We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Fireangel Safety Technology Group Plc | LSE:FA. | London | Ordinary Share | GB0030508757 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.25 | 3.50 | 5.00 | 4.25 | 4.25 | 4.25 | 0.00 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Communications Equip, Nec | 57.46M | -5.85M | -0.0323 | -1.32 | 7.7M |
TIDMFA.
RNS Number : 5928U
FireAngel Safety Technology Group
07 April 2021
7 April 2021
FireAngel Safety Technology Group plc
('FireAngel', the 'Group' or the 'Company')
Significant long term partnership signed to develop new generation smoke alarm
FireAngel (AIM: FA.), one of Europe's leading developers and suppliers of home safety products, announces that it has signed a long term partnership agreement with a German energy and efficiency service provider for the real estate sector (the "Partner") to provide a fully funded research and development programme for a new generation smoke alarm. The Partner which was founded nearly 70 years ago provides services to approximately 12 million apartments worldwide and in its most recent financial period, being the six months ended 30 September 2020, had turnover of approximately EUR 317 million.
Following a competitive tender process and almost 18 months' co-operation between the parties, including extensive customer-led research, FireAngel has agreed to provide the Partner with a new 10 year connected smoke alarm based upon FireAngel's Gen6 platform. This next generation alarm will offer additional, innovative safety and environmental features to meet the increased demands of landlords as well as tenants. Both parties will have the right to use any foreground IP resulting from development of the new smoke alarm.
Pursuant to the terms of the partnership agreement, the Partner will fund the development phase of the next generation smoke alarm. In addition, FireAngel will receive a fee of GBP1.4 million for use of its background IP during the development phase. Thereafter, once production of the next generation smoke alarm has commenced, a royalty fee per product will be payable to FireAngel with a multi-million volume fee agreed for the initial 30 months. Manufacturing of the next generation smoke alarm is expected to commence in early 2024. It is forecast that 7 million new devices will be produced with a minimum of 3.5 million expected to be produced in the first 2.5 years.
It is anticipated that FireAngel will be responsible for production of the new smoke alarm and that a manufacturing partner will be selected jointly during the development phase. It is expected that FireAngel will receive a minimum 3 year manufacturing commitment and will receive a manufacturing and support fee payable for each device delivered.
John Conoley, Executive Chairman of FireAngel, commented: " This is the most significant development for FireAngel for several years and is expected to be transformational for the Group. The directors estimate that, during the life of the partnership, the Company should earn up to EUR21 million in royalty, management and support fees. The Company's long-standing commitment to R&D, combined with the adoption of development processes from the IT world, have contributed to us signing this partnership which will be materially cash positive and contribute financially to the Company for the long term. Finally, it reflects our aim to spend more of our time and resource on higher value activities. The customer has acted like a true partner throughout this long process."
For further information, please contact:
FireAngel Safety Technology Group plc 024 7771 7700 John Conoley, Executive Chairman Jon Kempster, Interim Chief Finance Officer Shore Capital (Nominated adviser and broker) 020 7408 4050 Tom Griffiths/David Coaten Houston (Financial PR) 0204 529 0549 Kate Hoare/Laura Stewart
Notes to Editors
About FireAngel Safety Technology Group plc
FireAngel's mission is to protect and save lives by making innovative, leading-edge home safety products which are simple and accessible. FireAngel is one of the market leaders in the European home safety products market.
FireAngel's principal products are connected smoke alarms, CO alarms, heat alarms and accessories. The Company has an extensive portfolio of patented intellectual property in Europe, the US and other selected territories. Products are sold under FireAngel's leading brands of FireAngel, FireAngel Pro, FireAngel Specification and AngelEye.
For further product information, please visit: www.fireangeltech.com
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 or visit 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.
END
AGRUPUPPCUPGPUQ
(END) Dow Jones Newswires
April 07, 2021 02:00 ET (06:00 GMT)
1 Year Fireangel Safety Technol... Chart |
1 Month Fireangel Safety Technol... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions