Transense Regulatory News (TRT)

8 Feb 2008 07:00

Transense Technologies PLC08 February 2008 TRANSENSE TECHNOLOGIES PLC 8 FEBRUARY 2008 BOARD CHANGES; CHANGE OF ADVISER AND OPERATIONAL UPDATE Board Changes Transense Technologies plc ('the Company') announces several Board changes: Jim Perry, until December 2007 the Chief Executive Officer of the Company, andcurrently deputy chairman, will retire from the Board on 31 March 2008, at whichpoint he will be appointed Life President. He will also enter into aconsultancy arrangement for a minimum of 12 months to enable the reconstitutedBoard to have the benefit of his extensive experience and knowledge built upover the last 17 years. Graham Eves, formerly Commercial Director, has resigned with immediate effect.He will remain as a consultant to the Company for 6 months. Howard Pearl will retire as Finance Director following completion of the auditfor the year ended 31 December 2007. He will be replaced in this role by MelvynSegal, who was appointed to the Board in December 2007. Graham Storey has been appointed as a Director with immediate effect. He willassume responsibility for overseeing commercial issues pending the appointmentof a new Managing Director, at which time it is anticipated that he will revertto a non-executive role. The Company is in advanced discussions for the appointment of a Group ManagingDirector. A further announcement will be made in due course. New Adviser The Board is pleased to announce that Brewin Dolphin has been appointed asnominated adviser and broker to the Company with immediate effect. Operational Update: The Board has instigated a strategic review, the main objective of which is todetermine the various means of securing, in the shorter term, a consistent andgrowing revenue stream. The finalisation of this review is unlikely to takeplace before late Spring and pending the arrival of the new Group ManagingDirector. However, it is clear that the stream of royalties in the short termwill be lower than that previously anticipated. On a positive note, there are a number of new projects, upon which the Companyis currently working, which, if they come to fruition, could produce ameaningful flow of income in the medium term. A further announcement will bemade if and when significant progress is made on any of these projects. TheCompany will provide a further trading update at the time of the issue of thepreliminary results scheduled for the end of March. Contacts: Transense Technologies plcDavid Kleeman 0207 430 9329Melvyn Segal 07770 595353 Brewin DolphinNeil Baldwin 0113 241 0126 This information is provided by RNS The company news service from the London Stock Exchange