RCS - FireAngel SafetyTech - First Development Milestone

Fireangel Safety Technology

09/05/2022 07:00

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RNS Number : 6796K  FireAngel Safety Technology Group  09 May 2022

Reach

9 May 2022

FireAngel Safety Technology Group plc

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

 

First Development Milestone

 

Further to its announcement on 28 March 2022, FireAngel (AIM: FA.), a leading
developer and supplier of home safety products, is pleased to announce that it
has successfully delivered the first development milestone of its agreement
with Techem Energy Services GmbH ("Techem") in connection with the new
generation smoke alarm ("NGSA") being developed primarily for the German
market.

 

The first contractual NGSA development milestone, which was delivered on time
and within budget, is a Plug-Compatible Board for sensor control, and, as a
result, development phase (DP2) of the Company's development agreement with
Techem is already 18 per cent. complete (up from 10 per cent. as at 28 March
2022) on a planned man-days basis.

 

John Conoley, Executive Chairman of FireAngel, commented:

"This transformational partnership with Techem is of long-term value and has
great significance for FireAngel and its stakeholders. This opportunity has
crystallised further with the successful delivery of the first milestone
following the formal signing of DP2.

 

Techem has proved to be a committed and reliable partner and we look forward
to our shared success in the future."

 

- Ends -

 

For further information, please contact:

   FireAngel Safety Technology Group plc                024 7771 7700
   John Conoley, Executive Chairman
   Zoe Fox, Chief Finance Officer

   Shore Capital (Nominated adviser and joint broker)   020 7408 4050
   Tom Griffiths/David Coaten

   Singer Capital Markets (Joint broker)                0207 496 3000
   Rick Thompson/Alex Bond

   Houston (Financial PR)                               0204 529 0549
   Kate Hoare/Joe Burgess

 

Notes to Editors

 

About FireAngel Safety Technology Group plc

FireAngel's mission is to protect and save lives by making innovative home
safety products which are simple and accessible. FireAngel is one of the
market leaders in the European home safety products market.

 

FireAngel's principal products are connected smoke alarms, CO alarms, heat
alarms and accessories. The Company has an extensive portfolio of patented
intellectual property in Europe, the US and other selected territories.
Products are sold under FireAngel's leading brands of FireAngel, FireAngel
Pro, FireAngel Specification and AngelEye.

 

For further product information, please visit: www.fireangeltech.com
(http://www.fireangeltech.com/)

 

About Techem

Techem Energy Services GmbH ("Techem"), one of the leading service providers
for green and smart buildings, to develop a new generation alarm primarily for
the German market. Techem's focus is on energy efficiency along the entire
real estate value chain. It supports over 12 million properties in 20
countries with efficient ways of energy and water consumption and has been
doing so for more than 70 years.

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