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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Otaq Plc | AQSE:OTAQ | Aquis Stock Exchange | Ordinary Share | GB00BK6JQ137 |
| Price Change | % Change | Share Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | 0 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 23/12/2024 | 07:00 | EQS | Confirmation: Cancellation of admission to trading on the AQSE Growth.. |
| 10/12/2024 | 11:44 | EQS | Cancellation of admission to trading on the AQSE Growth Market |
| 22/11/2024 | 15:00 | EQS | Proposed cancellation of admission to trading |
| 18/11/2024 | 07:00 | EQS | Board Change |
| 13/11/2024 | 07:00 | EQS | Trading Update |
| 01/11/2024 | 07:00 | EQS | Total Voting Rights |
| 31/10/2024 | 07:00 | EQS | Board Changes |
| 21/10/2024 | 15:37 | EQS | SIP Purchase, PDMR and Total Voting Rights |
| 30/9/2024 | 06:00 | EQS | Unaudited Interim Results |
| 17/9/2024 | 19:06 | EQS | SIP Purchase, PDMR and Total Voting Rights |
Otaq (OTAQ) Share Charts1 Year Otaq Chart |
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1 Month Otaq Chart |
Intraday Otaq Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 12/10/2022 | 11:33 | OTAQ Plc: Ocean Technology Aquaculture etc. | 125 |
| 10/3/2021 | 17:17 | OTAQ | 8 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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| Top Posts |
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Posted at 25/7/2022 15:59 by hedgehog 100 19/07/2022 07:00 UK Regulatory (RNS & others) Share Incentive Plan Purchase, Director/PDMR Shareholding and Total Voting Rights"OTAQ, the marine technology products and solutions group for the global aquaculture and offshore oil and gas industries, received notification on 18 July 2022 from Cytec Solutions Corporate Trustees Limited (the "SIP Trustee") in relation to the issue and allotment of 11,200 ordinary shares of 15 pence each in the Company ("Ordinary Shares") for the benefit of participants of the OTAQ Share Incentive Plan (the "SIP"), including those Persons Discharging Managerial Responsibilities of the Company (each, a "PDMR") outlined below in accordance with the rules of the SIP (the "SIP Award"). The SIP is an all-employee trust arrangement approved by HM Revenue and Customs, under which each participating employee will acquire Ordinary Shares at the prevailing market price per share using contributions deducted from pre-tax salary in each calendar month ("Partnership Shares"), with each participating employee being awarded one Ordinary Share for each Partnership Share ("Matching Shares"), using newly issued shares. Details of the number of Partnership Shares purchased by the PDMR at a price of 15.4 pence per Ordinary Share, and the number of Matching Shares allocated by the SIP Trustee to the PDMR for no consideration, is set out against their name in the table below. ..." OTAQ's par value, also known as nominal value, is 15p/share. So OTAQ is currently trading at below par value: closing today at 13.75p (12.5 - 15p). |
Posted at 12/7/2022 10:19 by hedgehog 100 Thanks to Troajan on LSE for flagging up this OTAQ piece on Proactive Investors today:"Market Report Market Movers Nick Fletcher 11:00 Tue 12 Jul 2022 ... 9.04am: OTAQ in demand after Chilean deal Marine technology group OTAQ PLC (LSE:OTAQ) has seen its shares swim ahead after a deal with a Chilean salmon and sea trout producer. The agreement with Salmones Antártica will see the company supply its newly launched water quality measurement equipment at several cultivation sites. The product monitors a site’s oxygen, temperature and salinity levels to provide aquaculture farmers with immediate information about the quality of their water environment. OTAQ chief executive Phil Newby said: “SASA is a greatly respected salmon producer internationally, and an excellent reference point for OTAQ in the Chilean market. We look forward to working closely with SASA to improve their production yields and broaden our supply agreement. “After this initial deployment in Chile, customer interest in Scotland and Australia is now being explored. The launch of this product is another important addition to OTAQ’s growing aquaculture solutions portfolio.” Its shares are up 12.71% to 15.78p. ..." |
Posted at 12/7/2022 10:03 by hedgehog 100 12/07/2022 07:00 UK Regulatory (RNS & others) Agreement with leading Chilean salmon & sea trout producer LSE:OTAQ Otaq PlcOTAQ announces agreement with leading Chilean salmon & sea trout producer OTAQ, the marine technology products and solutions group for the global aquaculture and offshore energy industries, is pleased to announce that it has been appointed as the technology supplier to Salmones Antártica S.A. ("SASA") for integrated water quality measurement equipment to several cultivation sites, over a full farming cycle. OTAQ's newly-launched water quality monitoring product ("WQM") continually monitors a site's oxygen, temperature and salinity levels to provide aquaculture farmers with immediate information about the quality of their water environment. Complementary to OTAQ's