Photonstar LED Group PLC Release of Halcyon V2 and Accelerated Bookbuild (8208M)

TIDMPSL

RNS Number : 8208M

Photonstar LED Group PLC

02 May 2018

2(nd) May 2018

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 ("MAR").

In addition, market soundings (as defined in MAR) were taken in respect of the New Share Placing with the result that certain persons became aware of inside information (as defined in MAR), as permitted by MAR. This inside information is set out in this Announcement. Therefore, those persons that received inside information in a market sounding are no longer in possession of such inside information relating to the Company and its securities.

PhotonStar LED Group Plc

Photonstar announces release of its next generation halcyon cloudBMS product and launch of accelerated book build.

PhotonStar LED Group Plc (AIM: PSL, "PhotonStar" or "the Group"), the British designer and manufacturer of intelligent lighting and building control solutions, today announces the successful release of its next generation v2 halcyon cloudBMS(TM) product ("HalcyonV2"). The Group is also pleased to announce a proposed placing via an accelerated book build, details of which are provided below.

Version 2 of the Group's halcyon cloudBMS(TM) product

The Halcyon V2 platform is characterised by its low cost, retrofit-able wireless monitoring and control platform, halcyonPRO2(TM). The Group has also released a new halcyonPRO2 software version v925, which includes monitoring of emergency lighting systems, energy clamps, leak detectors, water monitors and critical asset -monitoring devices, augmenting the regulation of heating and cooling, shading and lighting control of previous versions of the software.

The Group believes that the Halcyon V2 platform and the latest software release for halcyonPRO2(TM) will combine to deliver a highly effective, scalable and secure Building Management System as a service, via a low cost monthly subscription model that enables building estate owners and managers to reduce energy and operating costs and experience greater transparency across their operations via data.

One of the key features of Halcyon V2 is its powerful data analytics rules engine that allows notifications of asset performance changes or faults to be shared with customers via email and SMS. The Halcyon V2 platform provides solutions for remote compliance reporting (e.g. emergency lighting testing and legionella risk reduction via temperature monitoring). Energy monitoring and reporting is also a key feature of Halcyon V2.

In addition, Halcyon V2 aims to prevent loss of trade in the restaurant and hospitality industry by monitoring critical assets such as walk-in freezers, air extraction systems, cooling and hot water systems to allow predictive maintenance, thus reducing loss of trade situations that arise from the sudden failure of these systems. The Halcyon V2 platform also provides a full cloud based environment for the monitoring of buildings including leaks, room occupancy, temperature, CO(2) , humidity and noise. Finally, Halcyon V2's technology has been developed in conjunction with feedback which has been received from customers and now allows advanced rules and notifications of potential problems via email and SMS.

Accelerated Bookbuild to raise circa GBP450,000

The Group is also pleased to announce a proposed placing, raising circa GBP450,000 (before expenses), via the issue of new ordinary shares of 0.01p each ("Ordinary Shares") to new and existing investors (the "New Share Placing").

The New Share Placing will provide PhotonStar with additional working capital and will further strengthen the Company's balance sheet ahead of the proposed roll out of Halcyon V2.

The New Share Placing is being offered by way of an accelerated bookbuild ("Bookbuild"), which will be launched immediately following this announcement. It is proposed that the New Share Placing will be executed at a price of 0.3p per share (the "Placing Price"). Peterhouse Capital Limited will be acting as bookrunner in connection with the Bookbuild.

It is expected that the finalisation of the Bookbuild will commence shortly after the Bookbuild's launch is announced and a further announcement will be made to confirm its completion in due course.

Dr James McKenzie, CEO of PhotonStar, said:

"We expect that the completion of the testing of Halcyon V2 will allow the Group to progress beyond the various single site trials that we currently have in place and roll-out its products across multiple sites, as a solution to customers' operational cost problems. The cloud-based compliance reporting, IoT data analytics and fault notifications will mean that, once the system is installed, site visits should be reduced to essential maintenance work. We believe this will offer compelling cost savings for building owners, primarily by reducing the number of site visits by up to 90% in commercial buildings.

I believe this is a major milestone for the Group, and I would like to thank our customers and shareholders for their patience and continued support over the last year.

The success of both the trials for Halcyon V2 and the control platform, halcyonPRO2(TM) represent a key development for PhotonStar and highlight the Group's future growth prospects. I look forward to providing shareholders with further updates in due course."

For further information:

 
 
 PhotonStar LED Group Plc (www.photonstarled.com) 
  James McKenzie - Group Chief Executive                [phone] 
 
 Northland Capital Partners Limited 
  David Hignell/Tom Price/Jamie Spotswood (Corporate 
  Finance) 
  John Howes/Rob Rees (Corporate Broking)               [phone] 
 
 
 Peterhouse Capital Limited 
  Duncan Vasey/ Fungai Ndoro                            [phone] 
 

About PhotonStar LED Group Plc

PhotonStar LED Group Plc is a leading British designer and manufacturer of intelligent lighting & building control solutions. The Group's proprietary technology Halcyon(TM) is a scalable, secure wireless IoT platform for retrofit into commercial buildings, for energy reduction, asset monitoring & control, and real time environmental, behavioural and energy insights.

PhotonStar is based in Romsey, Hampshire.

This information is provided by RNS

The company news service from the London Stock Exchange

END

PRLZMGGKMMVGRZZ

(END) Dow Jones Newswires

May 02, 2018 02:00 ET (06:00 GMT)