Last checked at 27 Oct 2021 09:35
27 October 2021
CAP-XX Limited
("CAP-XX" or "the Company")
Result of AGM and Chairman's AGM statement
The Board of CAP-XX announces that all resolutions put to shareholders at the Company's Annual General Meeting held earlier today were duly passed.
CAP-XX's Chairman, Pat Elliott, also made the following statement in relation to the Company's activities:
"After being in a four-month lockdown since the 26th of June, I am pleased to report that Sydney, and our new factory in Seven Hills, came out of lockdown on the 18th of October. Despite the impact on manning and production our Q1 sales have again been strong, up 25% on the same period last year.
The sales order book remains strong, and the Company remains on track to meet market expectations. Demand from customers for products made at Seven Hills continues to grow, as more former Murata customers place orders especially as their stocks prior to Murata's exit are running down. We remain confident that over 75% by value of these former Murata's customers will be retained.
Further, demand for thin prismatic supercapacitors from IoT markets is growing. In addition to the sales orders already we have received, we are seeing strong enquiry levels for supercapacitors for IoT sensors, drones, microgrids and metering.
During lockdown (from the beginning of the current financial year) we have continued to increase output and yield at Seven Hills and reject rates in Q1 were approximately half those of the preceding quarter.
Operationally we are actively looking to add more technicians to accelerate the pace of improvement and product development at Seven Hills, along with the commissioning the DMH production line to produce even thinner supercapacitors sought by IoT and electronic users. Production from our contract manufacturer, Nationgate, is now recovering strongly, as Malaysia also comes out of COVID lock down. Nationgate has been adding staff to its CAP-XX production line which has increased output by over 25%.
We have installed a new enterprise resource planning system which has gone live and is designed to enable CAP-XX to cater for significant growth. We expect to see further benefits from this going forward.
On the licencing and litigation front we are waiting for the Delaware Court ordered mediation with Maxwell Technologies.
Cash reserves remain strong at A$2.7m with no debt and our R&D tax rebate of A$3.2m is expected in the next two months. The cash burn rate continues to decrease."
For further information contact:
CAP-XX Limited Anthony Kongats (CEO)
| +61 (0) 2 9428 0139 |
Kreab (Financial PR) Robert Speed
| +44 (0) 20 7074 1800 |
Allenby Capital (Nominated Adviser and Joint Broker) David Hart / Alex Brearley (Corporate Finance) Tony Quirke (Sales and Corporate Broking)
| +44 (0) 20 3328 5656 |
Cenkos Securities plc (Joint Broker) Neil McDonald / Pete Lynch
| +44 (0) 13 1220 6939 |
More information is available at www.cap-xx.com
Notes to Editors:
CAP-XX (LSE: CPX) is a world leader in the design and manufacture of thin, flat supercapacitors and energy management systems used in portable and small-scale electronic devices, and to an increasing extent, in larger applications such as automotive and renewable energy. The unique feature of CAP-XX supercapacitors is their very high power density and high energy storage capacity in a space-efficient prismatic package. These attributes are essential in power-hungry consumer and industrial electronics, and deliver similar benefits in automotive and other transportation applications. For more information about CAP-XX, visit www.cap-xx.com