Remote Monitored Systems PLC - digital monitoring and safeguarding systems manufacturer - Executive Chair Antony Legge to take step back and become non-executive chair, but notes significant delays in the production and development of the anti-viral mask.
"During the COVID-19 pandemic, this was seen as a potential game changer. However, one cannot build a business around the short term demands of a single event, albeit one that has impacted the globe for over 18 months. Nor does such a narrow focus accurately reflect the underlying value of the intellectual property within the business," Legge says.
As a result, company is searching for commercial applications where its technology can be utilised, including the launch of a new liquid nutrient for plants, building on the original work by Pharm 2 Farm.
In addition, Pharm 2 Farm is also undertaking trials for a new foodstuff for monogastric animals, where Remote's nanoparticles can improve the bioavailability of key nutrients.
"A priority since the start of the year has been to manage the mask production business, where expectations had run ahead of what was deliverable and to then refocus the Group back on its core business of developing innovative solutions using our patented nano-production capability," Legge continues.
Current stock price: 0.64 pence, down 22%
Year-to-date change: down 54%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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