Sensor Globe, the WQM solution is designed to be permanently placed in situ at aquaculture farms to also assist with regulatory reporting. SASA is a top 10 supplier of Chilean salmon by production weight, with over 1000 employees. SASA's operation is vertically integrated, encompassing the entire production process from reproduction to processing across both freshwater and sea centres, including production of their own food to ensure the quality of their fish. Boasting roots in the origins and development of Chile's salmon farming industry, SASA is regarded as one of the industry's pioneers. Taking the name Salmones Antártica in 1982, they have since become synonymous with high quality production, exporting internationally under the "Five Star" brand. Phil Newby, Chief Executive at OTAQ, commented: "SASA is a greatly respected salmon producer internationally, and an excellent reference point for OTAQ in the Chilean market. We look forward to working closely with SASA to improve their production yields and broaden our supply agreement. "After this initial deployment in Chile, customer interest in Scotland and Australia is now being explored. The launch of this product is another important addition to OTAQ's growing aquaculture solutions portfolio." |
Posted at 09/6/2022 07:25 by hedgehog 100 09/06/2022 07:00 UK Regulatory (RNS & others) OTAQ announces new agreement with Canadian aquaculture innovator for water quality 'Sensor Globe'OTAQ, the marine technology products and solutions group for the global aquaculture, offshore energy and the sport and leisure industries, is pleased to announce a new multi-year distribution agreement with Sensor Globe, the Canadian aquaculture technology innovator. This follows completion of a successful development period leading to OTAQ's first Sensor Globe customer in Chile. OTAQ will distribute Sensor Globe's data collection solution, used to monitor water quality and fish welfare, primarily targeting both the Scottish and Chilean markets, two of the world's largest producers of farmed salmon. The Sensor Globe data collection unit is a powerful multi-functional sensor. The globe sensor is designed to 'flow with the fish' through pumps, pipes, treatments and machinery, measuring the water quality and the physical impact on fish, both of which are essential to fish welfare. The globe allows users to monitor real time data remotely via an intuitive user interface. Data, such as dissolved oxygen, temperature, pH, acceleration, conductivity and shock, can be seen in real time. Alternatively, the globe sensor can simply be left anywhere for months at a time, and its data can then be retrieved for analysis. Phil Newby, Chief Executive at OTAQ, commented: "The Sensor Globe adds a complementary product to our aquaculture portfolio which builds on the range of solutions already available to our clients. Having secured our first customer for the Sensor Globe in Chile, we are now looking forward to representing the Sensor Globe in our core markets and progressing the market opportunity." "We see huge potential in the suite of complementary aquaculture solutions given the positive impacts they can have on fish stock welfare and production volumes." Sheamus MacDonald, Chief Executive and Co-founder of Sensor Globe, added: "We are excited to be working with the team at OTAQ. Partnered alongside their technology in Chile and the United Kingdom will allow for us to collectively further enhance fish welfare during all stages of fish production." Enquiries: OTAQ PLC Via Walbrook Alex Hambro, Non-Executive Chairman Phil Newby, Chief Executive Officer Matt Enright, Chief Financial Officer Dowgate Capital Ltd (Broker & Adviser) 020 3903 7715 David Poutney/James Serjeant Nicholas Chambers/Russell Cook Walbrook PR Ltd Tel: 020 7933 8780 or Otaq@walbrookpr.com Tom Cooper/Nick Rome 0797 122 1972 or 07748 325 236 About OTAQ OTAQ is a highly innovative marine technology company focused on the marine aquaculture, offshore energy, renewables and oceanographic research sectors. It operates in four worldwide locations: Lancaster, Aberdeen and Ulverston in the UK and Puerto Montt in Chile. OTAQ's marine technology portfolio includes a market-leading intelligent acoustic deterrent system, Sealfence, designed to protect marine-based aquaculture sites from predation, with multiple systems deployed in Scotland, Chile and Finland. The Company's Oceansense leak detection systems have a global reputation as the industry standard solution and have been deployed successfully on hundreds of jobs. OTAQ's Dragonfish laser measurement system is fast becoming recognised as one of the most accurate underwater precision laser measurement systems available. OTAQ also has significant experience in the design and manufacture of underwater connectors, penetrators and communication systems. It seeks to develop and continuously improve its products using its specialist mechanical, electronic and software engineers with decades of experience in bringing underwater technology products to market. Concurrently, OTAQ seeks to expand its technology portfolio through acquisitive growth, with the aim of further expanding its aquaculture and offshore product offering. OTAQ is proud to be fully ISO 9001:2015 accredited through DNV-GL. ISO 9001 is an internationally recognised quality management system and demonstrates OTAQ's commitment to consistency, continual improvement and customer satisfaction. The certification also demonstrates its ability to consistently deliver products and services to market whilst meeting statutory and regulatory requirements by applying an effective quality management system. |
