REG - Deepverge PLC - Microsaic Creditor; Update

DeepvergeAnnouncement

19/04/2023 13:30

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RNS Number : 7936W  Deepverge PLC  19 April 2023

19 April 2023

 

DeepVerge plc

 

("DeepVerge" or "the Company" or "the Group")

 

Microsaic Creditor; update

 

DeepVerge (AIM: DVRG), the 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, notes the
notification issued by Microsaic Systems plc ("Microsaic") on 18 April 2023.

DeepVerge confirms that amounts are currently owed by DeepVerge group
companies to Microsaic totalling approximately £1.4 million.

DeepVerge also confirms that a settlement plan ("Settlement Plan") has been
proposed to Microsaic, the terms of which are substantially agreed, and that
it has made an initial payment in line with that plan. In addition, DeepVerge
confirms that Microsaic has continued to supply services to DeepVerge during
2023, and all amounts arising during the current financial year continue to be
paid under normal 30 day terms, in line with commercial agreements between the
two parties.

DeepVerge shares a common director, Nigel Burton, with Microsaic, and
finalisation of the Settlement Plan will fall to be treated as a related party
transaction, and will require notification, under AIM Rule 13.

DeepVerge currently expects this agreement to be agreed in due course - and
until that point it is able to, and will continue to, pay amounts in line with
the Settlement Plan as proposed.

Further to commentary in the Company's 17 April 2023 notification, at present
the working capital position of DeepVerge is such that the sum total of its
trade receivables (net of impairments) and cash balances together exceed the
sum total of its trade creditors and other payable balances (with the amounts
owing to Microsaic set out above included in this).

In addition, the Company has agreed payment plans, or payment phasings, with
substantially all its creditors.

The Company is exploring funding options including trade finance as a stronger
balance sheet would enable the Company to accelerate delivery of some existing
contracts and increase confidence in seeking new business.

The Company will issue further announcements as required in line with the AIM
Rules for Companies.

ENDS

 

 DeepVerge plc                                   Nigel Burton, Interim CEO  +44 (0) 7785 234447
 SPARK Advisory Partners Limited                 Neil Baldwin               +44 (0) 113 370 8974

 (Nominated Adviser)
 Turner Pope Investments (TPI) Limited (Broker)  Andy Thacker/James Pope    +44 (0) 20 3657 0050

 

 

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.

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