(Alliance News) - FireAngel Safety Technology Group PLC on Monday said it has successfully delivered the fifth development milestone of its agreement with Techem Energy Services GmbH.
The agreement relates to a new generation smoke alarm which is being developed for the German market primarily.
FireAngel is a Coventry-based maker of home safety products such as smoke alarms and carbon monoxide detectors.
The company said the milestone, which was delivered on time, sees the project now 52% complete. In addition, the electronics development of the agreement is now 95% complete and on schedule.
Chief Executive Neil Radley said: "The Techem partnership remains of significant long-term strategic value to FireAngel and its stakeholders. I am pleased to be able to announce achievement of this latest milestone, which remains on schedule."
Shares in FireAngel were down 5.5% to 4.02 pence each in London on Monday morning. Over the past twelve months, the stock is down 62%.
By Sophie Rose, Alliance News reporter
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