(Alliance News) - Trackwise Designs PLC on Friday said that its results have been further delayed, as it also plans to review future options for the company.
Shares in the Tewkesbury, England-based manufacturer of products using printed circuit technology are currently suspended.
At the end of June, Trackwise said it expected to publish its results in July. However, it now said that it has seen further delays to its results. It did not say when it expects to publish the results.
Based on this, Trackwise shares will remain suspended.
The company had said in late March that it expected a delay in the manufacture and deliveries of parts to an electric vehicle original equipment manufacturer. This involved a GBP8.0 million order for a fixed quantity of flexible printed circuit boards scheduled for delivery through to July. The EV OEM customer reportedly was undertaking a redesign and validation of the parts to meet their revised design requirements.
In June, Trackwise said that the delay has in turn delayed the planned increase in working capital which should have accompanied the start of production, although its cash runway is anticipated to extend at least into July.
On Friday, it said that it has been informed that the Tier-1 has not been successful in obtaining nomination from OEM B. As a result, the board is now reviewing all options for the company.
Trackwise also updated on the sale of Stevenage Circuits Ltd, which was launched in May. It said that a sales agent has now been appointed and the process is underway.
"Initial offers have been received and are being assessed," it added.
By Sophie Rose, Alliance News reporter
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