REG - Deepverge PLC - Significant contract win and Board change

DeepvergeAnnouncement

06/02/2023 17:30

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RNS Number : 0782P  Deepverge PLC  06 February 2023

6 February 2023

 

DeepVerge PLC

 

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

 

Significant contract win and Board change

 

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, announces a
significant contract win, change to the board and to the role undertaken by an
existing director.

Significant contract win

Glanaco, a subsidiary of DeepVerge acquired in March 2022, has secured a
€10m (circa £9.3m) order from an existing customer in Central Asia for the
design, assembly and supply of multi-function mobile equipment for use by
municipalities for applications including cleaning, decontaminating, de-icing,
and salting streets and public areas, with relevant data generated by the
bespoke software designed by the Company's subsidiary Rinocloud.

 

The order comprises a design licensed to the customer, the initial c£3.2m
revenues for which were included in the £17.2m (unaudited) total for 2022
announced on 9 January 2023, and production of 100 units which are contracted
to be delivered in 2023, starting in March 2023, with revenues of c£6.1m. The
order for 100 units will be managed by Glanaco's plant in Cork, Ireland where
all assembly and testing will be undertaken.

 

Board and Management changes

Fionan Murray has stepped down from the board with immediate effect to
concentrate during his notice period on maximising the value of Skin Trust
Club and Labskin Division, in line with the announcement on 20 July 2022 that
the Company is exploring a range of options to meet the unprecedented demand
for Labskin services and the accelerating growth of Skin Trust Club.

Dr Nigel Burton, interim CEO DeepVerge plc, commented:

"I'm pleased to be able to announce this contract, which is a significant
contribution to the 2023 order book and revenues.

 

I'd like to thank Fin for his significant contribution to the development of
the Company since the acquisition of Rinocloud in 2019. We wish him well in
his future endeavours."

 

 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

 

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 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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