OTAQ PLC Further Investment in Minnowtech (7865S)
March 19 2021 - 2:00AM
UK Regulatory
TIDMOTAQ
RNS Number : 7865S
OTAQ PLC
19 March 2021
OTAQ plc
(" OTAQ ", or the "Company")
Conversion of Convertible Loan Note and Further Equity
Investment in Minnowtech LLP
OTAQ, the marine technology products and solutions group for the
global aquaculture and offshore oil and gas industries, is pleased
to announce that it has elected to convert all of its 6 %
Convertible L oan Notes (the "CLNs") issued by Minnowtech LLP
("Minnowtech") into ordinary shares in Minnowtech. In addition to
converting the CLNs, OTAQ has also agreed to a further equity
investment of $150,000 in Minnowtech (the "Equity Investment").
Following conversion of the CLNs and the Equity Investment, OTAQ
will hold a beneficial interest in approximately 15.2% of
Minnowtech's issued ordinary share capital.
Minnowtech is an innovative US-based aquaculture technology
company that has developed a proprietary imaging platform,
incorporating OTAQ's sonar technology, that enables
commercial-scale shrimp producers to accurately and automatically
measure shrimp abundance in order to optimise feeding regimes and
reduce disease challenges. Minnowtech's unique IP and data-based
imaging tool will enable shrimp farmers to optimise the health and
growth of their crop, thereby enhancing the productivity of their
shrimp harvest. The Food and Agriculture Organization of the United
Nations estimated the size of the farmed shrimp market in 2018 to
be 5.1 million tonnes, with a value of $31.2 billion.
The additional investment and the agreement for OTAQ to supply
Minnowtech on an exclusive basis with sonar hardware for its shrimp
biomass analysis systems strengthens the development agreement
entered into in early 2020, giving both parties a stronger
relationship and capability in innovative product and market
development.
Commenting on the investment in Minnowtech, Phil Newby, Chief
Executive at OTAQ, said:
"We have been very impressed by the progress and opportunity at
Minnowtech. Our strategy is focussed on exploiting technical
collaborations with those who have capabilities in related product
areas and with access to new markets for OTAQ. Minnowtech fits this
brief well and both sides can see additional opportunities emerging
as the developments progress."
Ken Malone, co-founder of Minnowtech added:
"Working closely with the OTAQ group over the last year has
accelerated our product development as they bring their experience
in commercialising technologies to the partnership. We're excited
to expand this relationship as we move into full scale product
launch."
Contacts :
OTAQ PLC Via Walbrook
Alex Hambro, Non-Executive Chairman
Phil Newby, Chief Executive Officer
Matt Enright, Chief Financial Officer
Dowgate Capital Ltd (Broker & Adviser) 020 3903 7715
David Poutney/James Serjeant
Nicholas Chambers
Walbrook PR Ltd Tel: 020 7933 8780 or O taq@walbrookpr.com
Tom Cooper/Nick Rome/Nicholas Johnson 0797 122 1972 or 07748 325 236 or 07884 664 686
About OTAQ:
OTAQ is a highly innovative marine technology company focused on
the marine aquaculture, offshore energy, renewables and
oceanographic research sectors. It has 42 employees in four
worldwide locations: Lancaster, Aberdeen and Ulverston in the UK
and Puerto Montt in Chile. OTAQ's marine technology portfolio
includes a market-leading intelligent acoustic deterrent system,
designed to protect marine-based aquaculture sites from predation,
with multiple systems deployed in Scotland, Chile, Finland and
Russia.
The Oceansense leak detection systems have a global reputation
as the industry standard solution and have been deployed
successfully on hundreds of jobs. The Dragonfish laser measurement
system is fast becoming recognised as one of the most accurate
underwater precision laser measurement systems available. OTAQ also
has significant experience in the design & manufacture of
underwater connectors, penetrators & communication systems.
It seeks to develop and continuously improve its products using
its specialist mechanical, electronic and software engineers with
decades of experience in bringing underwater technology products to
market.
OTAQ is proud to be fully ISO 9001;2015 accredited through
DNV-GL. ISO 9001 is an internationally recognised quality
management system and demonstrates OTAQ's commitment to
consistency, continual improvement and customer satisfaction. The
certification also demonstrates its ability to consistently deliver
products and services to market whilst meeting statutory and
regulatory requirements by applying an effective quality management
system.
About Minnowtech:
Minnowtech is an aquaculture technology company that provides a
software imaging platform that enables shrimp farmers to estimate
shrimp abundance. Using Minnowtech's data-based imaging tool,
shrimp farmers can optimize the health and growth of their crop,
enhancing the harvest of market-size shrimp. Learn more:
www.minnowtech.com
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDUWRWRAVUOAAR
(END) Dow Jones Newswires
March 19, 2021 03:00 ET (07:00 GMT)
Otaq (LSE:OTAQ)
Historical Stock Chart
From Mar 2024 to Apr 2024
Otaq (LSE:OTAQ)
Historical Stock Chart
From Apr 2023 to Apr 2024
