3 Jun 2020 07:00
HERTSFORD CAPITAL PLC
(the 'Company')
(to be renamed OTAQ plc)
OTAQ invests in strategic alliance with innovative US technology aquaculture start-up Minnowtech LLC ('Minnowtech') to add technical and commercial scale-up expertise
The Company, following its reverse takeover of OTAQ Group Limited ('OTAQ'), the marine technology products and solutions group for the global aquaculture and offshore oil and gas industries, is pleased to announce that it has entered into a development agreement with a US aquaculture company, Minnowtech.
Minnowtech is an innovative aquaculture technology company that provides an imaging platform to enable shrimp farmers to measure shrimp abundance to optimise feeding. Using Minnowtech's unique IP and data-based imaging tool, shrimp farmers are able to optimise the health and growth of their crop, enhancing the harvest of market-size shrimp.
With this new investment in Minnowtech, OTAQ is broadening its reach into innovative technologies to help farmers grow other species such as shrimp. This investment gives Minnowtech an industrial partner with technical expertise and decades of in-house aquaculture industry experience to help further develop and launch Minnowtech's emerging technology. OTAQ will additionally assist with hardware development using its expertise in underwater acoustics and electronics.
Chris Hyde, Chief Commercial Officer of OTAQ, said: "We are delighted to have entered into this agreement to support Minnowtech and help them commercialise the fantastic technology they have developed.
"We believe aquaculture is one of the keys to sustainable food production and are excited to be involved in a technology specifically aimed at the shrimp sector which fits very well with our strategy."
Suzan Shahrestani, founder and CEO of Minnowtech, added: "Having OTAQ involved is great for us and validates the hard work that the team here has put into our technology.
"Having access to their product development expertise and market knowledge is going be a great advantage for us. We look forward to working closely with OTAQ in the future."
Contacts:
Hertsford Capital PLC | Via Walbrook |
Alex Hambro, Non-Executive Chairman |
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Phil Newby, Chief Executive Officer |
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Dowgate Capital Ltd (Broker & Adviser) | 020 3903 7715 |
James Serjeant |
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Walbrook PR Ltd | Tel: 020 7933 8780 or Otaq@walbrookpr.com |
Tom Cooper/Nick Rome/Nicholas Johnson | 0797 122 1972 or 07748 325 236 or 07884 664 686 |
About OTAQ:
OTAQ is a highly innovative marine technology company focused on the marine aquaculture, offshore energy, renewables and oceanographic research sectors. It has 36 employees 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, designed to protect marine-based aquaculture sites from predation, with multiple systems deployed in Scotland, Chile, Finland and Russia.
The Oceansense leak detection systems have a global reputation as the industry standard solution and have been deployed successfully on hundreds of jobs. The 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 & manufacture of underwater connectors, penetrators & 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.
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.