Posted at 07/6/2022 15:34 by hedgehog 100 OTAQ has recently been advertising for an experienced Senior Engineer for its Connectors division, "As part of continued growth":-"SENIOR ENGINEER (FULL TIME) Location: Ulverston Closing Date: 07.03.22 OTAQ is a world leading marine technology group with 5 offices worldwide serving the aquaculture, offshore energy, diving, oceanographic research and defence sectors. Our Connectors division has an enviable reputation as a leading manufacturer of underwater connectors, inserts, penetrators and moulded solutions with clients around the world including end users, distributors and multinational OEMs. OTAQ is a London main market listed PLC. As part of continued growth, we are now looking an experienced Senior Engineer to act as Technical Authority for our Connectors division. Based in our Ulverston facility, you will lead the engineering and technical manufacturing aspects of the connectors range. Ideally, you’ll have a background and good working knowledge of underwater connectors that are being used in the offshore energy, ROV or diving sectors. You will bring first class engineering skill (both electrical and mechanical), an eye for detail and an innovative, problem solving mind set. You will work closely with our production team, supporting them with any engineering challenges and helping them to improve production processes where possible. A key part of the role will also be to provide mechanical design and engineering support to one of our major product development projects. Ideally you will have experience working with fluid dynamics or pumping systems and have designed components or systems used for fluid handling. Key responsibilities • Be the technical authority within the company for all connector products and systems • Lead mechanical design on a major fluid handling project • Lead innovation on any new connectors product development • Support the production team to improve product quality and process • Face clients requiring technical support or custom solutions • Implement and manage Product Data Management system (PDM) for connector products • Support projects across OTAQ Group with mechanical engineering as required Person Specification Essential • A formal engineering qualification • 10 years relevant experience in industry • Attention to detail • Experience working with Underwater/ Subsea connectors • Experienced in use of 3D design system such as Solidworks • Excellent Interpersonal Skills • Effective in independent working • Excellent communication skills – written and verbal • Full Clean driving license Desirable • Experience working with Fluid handling/ pumping systems • Production facility experience • Product Data Management (PDM) system experience Place of work: The role will be based in our Ulverston office. Occasional travel to other OTAQ offices or client sites will be required. Hours of work: Normal working hours will be 37.5 hours per week; 8:30am to 4:30pm Monday to Friday. Reporting: A successful candidate will report to the Chief Technology Officer. Salary: £30-£40,000 depending on experience Package; Company pension scheme, employee share scheme, cycle to work, flexible working policy" This bodes well for OTAQ's imminent year-end trading update, which in the two previous years has been issued at about this time:- 01/06/2021 07:00 UK Regulatory (RNS & others) OTAQ PLC Trading Update & Notice of Results LSE:OTAQ Otaq Plc 10/06/2020 07:00 UK Regulatory (RNS & others) Hertsford Capital PLC Trading and COVID-19 Update & Notice of Results LSE:OTAQ Otaq Plc |
Posted at 31/5/2022 07:36 by hedgehog 100 31/05/2022 07:00 UK Regulatory (RNS & others) Cycling Event Tracking Contract with NTT LSE:OTAQ Otaq PlcOTAQ, the marine technology products and solutions group for the global aquaculture, offshore energy and the sport and leisure industries, announces the continuation of its relationship with NTT Ltd following the award of a contract to deliver OTAQ's bespoke precision tracking devices for a major cycling event in France. NTT Ltd is part of a GBP70bn revenue technology communications group. The OTAQ trackers will be used to precisely monitor the location of the in-race vehicles and other support vehicles used by the race organiser. The tracker technology was initially acquired through the acquisition of ROS Technology by OTAQ in November 2020, and was fully commercialised in 2021 through the development of prototypes and the completion of successful client field trials, culminating in the delivery of over 500 trackers for a