Microsaic Systems - Manufacturing Services Framework Agreement
19/04/2022 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220419:nRSS5035Ia&default-theme=true
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 £400k 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 £400,000 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 +44 (0)734 0055 648
Gerry Brandon, Acting Executive Chairman
Singer Capital Markets +44 (0)20 7496 3000
(Nominated Adviser & Joint Broker)
Aubrey Powell / Tom Salvesen / George Tzimas
Turner Pope Investments (TPI) Limited (Broker) +44 (0) 20 3657 0050
Andy Thacker / James Pope
Related Party Transaction:
As set out above, an initial order for £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
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END CNTEAELPFDXAEAA