21 Jul 2023 14:57
TRACKWISE DESIGNS PLC
("Trackwise", the "Company" or the "Group")
OEM B Nomination Update & Further Delay of 2022 Results
Trackwise Designs plc (AIM: TWD), a leading manufacturer of specialist products using printed circuit technology, announces an update on progress towards supplier nomination for a prospective OEM end customer ("OEM B").
Nomination Update
After working with a Tier-1 for more than a year on the opportunity to supply Cell Connection System FPCAs to the Tier-1, for onward assembly and supply to OEM B, Trackwise has been informed by the Tier-1 that the Tier-1 has not been successful in obtaining nomination from OEM B.
As a result the Board is reviewing all options for TWD, and a further announcement will be made shortly.
Delay of Results
In accordance with Rule 19 of the AIM Rules for Companies, the Company was required to publish its 2022 Annual Report by 30 June 2023. The Company previously announced that it expected to publish the 2022 Annual Report during July 2023. As a result of the above news regarding nomination for OEM B, publication of the 2022 Annual Report will be further delayed. Accordingly, trading in the Company's ordinary shares on AIM will remain suspended at this time.
The SCL Sale Process
Further to the announcement on 3rd May, a sales agent for the SCL Sale Process has been appointed and the process is underway. Initial offers have been received and are being assessed.
Enquiries
Trackwise Designs plc | +44 (0)1684 299 930 |
Philip Johnston, CEO | www.trackwise.co.uk |
Paul Cook, CFO
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finnCap Ltd | +44 (0)20 7220 0500 |
NOMAD and Broker | |
Ed Frisby/Fergus Sullivan - Corporate Finance Andrew Burdis/Barney Hayward - ECM
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Alma PR | +44 (0)20 3405 0205 |
Financial PR and IR | |
David Ison/ Kieran Breheny/Pippa Crabtree |
Notes to editors
Trackwise is a UK-based, King's Award winning, manufacturer of specialist products using printed circuit technology.
The full suite includes: Improved Harness Technology™ ("IHT") and Advanced PCBs - Microwave and Radio Frequency ("RF"), Short Flex, Flex Rigid and Rigid Multilayer products.
IHT uses a proprietary, patented process that Trackwise has developed to manufacture multilayer flexible printed circuits of unlimited length. While the technology has many applications, the directors expect that one of its primary uses will be to replace traditional wire harnesses in a variety of industries.
The Company operates from three sites, located in Tewkesbury, Stonehouse and Stevenage. It serves customers in Europe and North America.
Trackwise Designs plc was admitted to trading on AIM in 2018 with the ticker TWD. For additional information please visit www.trackwise.co.uk.
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.