Deepverge PLC Directorate and Management Changes (4539F)

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RNS Number : 4539F

Deepverge PLC

07 November 2022

7 November 2022

DeepVerge PLC

("DeepVerge" or "Company")

Board and Management changes

DeepVerge (AIM: DVRG), announces that further to the announcements of 25 October 2022 and 3 November 2022, Gerard Brandon, Executive Director with responsibility for the Modern Water Division, has resigned and will leave the Company with immediate effect to enable him to devote more time to his other business commitments.

Gerry joined the Company in August 2018 and has led the transformation of the business from a purely non-animal-testing, skin care and cosmetics business to an environmental and life science group of companies that develops and applies AI and IoT technology to analytical instruments for the analysis and identification of bacteria, virus and toxins , doubling turnover every year from GBP0.27m in 2018 to GBP9.3m in 2021, with a forecast of GBP18m this year.

The Company is pleased to announce the appointment of Paul Ryan as General Manager of the Modern Water division reporting directly to Fionan Murray. Paul is currently the Company's Chief Business Development Officer and has played a key role in transitioning Modern Water to a solutions business. He has a background in business development in emerging markets and is an experienced senior executive who has built 'tier one' distribution channels globally for over 20 years by developing relationships with utilities, national and municipal governments. He understands equipment, software and AI, and has played a leadership role in leveraging the Group's skills in instrumentation, software and data to create big ticket smart solutions that have been and are being installed and referenced in Modern Water's markets. His relationships with our suppliers, partners and customers make Paul ideally qualified for his new role.

In parallel to the above management changes, the Company is progressing with the recruitment of a new CEO and CFO and the addition of a further independent Non-Executive Director to ensure that the Company has the full set of skills necessary to take the business forward and return to full compliance with the appropriate corporate governance standards.

Dr Nigel Burton, Interim Chief Executive, commented: "The Company and Board welcome Paul Ryan to his new role, and are grateful for the significant contribution that Gerry has made to the development of the Company since 2018. We wish him well in his future endeavours."

For further information, please contact:

Enquiries:

 
                            Nigel Burton, 
 DeepVerge plc               Interim Chief Executive    [phone] 
 
 SPARK Advisory Partners 
  Limited 
  (Nominated Adviser)       Neil Baldwin                [phone] 
 
 Turner Pope Investments 
  (TPI) Limited             Andy Thacker/James 
  (Broker)                   Pope                       [phone] 
 

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November 07, 2022 02:00 ET (07:00 GMT)