Remote Monitored Systems PLC Cloudveil and GyroMetric Update (1350J)
April 08 2020 - 1:00AM
UK Regulatory
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) +41 7941 55384
Nigel Burton (Non-Executive
Chairman) +44 7785 234447
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.
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.
END
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