Remote Monitored Systems PLC Cloudveil and GyroMetric Update (1350J)

TIDMRMS

RNS Number : 1350J

Remote Monitored Systems PLC

08 April 2020

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

8 April 2020

Remote Monitored Systems plc

("Remote Monitored Systems", the "Company" or the "Group")

Cloudveil reports unprecedented level of interest in its crisis management services

GyroMetric secures an order and continues production

Remote Monitored Systems plc is pleased to report the following updates by Cloudveil Limited ("Cloudveil"), which is wholly owned by the Group, and Gyrometric Limited ("GyroMetric"), the Group's 58% owned subsidiary. Cloudveil has seen a surge in demand and has secured an order whilst GyroMetric has maintained production and secured an order with a significant customer. The full updates are set out below.

Cloudveil sees an unprecedented level of enquiries

Cloudveil has seen an unprecedented level of enquiries for its services over the past two months. The enquiries have come from blue chip companies in the UK and Europe, and large educational establishments, sports clubs and public institutions. Cloudveil is engaged in detailed discussions about commercial terms with a number of these potential customers.

Cloudveil provides the following types of services:

   1)    Security and Risk Management consultancy 
   2)    Intelligence Services 
   3)    Bespoke Management Information Software 

Cloudveil has recently won a contract to deliver a governance framework for the security programme of a prominent London based academic institution and is now bidding to provide a security testing programme to one of the largest public sector institutions in the UK financial services sector

Cloudveil is currently assisting two of the UK's largest security guarding firms to manage the evolving risks associated with the Covid-19 pandemic.

The Directors of RMS are supporting Cloudveil executives directly and also by diverting resources to focus upon this unanticipated demand for their services.

Cloudveil has developed a complete security framework including crisis management, which is managed and delivered through IRIS, Cloudveil's existing bespoke Management Information platform. Jonathan Thomas, Director of Cloudveil said: "Cloudveil will always go further to explore better ways to manage risk. Policy review, procedural growth, strategy development, improved learning methods, effective recruiting and of course technology solutions are all component parts of Cloudveil's highly innovative approach to security risk management. We are pleased with the support shown to us by RMS as we face the new challenges and opportunities presented by the current global crisis."

GyroMetric secures order from a global leader in marine propulsion systems as it maintains production

GyroMetric is continuing to maintain its bespoke production facility while strictly observing all the current Covid-19 safety recommendations. GyroMetric is pleased to announce an order for 10 units from a global leader in developing, producing and marketing innovative system solutions for marine propulsion systems. The client is a market and technology leader in the development of highly flexible couplings, shaft systems and elastic mounts. The order comprises 10 units and whilst the revenue will not be material for RMS, the commencement of the commercial rollout of the GyroMetric product with a world-renowned client is a further milestone and testament to the quality of the GyroMetric offering.

The recently appointed GyroMetric Systems CEO John Richardson, said "This order represents one of our major customers planning for growth in new markets, we are of course pleased to be able to maintain production to satisfy demand."

The Company and the management teams of both businesses continue to carefully marshal the limited cash resources available at present and particularly so in anticipation of the potential for broader impacts of Covid-19 on the economy in general including in markets in which the Company operates.

Trevor Brown, Executive Director of RMS, commented, "The Board of RMS has been pleased with the trajectory of its most recent investment, Cloudveil, however the recent significant upsurge in demand was unanticipated. It is too early to say clearly what the financial impact will be upon the Group's prospects but, combined with the new order for GyroMetric products, the future looks brighter than it was the last we communicated with our shareholders. "

ENQUIRIES :

 
 Remote Monitored Systems plc 
 Trevor Brown (Executive Director)    [phone] 
 Nigel Burton (Non-Executive 
  Chairman)                           [phone] 
 
 SP Angel Corporate Finance LLP 
 Nominated Adviser and Joint 
  Broker                               + 44 20 3470 0470 
 Stuart Gledhill 
 Jeff Keating 
 Caroline Rowe 
 
 Peterhouse Capital Limited 
 Joint Broker                         + 44 20 7469 0930 
 Lucy Williams 
 
 

About GyroMetric

GyroMetric Systems Limited www.gyrometric.systems develops and manufactures digital monitoring and safeguarding systems for rotating shafts. The GyroMetric technology uses proprietary algorithms, software and AI techniques to analyse remotely critical drive shaft performance so as to diagnose and predict drive system maintenance requirements before catastrophic damage occurs. The company's technology is proven, operating reliably in harsh environments over many years. Remote Monitored Systems plc has a 58% shareholding in GyroMetric.

About Cloudveil

Cloudveil has two main operational activities: Intelligence Services and Security Risk Management. Intelligence Services comprises Due Diligence, as pre-transaction or pro-active research and reporting, and Investigations, which are conducted post-transaction, or as a reactive measure. Cloudveil's Security Risk Management Practice covers four main areas: Programme Development, Risk and Resilience Measures, Learning and Development and Management Information.

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April 08, 2020 02:00 ET (06:00 GMT)