OTAQ.L Regulatory News (OTAQ)

OTAQ plc

("OTAQ" or the "Company")

Order for Location Tracking Technology

OTAQ, the marine technology products and solutions group for the global aquaculture and offshore oil and gas industries, announces that it has secured all approvals necessary to supply its innovative, newly developed tracking device for a prestigious annual sporting event. This tracking technology was acquired as part of the ROS Technology acquisition in November 2020 and has been developed for use in OTAQ's core aquaculture market as well as having wider applications in the field of competitive sports.

After successfully delivering a product prototype, achieving CE certification in August 2021 and passing customer trials and testing in September 2021, OTAQ has been approved to provide 610 devices for delivery before the end of the financial year. The device will provide real-time tracking of competitors within an accuracy of 60cm, supporting the health and safety of the competitors and aiding in event management. The order is a direct sale and will be an important addition to OTAQ's revenues in the current financial year.

The award results from the initial customer contract agreed as part of the Company's acquisition of ROS Technology, delivering on the pipeline of revenue-generating contracts being discussed at acquisition. The success of this project is expected to lead to further sporting event tracking opportunities in FY2023 with OTAQ additionally looking to advance this technology in its core aquaculture market.

Commenting on the order, Phil Newby, CEO of OTAQ, said: "We are very pleased to win this order, highlighting the success of our broader acquisition strategy and the innovative strength of our R&D team. The application of this technology in a highly demanding environment goes to prove the quality of the tracking solution.

"This win opens new and exciting opportunities in the competitive events space and is a valuable reference for future land and sea applications benefitting from accurate real-time location data."

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About OTAQ:

OTAQ is a highly innovative marine technology company focused on the marine aquaculture, offshore energy, renewables and oceanographic research sectors. It operates in four worldwide locations: Lancaster, Aberdeen and Ulverston in the UK and Puerto Montt in Chile.

OTAQ's marine technology portfolio includes a market-leading intelligent acoustic deterrent system, Sealfence, designed to protect marine-based aquaculture sites from predation, with multiple systems deployed in Scotland, Chile, Finland and Russia.

The Company's Oceansense leak detection systems have a global reputation as the industry standard solution and have been deployed successfully on hundreds of jobs. OTAQ's Dragonfish laser measurement system is fast becoming recognised as one of the most accurate underwater precision laser measurement systems available. OTAQ also has significant experience in the design and manufacture of underwater connectors, penetrators and communication systems.

It seeks to develop and continuously improve its products using its specialist mechanical, electronic and software engineers with decades of experience in bringing underwater technology products to market. Concurrently, OTAQ seeks to expand its technology portfolio through acquisitive growth, with the aim of further expanding its aquaculture and offshore product offering.

OTAQ is proud to be fully ISO 9001:2015 accredited through DNV-GL. ISO 9001 is an internationally recognised quality management system and demonstrates OTAQ's commitment to consistency, continual improvement and customer satisfaction. The certification also demonstrates its ability to consistently deliver products and services to market whilst meeting statutory and regulatory requirements by applying an effective quality management system.