REG - PipeHawk PLC - Update re. Major contract with Ventive Limited

PipehawkAnnouncement

17/10/2022 07:00

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RNS Number : 0227D  PipeHawk PLC  17 October 2022

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17 October 2022

 

PipeHawk plc

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

 

Update re. Major contract with Ventive Limited

 

PipeHawk provides the following update in relation to the contract entered
into between QM Systems Limited ("QM"), one of the Group's principal
subsidiaries, and Ventive Limited ("Ventive") announced on 10 March 2022.

 

In order to meet production deliverables associated with the "Ventive Home"
System, Ventive needed to raise additional development capital. Pipehawk
understands that Ventive is at an advanced stage of discussions to secure such
funding.

 

The receipt of the additional development capital by Ventive has taken longer
than originally anticipated. As a result, production of the "Ventive Home"
System, which was scheduled to begin in June 2022, is now expected to commence
in September 2023, with the product coming to market in the fourth quarter of
2023. As a consequence, revenues for QM associated with contract manufacturing
of the "Ventive Home" System, which were expected to occur in the year ending
30 June 2023, are now expected to accrue in the subsequent financial year. QM
continues to expect to receive revenue in connection with the building of the
"Ventive Home" System production line within the year ending 30 June 2023.

 

 

Gordon Watt, Chairman of PipeHawk plc commented:

"While I am disappointed that the timing of production has been delayed for
this project which has delayed the commencement of revenue for PipeHawk, I do
recognise the challenges faced when bringing new and innovative disruptive
technology to market. As a business, we thrive on being at the forefront of
technological development, in particular where that technology has the
capacity to have positive impact on our world.  I look forward to Ventive
securing the additional development capital and working with Ventive to bring
this innovative and exciting product to market

 

 

Enquiries:

 

 PipeHawk Plc                        Tel. No. 01252 338 959

 Gordon Watt (Chairman)

 Allenby Capital (Nomad and Broker)  Tel. No. 020 3328 5656

David Worlidge/Vivek Bhardwaj

 

 

 

For further information on the Company and its subsidiaries, please visit:
www.pipehawk.com (http://www.pipehawk.com/) (http://www.pipehawk.com/)

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