Last checked at 15 Feb 2021 07:00
15 February 2021
Microsaic Systems PLC
("Microsaic" or "Company")
Microsaic signs Heads of Terms with DeepVerge plc for initial order and investment infront-line diagnostic test equipment with potential total value of up to £250,000
Microsaic joins water monitoring ecowaterOS Consortium
Microsaic, (AIM: MSYS) the micro-engineering, miniaturised chip-based mass spectrometry producer for point-of-need analytical detection, announces that it has signed a non-binding Heads of Terms with DeepVerge plc (AIM: DVRG) ("DeepVerge") to enter a multi-year Framework Services Agreement ("Agreement"). Under the Agreement, which is expected to be signed on or before 31 March 2021, Microsaic will supply miniaturised mass spectrometry equipment and services on a non-exclusive basis across DeepVerge's sales, marketing and distribution channels for quality and contamination detection in a range of markets. These include Human, Environmental Health and Diversified Industries, including point of need and laboratory solutions in, chemical, biochemical, biofuel, biodegradable plastic, biologics and waste-water treatment industries.
Under this Agreement, Microsaic will transition its business model to a revenue-sharing, collaborative and commercial partnership strategy. The Heads of Terms include provision for an initial order by DeepVerge for two units, each worth £50,000, plus a commitment of up to £150,000 by DeepVerge plc to install pilot facilities in DeepVerge's York laboratories. Under the Agreement, Microsaic shall pay to DeepVerge a commission based on the revenues received from customers introduced by DeepVerge.
Microsaic is also 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.
The Agreement, if entered into, would constitute a related party transaction for the Company under AIM Rule 13 and as such, further information in accordance with the requirements of AIM Rule 13 will be provided accordingly. Gerard Brandon and Nigel Burton, Non-executive Chairman and Non-executive Director respectively, are both directors of DeepVerge and, notwithstanding the non-binding nature of the Heads of Terms, have abstained from participating in the consideration of and entry into the Heads of Terms by Microsaic.
Glenn Tracey, CEO of Microsaic, commented:
"We are delighted to provide our knowledge and expertise built over 20 years on the miniaturisation of microchip-based equipment. We believe that the integration of our technology will 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 threats to Human and Environmental Health."
Gerard Brandon, CEO of DeepVerge plc (an ecowaterOS member) commented:
"We welcome Microsaic to the ecowaterOS consortium. ecowaterOS is a global game-changer for water monitoring, recovery, treatment and recycling as a direct result of climate change. ecowaterOS brings together multiple partners with tried and tested engineering skillsets, added to 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."
Microsaic Systems plc | Glenn Tracey, CEOBevan Metcalf, FD | +44 (0) 1483 751 577
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N+1 Singer(Nominated Adviser& Joint Broker) |
| +44 (0) 20 7496 3000 | ||
Turner Pope Investments (TPI) Limited (Broker) | Andy Thacker / Zoe Alexander | +44 (0) 20 3621 4120 |
About Microsaic (www.microsaic.com)
Microsaic floated on AIM in 2011 to develop and commercialise micro-engineering chip-based mass spectrometry equipment. Having invested c.£30m over 20 years of development, Microsaic has a robust and innovative patent portfolio in cutting-edge technology designed and developed for "Industry 4.0" application. Microsaic's system solutions enable 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 multiple steps in the process workflow.
Microsaic's products and systems are commercially available through global markets via a network of regional and local partners, targeting its core laboratory and bioprocessing markets. Through its new partnership with DeepVerge plc, Microsaic is also targeting markets including waste-water treatment.
About ecowaterOS (www.ecoswaterOS.com)
Developed by the Rinocloud division of Deepverge plc, this is a consortium of partners operating a live dynamic water management system that supports the delivery of safe clear water from rivers to wastewater treatment plants, using Artificial Intelligence to provide instant alerts from remote sensors direct to stakeholders. It continually 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. Existing partners include [mention those that are DV subs and others]
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 and the data they generate, for the analysis and identification of bacteria, virus and toxins. DeepVerge is utilising artificial intelligent data analytics to prove scientifically the impact of skincare product claims on the skin microbiome for clients including most of the top 20 global cosmetic companies and to detect remotely, and identify in real-time, dangerous pathogens in wastewater treatment plants, drinking water, rivers, lakes and reservoirs.