REG - Avingtrans PLC - Steve McQuillan appointed as Chairman of Adaptix

AvingtransAnnouncement

14/12/2022 07:00

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RNS Number : 5971J  Avingtrans PLC  14 December 2022

14 December 2022

Avingtrans Plc

("Avingtrans", the "Company", or the "Group")

Steve McQuillan appointed as Chairman of Adaptix

 

Avingtrans CEO, Steve McQuillan, has been appointed as the non-executive
Chairman of emerging MedTech business, Adaptix, based in Oxford, UK. In
parallel, Avingtrans is investing a further £2m in Adaptix, by means of a
Convertible Loan Note. In 2021, Avingtrans invested £4m in Adaptix, for an
11.9% stake in the business, so this new investment represents a significant
further endorsement of the Adaptix team and the plans for their disruptive 3D
X-ray technology. It is intended that the additional funding will be used to
take Adaptix up to the point of award of 510(k) approval from the FDA, for its
Orthopaedic 3D X-ray product, with marketing and subsequent product sales in
the USA expected to commence thereafter. Adaptix has already placed trial
units of its Veterinary product in the USA and will commence sales in 2023.

 

It is intended that Steve will remain as Chairman until Adaptix appoints a
replacement experienced MedTech Chair, likely to occur sometime in 2023. The
key objective for Steve and for the replacement Chair, will be to lead Adaptix
to a successful exit, currently planned for 2024.

 

Enquiries:

 Avingtrans plc                                         01354 692391
 Roger McDowell, Chairman

 Steve McQuillan, Chief Executive Officer

 Stephen King, Chief Financial Officer

 Singer Capital Markets (Nominated Adviser and Broker)  02074 963000
 Shaun Dobson/Alex Bond (Corporate Finance)

 IFC Advisory (Financial PR)                            020 3934 6630
 Graham Herring

 Tim Metcalfe

 Zach Cohen

 

 

 

About Avingtrans plc:

 

Avingtrans designs, manufactures and supplies original equipment, systems and
associated aftermarket services to the energy, medical and industrial markets
worldwide.

 

Business units

 

 Hayward Tyler - Luton & East Kilbride, UK and USA, China and India

 Specialises in the design, manufacture and servicing of performance-critical
 motors and pumps for challenging environments.

 Energy Steel, Inc - Rochester Hills, Michigan, USA

 Energy Steel, part of the Engineered Pumps and Motors Division of Avingtrans
 plc, has been serving the nuclear power industry since 1982 with capabilities
 in equipment fabrication, material supply, precision machining, engineering,
 and repair services. Through strategic OEM partnerships, it also provides
 solutions for obsolete nuclear components and support for the most complex
 projects.

 Stainless Metalcraft Ltd - Chatteris, UK and Chengdu, China

 Provider of safety-critical equipment for the energy, medical, science and
 research communities, worldwide, specialising in precision pressure and vacuum
 vessels and associated fabrications, sub-assemblies and systems.

 Booth Industries - Bolton, UK

 Designs, manufactures, installs and services doors and walls which can be
 tailored to be: blast &explosion proof; fireproof; acoustically shielded;
 high security/safety; or combinations of the above

 Ormandy Group, Bradford, UK

 Design, manufacturers and servicing of off-site plant, heat exchangers and
 other HVAC (heating, ventilation and air conditioning) products

 Composite Products Ltd - Buckingham, UK

 Centre for composite technology, parts and assemblies, serving customers in
 industrial markets.

 Magnetica Ltd - Brisbane, Australia

 Magnetica Limited specialises in the development of next generation MRI
 technologies, including dedicated extremity MRI systems and MRI system
 components. Magnetica has successfully built and tested a compact, integrated
 3 Tesla orthopaedic MRI system, demonstrating clinical-quality imaging.
 Commercialisation of this system (and others) is on-going. Magnetica's
 structure now includes two other business units:

 Scientific Magnetics - Abingdon, UK

 Designs and manufactures superconducting magnet systems and associated
 cryogenics for a variety of markets including MRI and provides services for
 Nuclear Magnetic Resonance instruments.

 Tecmag Inc, Houston, USA

 Designs, manufactures and installs instrumentation, including consoles, system
 upgrades, and probes, mainly for Magnetic Resonance Imaging (MRI) and Nuclear
 Magnetic Resonance (NMR) systems.

 

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