RNS10 Jul 2023 09:03
Fifth Development Milestone with Techem Agreement
Further to its announcement of 20 March 2023, FireAngel (AIM: FA.), a leading developer and supplier of home safety products, is pleased to announce that it has successfully delivered the fifth development milestone of its agreement with Techem Energy Services GmbH ("Techem") in connection with the new generation smoke alarm ("NGSA") being developed, primarily for the German market.
The fifth contractual NGSA development milestone, which was delivered on time, sees the project now 52 per cent. complete (up from 45 per cent. complete as at 6 June 2023) on a planned man-days basis. This also sees the electronics development component of the agreement now 95 per cent. complete (up from 91 per cent. complete as at 6 June 2023) and on schedule.
Neil Radley, Chief Executive Officer of FireAngel, commented:
"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."