TIDMMERC
Mercia Technologies PLC
19 October 2016
19 October 2016
Mercia Technologies PLC
("Mercia", "the Company" or "the Group")
Warwick Audio Technologies strengthens Board as it prepares for
commercial launch of its award winning headphone system
Mercia Technologies PLC (AIM: MERC), which is focused on the
creation, funding and scaling of innovative technology businesses
with high growth potential from the UK regions, is pleased to
announce that its direct investment, Warwick Audio Technologies
Limited ("Warwick Audio"), has strengthened its Board as it
prepares for commercial launch of its headphone system with the
appointment of Gary Waters, former Vice President and General
Manager of BOSE(TM) Corporation ("BOSE"), as a Non-Executive
Director.
Gary was most recently responsible for the Consumer Electronics
Division at BOSE. He brings to Warwick Audio valuable experience in
the development and marketing of consumer headphone products and an
in-depth understanding of how to sell new audio technology into
major consumer electronics OEMs and automotive suppliers.
This Board appointment coincides with Warwick Audio reaching a
key milestone in its development, the first commercial application
of its High-Precision Electrostatic Laminate ("HPEL") transducer,
in Sonoma Acoustics' Model One Headphone System ("the M1"). Sonoma
Acoustics LLC, the hi-resolution audio pioneers, launched the M1,
which is targeted at the high-end, specialist audio market, at two
industry events in mid-September and early October 2016 where its
state-of-the-art design and technology received excellent reviews.
Furthermore, Warwick Audio's HPEL transducer received the
prestigious Editor's Choice Award 2016 from Innovation & Tech
Today magazine for the most innovative technology at the second of
these events, the Rocky Mountain Audio Fest, which is the largest
consumer audio and home entertainment show in the USA. Sonoma
Acoustics anticipates that the first units of the M1 will be
shipped to the US and UK in mid-November 2016.
Dr Mike Grant, Executive Chairman of Warwick Audio Technologies,
said:
"With 25 years' experience in both consumer and automotive audio
product development, we are delighted that Gary has decided to join
the Warwick Audio Board. His experience, as well as a significant
network of contacts, will make a substantial contribution to
Warwick Audio's growth as we look to transform the headphone
industry through the roll out of our HPEL technology in the wider
consumer market. His decision to join us is also a major vote of
confidence in the outstanding audio quality and promise of
HPEL."
Gary Waters, former VP and General Manager, BOSE commented
further:
"Joining the Warwick Audio team at this pivotal moment in its
development is really exciting. The launch of the first HPEL based
product with Sonoma Acoustics is a major milestone which has been
achieved in a very short period of time. I am excited by the vision
of the company, the potential of the HPEL technology and the
quality of the team. I believe the business can create something
that is truly revolutionary, delivering Hi-Resolution Audio to a
broad spectrum of consumers. I look forward to working with the
Warwick Audio Board to realise this ambition."
Dr Mark Volanthen, Investment Director (Electronics, Materials
& Manufacturing/Engineering) of Mercia Technologies PLC,
said:
"It has been encouraging to see the strong progress and positive
feedback Warwick Audio has achieved this year as the business
continues to build momentum as it prepares for the commercial
launch of its core technology into the audiophile headphone market.
Appointing such a highly regarded industry figure as Gary is
central to Warwick Audio's growth in a competitive but commercially
attractive industry, as well as to developing opportunities for the
application of its technology into the broader consumer headphone
market and in due course, the automotive market."
Mercia Technologies Capital Markets Event
Warwick Audio, along with nine of the Group's other 'Emerging
Stars' will be presenting at Mercia Technologies' Capital Markets
Event later today. There will be an opportunity to meet Mercia
Technologies Executive Directors, Investment Team and portfolio
management teams who will be showcasing their exciting technologies
in Mercia's four divisions: Software & the Internet; Digital
& Digital Entertainment; Electronics, Materials &
Manufacturing/Engineering and Life Sciences & Biosciences. The
event is being hosted at the office of Buchanan, 107, Cheapside,
London, EC2V 6DN. Guests are invited to attend any time between
11.00am and 5.00pm. If you would like to register for the event
please telephone 020 7466 5000 or email
merciatechnologies@buchanan.uk.com .
For further information, please contact:
Mercia Technologies PLC
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer
www.merciatechnologies.com +44 (0)330 223 1430
Cenkos Securities plc
Ivonne Cantu / Mark Connelly (NOMAD) +44 (0)20 7397 8900
Buchanan
Sophie McNulty, Victoria Hayns, Stephanie Watson
www.buchanan.uk.com +44 (0)20 7466 5000
About Mercia
Mercia is a national investment group focused on the creation,
funding and scaling of innovative businesses with high growth
potential from the UK regions. Mercia employs 60 people across six
offices and it has one of the largest university networks in the UK
with 18 university partnerships across the Midlands, the North of
England and Scotland. These partnerships provide access to high
quality, regional deal flow which accounts for approximately one
third of Mercia's investments.
Mercia's 'Complete Capital Solution' enables it to scale
businesses via its third party funds (with more than
GBP220.0million under management) and then over time Mercia
identifies its 'Emerging Stars' which it can provide further
capital to using its own balance sheet.
Mercia focuses on sourcing and scaling businesses across four
sectors: Digital & Digital Entertainment; Life Sciences and
Bio-sciences; Software & the Internet and; Electronics,
Materials & Manufacturing/Engineering.
In a recent report (Source: Beauhurst, The Deal, 2015/16),
Mercia was found to be the fifth most active investor in the UK and
the fourth most active in technology. Since its IPO in December
2014, the Company continues to seek early stage third party
investment opportunities and it has directly invested over
GBP24.0million across its portfolio of 'Emerging Stars'. In
addition to providing its direct investments with the required
capital, Mercia also supports the management teams to build towards
exits that will realise incremental value for Mercia shareholders
over the medium term.
The Mercia Group comprises Mercia Technologies PLC, Mercia Fund
Management Ltd and Enterprise Ventures Group Ltd. Mercia is quoted
on AIM with the epic "MERC".
About Warwick Audio Technologies
Founded in 2002, Warwick Audio Technologies is a spin-out from
the University of Warwick that specialises in the development of a
new generation of planar transducers, the High Precision
Electrostatic Laminate (HPEL). Its patented HPEL technology
delivers HiRes Audio reproduction to a wide range of consumer and
business applications. The company enables Original Equipment
Manufacturers to bring disruptive solutions to market through the
provision of IP, HPEL transducers and proprietary drive
electronics.
Its core target market is headphones, and in particular the
premium portable market. It is also exploring longer term
opportunities in other markets, in particular Automotive.
This information is provided by RNS
The company news service from the London Stock Exchange
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