15 Feb 2021 07:00
15 February 2021
DeepVerge PLC
("DeepVerge" or "the Company")
DeepVerge signs Heads of Terms with Microsaic Systems plc for sales, marketing and distribution of Microsaic equipment and technology through Deepverge global distributor network
Proposed Framework Services Agreement to include laboratory upgrade, product development
DeepVerge (LSE:DVRG.L), the environmental and life science AI company, announces that it has signed a non-binding Heads of Terms with Microsaic Systems plc ("Microsaic") to enter a multi-year Framework Services Agreement ("Agreement") whereby DeepVerge will be appointed as non-exclusive agent to promote Microsaic's technologies. The Agreement, to be completed on or before the 31 March 2021, will allow for the supply of miniaturised mass spectrometry contamination detection equipment and services across DeepVerge's network of sales, marketing and distribution channels in laboratory, chemical, biochemical, biofuel and biodegradable plastic and waste-water treatment industries.
The Heads of Terms include provision for an initial order for two units, each worth £50,000, plus up to £150,000 commitment by DeepVerge to install pilot facilities located in the recently announced 2021 expansion of DeepVerge York, UK laboratories (RNS announcement, 10 February 2021).
Under the Agreement it is expected that Microsaic shall pay to DeepVerge an agency commission based on the revenues received from customers introduced by DeepVerge. The Agreement is expected to have an initial period of three years. As non executive directors of Microsaic, Gerard Brandon and Nigel Burton abstained from participating in DeepVerge's board consideration of the Heads of Terms and decision to proceed to signature of the Heads of Terms.
DeepVerge notes that Microsaic will also be joining the EcoWaterOS Consortium, an end-to-end water contamination detection and decontamination solutions provider network, for real-time monitoring and detection of contaminated water.
Gerard Brandon CEO DeepVerge plc, and ecowaterOS member commented:
"We are pleased to part of the commercial expansion plans of Microsaic and welcome them to the ecowaterOS consortium. The addition of the Microsaic technology to our own laboratory equipment sales portfolio is entirely complementary. This opens up additional opportunities to jointly development new products and services by working with their experts adding smart AI cloud-based data analytic technologies and best-in-class engineering which have successfully operated at commercial scale in the brewing, biofuel, chemical and wastewater treatment industries."
Glenn Tracey, CEO of Microsaic, commented:
"We are delighted to expand our commercial sales through a well- established network that Deepverge have within their Modern Water division. We hope to integrate our knowledge and expertise, built over 20 years on the miniaturisation of microchip-based equipment and enhance the accuracy and efficiencies of existing detection equipment of the ecowaterOS multi-continental consortium. We look forward to joining the consortium and playing our role to help mitigate the global water crisis and to bring our detection methods to new clients through the current and any future global health pandemics."
DeepVerge plc | Ross Andrews |
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SPARK Advisory Partners Limited
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Turner Pope Investments (TPI) Limited (Broker) | Andy Thacker / Zoe Alexander | +44 (0) 20 3621 4120 |
About DeepVerge plc (www.deepverge.com)
DeepVerge is an environmental and life science group of companies that develops and applies AI and IoT technology to analytical instruments for the analysis and identification of bacteria, virus and toxins. Utilising artificial intelligent data analytics to scientifically prove the impact of skincare product claims on skin microbiome for most of the top 20 global cosmetic company clients and remotely detect and identify in real-time, dangerous pathogens in wastewater treatment plants, drinking water, rivers, lakes and reservoirs.
About Microsaic (www.microsaic.com)
Microsaic listed on AIM in 2011 to develop and commercialise micro-engineering chip-based mass spectrometry equipment. Having invested £30m over the last 20 years before and after the IPO, Microsaic has a robust patent portfolio in cutting-edge technology purpose built for "Industry 4.0" which enables analytical detection and characterisation at the point-of-need, whether within a conventional laboratory setting, or within a bioprocessing facility for continuous mass spectrometer detection data at any step in the process workflow.
About EcowaterOS (www.ecowaterOS.com)
Developed by the Rinocloud division of Deepverge plc, this is a consortium of partners operating a live dynamic water management system that delivers safe clear water from rivers to wastewater treatment plants using Artificial Intelligence to provide instant alerts from remote sensors direct to stakeholders. It continuously evolves, learns and improves by bringing together multiple existing and smart technologies to create efficient water and deliver environmental protection. Over-the-air monitoring keeps stakeholders constantly up to date with web and mobile alert applications adapted for each group.