ET (06:01 GMT)
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