major motorcycling event, also in association with NTT. OTAQ is continuing its product development programme to broaden the applications for this technology. The Board sees considerable market opportunities for OTAQ's tracking technology, not only in the sports events sector but also in other industries where the monitoring and management of mobile assets can be critical. Phil Newby, Chief Executive at OTAQ, commented: "Competitive sport is a fantastic proving ground for our technology to demonstrate its tolerance and durability. This commercial contract follows extensive trials across differing environments and endorses our approach to developing the product suite for different applications and markets using our core technology. We look forward to continuing our relationship with NTT in the future." Tim Wade, Vice-President, Advance Technology Group at NTT, added: "OTAQ's tracking device gives us very high precision tracking of assets without the need for costly additional infrastructure compared to the alternatives. Accuracy is key in competitive environments where precision has a significant bearing on both the quality of the competition and its safety." Contacts: OTAQ PLC Via Walbrook Alex Hambro, Non-Executive Chairman Phil Newby, Chief Executive Officer Matt Enright, Chief Financial Officer Dowgate Capital Ltd (Broker & Adviser) 020 3903 7715 David Poutney/James Serjeant Nicholas Chambers/Russell Cook Walbrook PR Ltd Tel: 020 7933 8780 or Otaq@walbrookpr.com Tom Cooper/Nick Rome 0797 122 1972 or 07748 325 236 About OTAQ OTAQ is a highly innovative marine technology company focused on the marine aquaculture, offshore energy, renewables and oceanographic research sectors. It operates in four worldwide locations: Lancaster, Aberdeen and Ulverston in the UK and Puerto Montt in Chile. OTAQ's marine technology portfolio includes a market-leading intelligent acoustic deterrent system, Sealfence, designed to protect marine-based aquaculture sites from predation, with multiple systems deployed in Scotland, Chile and Finland. The Company's Oceansense leak detection systems have a global reputation as the industry standard solution and have been deployed successfully on hundreds of jobs. OTAQ's Dragonfish laser measurement system is fast becoming recognised as one of the most accurate underwater precision laser measurement systems available. OTAQ also has significant experience in the design and manufacture of underwater connectors, penetrators and communication systems. It seeks to develop and continuously improve its products using its specialist mechanical, electronic and software engineers with decades of experience in bringing underwater technology products to market. Concurrently, OTAQ seeks to expand its technology portfolio through acquisitive growth, with the aim of further expanding its aquaculture and offshore product offering. OTAQ is proud to be fully ISO 9001:2015 accredited through DNV-GL. ISO 9001 is an internationally recognised quality management system and demonstrates OTAQ's commitment to consistency, continual improvement and customer satisfaction. The certification also demonstrates its ability to consistently deliver products and services to market whilst meeting statutory and regulatory requirements by applying an effective quality management system. |
Posted at 18/3/2022 17:08 by hedgehog 100 OTAQ has multiple revenue streams, and strong revenue growth looks likely on a number of product fronts.In particular, there are two products that in aggregate could potentially deliver revenue growth of say c. £2M. in OTAQ's coming financial year, which would be a step change in the company's turnover: 1. OTAQ sonars to Minnowtech. Hedgehog 100 9 Feb '22 - 20:20 - 38 of 45 Edit 0 0 0 " ... So 127 OTAQ sonars to Minnowtech will deliver over £200K. of revenue to OTAQ in its H2 to 31.3.22. If a high three figure number of sonars are expected to be supplied in 2022, say 800, then that would mean 700 in April-December 2022. Which on the basis of over £200K. for 127, would suggest over £1.1M. for a further 700." 2. OTAQ Sealfence systems in Chile. 20/07/2021 06:00 UK Regulatory (RNS & others) OTAQ PLC Final Results LSE:OTAQ Otaq Plc " ... Final Results for the year ended 31 March 2021. ... In the meantime, our ADDs are being deployed in increasing numbers in Chile, notwithstanding the ongoing Covid biosecurity restrictions that are in place. The number of operational ADDs in that market has increased from 142 as at April 2020 to 264 at the end of June 2021 and several large-scale trials are currently underway utilising our technology. The Chilean aquaculture market is substantial and estimated to be over three times larger than the Scottish market where we are currently most active. We look forward to further growth of our ADDs in Chile and other geographic markets where similar trials are currently underway and the regulatory framework is more settled. ... " 15/12/2021 07:00 UK Regulatory (RNS & others) OTAQ PLC Interim Results LSE:OTAQ Otaq Plc " ... Interim Results for six months to 30 September 2021 ...288 Sealfence units