REG - Trackwise Designs - OEM B Nomination Update & Further Results Delay

Trackwise DesignsAnnouncement

21/07/2023 15:00

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RNS Number : 8482G  Trackwise Designs PLC  21 July 2023

TRACKWISE DESIGNS PLC

 

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

 

OEM B Nomination Update & Further Delay of 2022 Results

 

 

Trackwise Designs plc (AIM: TWD), a leading manufacturer of specialist
products using printed circuit technology, announces an update on progress
towards supplier nomination for a prospective OEM end customer ("OEM B").

 

Nomination Update

 

After working with a Tier-1 for more than a year on the opportunity to supply
Cell Connection System FPCAs to the Tier-1, for onward assembly and supply to
OEM B, Trackwise has been informed by the Tier-1 that the Tier-1 has not been
successful in obtaining nomination from OEM B.

 

As a result the Board is reviewing all options for TWD, and a further
announcement will be made shortly.

 

Delay of Results

 

In accordance with Rule 19 of the AIM Rules for Companies, the Company was
required to publish its 2022 Annual Report by 30 June 2023. The Company
previously announced that it expected to publish the 2022 Annual Report
during July 2023. As a result of the above news regarding nomination for OEM
B, publication of the 2022 Annual Report will be further delayed. Accordingly,
trading in the Company's ordinary shares on AIM will remain suspended at this
time.

 

The SCL Sale Process

 

Further to the announcement on 3rd May, a sales agent for the SCL Sale Process
has been appointed and the process is underway. Initial offers have been
received and are being assessed.

 

 

Enquiries

 

 Trackwise Designs plc                           +44 (0)1684 299 930
 Philip Johnston, CEO                            www.trackwise.co.uk (http://www.trackwise.co.uk/)
 Paul Cook, CFO

 finnCap Ltd                                     +44 (0)20 7220 0500
 NOMAD and Broker
 Ed Frisby/Fergus Sullivan - Corporate Finance

 Andrew Burdis/Barney Hayward - ECM

 Alma PR                                         +44 (0)20 3405 0205
 Financial PR and IR
 David Ison/ Kieran Breheny/Pippa Crabtree

 

Notes to editors

Trackwise is a UK-based, King's Award winning, manufacturer of specialist
products using printed circuit technology.

 

The full suite includes: Improved Harness Technology™ ("IHT") and Advanced
PCBs - Microwave and Radio Frequency ("RF"), Short Flex, Flex Rigid and Rigid
Multilayer products.

 

IHT uses a proprietary, patented process that Trackwise has developed to
manufacture multilayer flexible printed circuits of unlimited length. While
the technology has many applications, the directors expect that one of its
primary uses will be to replace traditional wire harnesses in a variety of
industries.

 

The Company operates from three sites, located in Tewkesbury, Stonehouse
and Stevenage. It serves customers in Europe and North America.

 

Trackwise Designs plc was admitted to trading on AIM in 2018 with the ticker
TWD. For additional information please visit www.trackwise.co.uk.
(http://www.trackwise.co.uk/)

 

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part
of UK law by virtue of the European Union (Withdrawal) Act 2018. The
information is disclosed in accordance with the Company's obligations under
Article 17 of the UK MAR. Upon the publication of this announcement, this
inside information is now considered to be in the public domain.

 

 

 

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