TIDMMSYS
RNS Number : 0250P
Microsaic Systems plc
15 February 2021
15 February 2021
Microsaic Systems PLC
("Microsaic" or "Company")
Microsaic signs Heads of Terms with DeepVerge plc for initial
order and investment in
front-line diagnostic test equipment with potential total value
of up to GBP250,000
Microsaic joins water monitoring ecowaterOS Consortium
Microsaic , ( AIM: MSYS) the micro-engineering, miniaturised
chip-based mass spectrometry producer for point-of-need analytical
detection, announces that it has signed a non-binding Heads of
Terms with DeepVerge plc (AIM: DVRG) ("DeepVerge") to enter a
multi-year Framework Services Agreement ("Agreement"). Under the
Agreement, which is expected to be signed on or before 31 March
2021, Microsaic will supply miniaturised mass spectrometry
equipment and services on a non-exclusive basis across DeepVerge's
sales, marketing and distribution channels for quality and
contamination detection in a range of markets. These include Human,
Environmental Health and Diversified Industries, including point of
need and laboratory solutions in, chemical, bio chem ical, biofuel,
biodegradable plastic, biologics and waste-water treatment
industries .
Under this Agreement, Microsaic will transition its business
model to a revenue-sharing, collaborative and commercial
partnership strategy. The Heads of Terms include provision for an
initial order by DeepVerge for two units, each worth GBP50,000,
plus a commitment of up to GBP150,000 by DeepVerge plc to install
pilot facilities in DeepVerge's York laboratories . Under the
Agreement, Microsaic shall pay to DeepVerge a commission based on
the revenues received from customers introduced by DeepVerge.
Microsaic is also joining the ecowaterOS Consortium, an
end-to-end water contamination detection and decontamination
solutions provider network, for real-time monitoring and detection
of contaminated water.
The Agreement, if entered into, would constitute a related party
transaction for the Company under AIM Rule 13 and as such, further
information in accordance with the requirements of AIM Rule 13 will
be provided accordingly. Gerard Brandon and Nigel Burton,
Non-executive Chairman and Non-executive Director respectively, are
both directors of DeepVerge and, notwithstanding the non-binding
nature of the Heads of Terms, have abstained from participating in
the consideration of and entry into the Heads of Terms by
Microsaic.
Glenn Tracey, CEO of Microsaic, commented:
"We are delighted to provide our knowledge and expertise built
over 20 years on the miniaturisation of microchip-based equipment.
We believe that the integration of our technology will enhance the
accuracy and efficiencies of existing detection equipment of the
ecowaterOS multi-continental consortium. We look forward to joining
the consortium and playing our role to help mitigate the global
water crisis and to bring our detection methods to new clients
through the current and any future threats to Human and
Environmental Health."
Gerard Brandon, CEO of DeepVerge plc (an ecowaterOS member)
commented:
"We welcome Microsaic to the ecowaterOS consortium. ecowaterOS
is a global game-changer for water monitoring, recovery, treatment
and recycling as a direct result of climate change. ecowaterOS
brings together multiple partners with tried and tested engineering
skillsets, added to smart AI cloud-based data analytic technologies
and best-in-class engineering which have successfully operated at
commercial scale in the brewing, biofuel, chemical and wastewater
treatment industries."
Microsaic Systems Glenn Tracey, CEO +44 (0) 1483
plc Bevan Metcalf, FD 751 577
N+1 Singer
(Nominated Adviser Aubrey Powell / George Tzimas / +44 (0) 20 7496
& Joint Broker) Tom Salvesen 3000
---------------------------------- ----------------
Turner Pope Investments +44 (0) 20 3621
(TPI) Limited (Broker) Andy Thacker / Zoe Alexander 4120
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About Microsaic (www.microsaic.com)
Microsaic floated on AIM in 2011 to develop and commercialise
micro-engineering chip-based mass spectrometry equipment. Having
invested c.GBP30m over 20 years of development, Microsaic has a
robust and innovative patent portfolio in cutting-edge technology
designed and developed for "Industry 4.0" application. Microsaic's
system solutions enable analytical detection and characterisation
at the point-of-need, whether within a conventional laboratory
setting, or within a bioprocessing facility for continuous mass
spectrometer detection data at multiple steps in the process
workflow.
Microsaic's products and systems are commercially available
through global markets via a network of regional and local
partners, targeting its core laboratory and bioprocessing markets.
Through its new partnership with DeepVerge plc, Microsaic is also
targeting markets including waste-water treatment.
About ecowaterOS (www.ecoswaterOS.com)
Developed by the Rinocloud division of Deepverge plc, this is a
consortium of partners operating a live dynamic water management
system that supports the delivery of safe clear water from rivers
to wastewater treatment plants, using Artificial Intelligence to
provide instant alerts from remote sensors direct to stakeholders.
It continually evolves, learns and improves by bringing together
multiple existing and smart technologies to create efficient water
and deliver environmental protection. Over-the-air monitoring keeps
stakeholders constantly up to date with web and mobile alert
applications adapted for each group. Existing partners include
[mention those that are DV subs and others]
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 and the data they generate, for the analysis
and identification of bacteria, virus and toxins. DeepVerge is
utilising artificial intelligent data analytics to prove
scientifically the impact of skincare product claims on the skin
microbiome for clients including most of the top 20 global cosmetic
companies and to detect remotely, and identify in real-time,
dangerous pathogens in wastewater treatment plants, drinking water,
rivers, lakes and reservoirs.
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END
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