rented by Chilean customers in the period ... Post-Period Highlights -- Successful conclusion of a six-month ADD trial with a major Chilean salmon farmer ... The successful conclusion in October 2021 of a six-month trial with a major Chilean salmon farmer has resulted in discussions about a further rollout to the customer's sites. ... As a result of the Group diversifying and developing its interests outside of the Scottish salmon market, Chile has seen growth in the first half of the year and the recent successful conclusion of a six-month trial with a major Chilean salmon farmer is expected to lead to increased growth in Chile in the second half of the year and beyond. ..." So potentially an increase in OTAQ's annual turnover of c. 50% or more, from about £4M. to £6M.+. And potentially also a very strong move into pre-tax profitability. |
Posted at 17/3/2022 18:35 by hedgehog 100 Last month OTAQ also further expanded their team, in a move which further highlights the very bullish outlook for the company:"OTAQ AQUACULTURE INTRODUCE NEW BUSINESS DEVELOPMENT MANAGER ROLE 03/02/2022 We are pleased to announce the appointment of Gareth Hammond as Business Development Manager for OTAQ’s Aquaculture division as part of our continued commercial expansion strategy. Gareth, who joins us from Vaki where he was managing their fish counter and net pen aeration UK and Ireland business for over five years, said “My focus is to promote and grow the Aquaculture business for OTAQ’s expanding product portfolio within the industry globally. OTAQ’s approach towards innovative technology and collaborative working with customers to find practical solutions that improve their operational efficiencies are key reasons for me wanting to join the OTAQ team. I look forward to getting involved.” Our Chief Commercial Officer, Richard Beesley, who joined OTAQ in August 2021 said, “Gareth’ As well as expanding sales on OTAQ’s existing products such as our acoustic deterrent system Sealfence, underwater IP cameras and laser measurement systems, Gareth will be focused on the introduction of exciting new OTAQ marine technologies that will be coming to the market within the next 12 months. For any queries relating to our product range and sales please contact Gareth.hammond@otaq. 26/01/2022" |
Posted at 15/12/2021 19:00 by hedgehog 100 5/12/2021 07:05 UK Regulatory (RNS & others) Proposed Placing LSE:OTAQ Otaq PlcProposed placing by way of an accelerated bookbuild to raise GBP1.38 million OTAQ, the marine technology products and solutions group for the global aquaculture and offshore oil and gas industries, today announces its intention to conduct a placing (the "Placing") to raise gross proceeds of GBP1.38 million through the issue of 6,272,729 new ordinary shares in the capital of the Company (the "Placing Shares") to investors at a placing price of 22 pence per Placing Share (the "Placing Price"). The Placing will be conducted in accordance with the terms and conditions set out in the Appendix to this announcement through an accelerated bookbuild process (the "Bookbuild") which will be launched immediately following release of this placing announcement (the "Announcement"). In conjunction with the Placing, certain Directors of the Company intend to subscribe for Placing Shares at the Placing Price. It is anticipated that the total proceeds of such participation will amount to approximately GBP75,000. Dowgate Capital Limited ("Dowgate") is acting as Sole Broker in connection with the Placing. Summary and Highlights The Placing is required in order to address the OTAQ's near-term working capital needs, strengthen the Company's balance sheet and to take advantage of the significant accessible opportunities which the Board believes are available to OTAQ in its addressable markets. The Placing is subject to the approval by the Company's shareholders of the resolutions to be proposed at a General Meeting (as defined below) of the Company (the "Resolutions"). The Company expects to publish a circular in connection with the Placing in the coming days (the "Circular"). Phil Newby, Chief Executive Officer of OTAQ, said: "This is an exciting time for the business. Having established a portfolio of internally-developed technologies, we have a number of growth opportunities that we are looking to maximise in 2022. Continued development and investment will underpin expected growth in existing and new markets, enabling the Company to establish new revenue streams that will afford increased visibility. We very much look forward to the next stage of our development and believe we are well placed to deliver against our ambitions." 15/12/2021 10:30 UK Regulatory (RNS & others) Result of Placing LSE:OTAQ Otaq Plc OTAQ, the marine technology products and solutions group for the global aquaculture and offshore oil and gas industries, is pleased to announce that it has conditionally raised GBP1.38 million via the Placing announced earlier today through the issue of 6,272,729 Placing Shares with new and existing institutional and other investors at the Placing Price. The net proceeds of the Placing are estimated to be approximately GBP1.23 million. The Placing Price of 22 pence per share represented a discount of 10.2 per cent. to the closing price of 24.5 pence per existing ordinary share of 15 pence each in the Company ("Ordinary Shares") on 14 December 2021, being the last business day prior to this announcement. The Placing Shares will represent approximately 19.9 per cent. of the Company's existing share capital. Pursuant to the Placing, certain Directors of the Company have agreed to subscribe for an aggregate number of 340,911 Placing Shares. The Placing is subject to approval by shareholders at a General Meeting of the Company, further details of which are set out below. Directors' participation in the Placing The following Directors have subscribed for 340,911 Placing Shares pursuant to the Placing for an aggregate amount of approximately GBP75,000. Set out below are details of the Directors' beneficial interests in the share capital of the Company as at the date of this announcement and following Admission (as defined below): ... |
Posted at 25/11/2021 08:24 by hedgehog 100 25/11/2021 07:00 UK Regulatory (RNS & others) Minnowtech Contract and Trading Update LSE:OTAQ Otaq PlcOTAQ plc (LSE: OTAQ), the marine technology products and solutions group for the global aquaculture and offshore oil and gas industries, announces a new and exclusive multi-year contract to supply Minnowtech LLC ("Minnowtech") with its sonar technology, following the completion of successful trials. The Board also provides a pre-close trading update ahead of the Company's interim results for the six month period to 30 September 2021, which are expected to be released next month. Minnowtech Contract Minnowtech, which provides a non-invasive technology for managing shrimp farming around the world, has jointly developed with OTAQ a proprietary shrimp biomass solution for which OTAQ's sonar hardware is a vital component. OTAQ has supplied units for testing purposes, with a value to date of over USD50,000, which have performed in excess of expectations in real-world field tests, offering significantly better results than comparable sonar products when tested alongside the OTAQ sonar. Minnowtech is now preparing for commercial launch in Asia where an estimated 100,000 plus shrimp ponds are in operation and could benefit from Minnowtech's solution. The signing of the new contract begins with an initial order for over USD200,000 of further sonars with an expectation of further orders from 2022. Minnowtech benefitted from significant grant income from a US Government agency and equity financing in 2021 to fund its market entry in 2022. OTAQ holds a beneficial interest in approximately 15.2% of Minnowtech's ordinary share capital. Trading Update As announced on 29 October 2021, the trial programme for the Company's acoustic deterrent device ("ADD") with Marine Scotland has now concluded and the results are expected in early 2022. The Board continues to believe that the programme data will support and better inform the EPS (European Protected Species) licensing process required to enable the future operation of ADDs within Scottish waters. As previously announced, one of the Company's main customers has given notice on OTAQ's ADDs operating in Scotland in accordance with the terms of the original agreement ending in April 2022. Accordingly, the Board has taken mitigating action and is considering a range of funding options, including a significant EU development grant for which the Company has successfully completed the first application stage and will understand the outcome of the second stage in 2022. In addition, the Company is reviewing its working capital opportunities and restructuring some of its financial obligations as well as looking to capitalise on current and prospective new opportunities. The Company continues to make progress on a number of other projects, including the sports tracking project announced last month, the live plankton analysis system in partnership with Blue Lion Labs Inc., new ADD deployment in Chile, railway trials using OTAQ's tracking technology and ADD trials in Australia. Phil Newby, Chief Executive at OTAQ, commented: "We are delighted to see the continued progress at Minnowtech. It is well placed for growth and we look forward to working with its team in successfully launching their biomass solution which utilises our sonar technology. Minnowtech has worked hard on developing its business plans as well as its product and we can now see a path to growth. As demand grows for its product, OTAQ will benefit from the corresponding sonar deployment." Ken Malone, co-founder of Minnowtech commented: "Working alongside OTAQ has enabled us to accelerate our product commercialisation so allowing earlier than expected development of our commercial and sales plans. We are extremely excited by the growth potential and step change in both units deployed and returns expected. We have a solution that has been thoroughly tested and look forward to product launch soon." |
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