12 Aug 2020 11:30
12 August 2020
Verditek PLC
("Verditek" or the "Company")
Market Updates
Verditek plc, (AIM:VDTK) the clean technology company wishes to announce, following its string of new contract wins over the past two months that a number of those projects have already been shipped to the clients despite the backdrop of Covid. These include the first announced order to SAF Pakistan, the UK orders, and Endeco, all of which were despatched ahead of contractual delivery dates.
However, in 2019, RNS announcements were made in respect of two distribution agreements for Nigeria (RNS Number: 7008N) and Australia (RNS Number: 2258A). After these announcements the distributors proved unable to secure the contracts that they had contractually committed to in their original agreements.
With respect to the Nigerian distributor, we have refocussed them to concentrate on market segments in which we are successful, namely diesel fuel displacement and remain optimistic that they will deliver contracts albeit not in the timescales or quantum originally mentioned.
With respect the Australia market, we have chosen to attack the market with a different approach and are more focussed on specific , potentially very attractive sectors including mining and marine, and are no longer in dialogue with the original distributor. Under this new strategy, and with our own sales representative now in place, in country, we have been able to secure our first order, two weeks ago, in the lucrative marine sector, this order has been paid in full and the panels were dispatched from stock.
Rob Richards, Verditek CEO commented; " Since taking over as CEO of the Company in May, I have embarked upon a clear driven strategy , to focus the Company's energy and resources on sectors that I believe will deliver the most profitable and demonstrable results, and capitalise on the inherent advantages of our ultra-lightweight, flexible solar product. To that end the selling efforts of the group are now targeting those industrial segments where traditional solar panels cannot be deployed. This is an enormous addressable market ".
Enquiries:
Verditek plc
RH Lord David Willetts FRS (Non-Executive Chairman) +44 (0) 20 7129 1110
Robert Richards (Chief Executive Officer) enquiries@verditek.plc.uk
WH Ireland Limited (NOMAD and Broker)
Chris Hardie (Director, Corporate Finance) +44(0)207 220 1666
Chris.hardie@whirelandcb.com
About Verditek plc
AIM listed Verditek plc is a holding company with three businesses operating within the clean technology sector. The Company is focused on commercializing our lightweight low-profile solar panel business. With manufacturing based in Lainate Italy, we have developed renewable power solutions for our customers, that drive solar energy into applications previously impossible. The exceptional properties of our solar panels replace diesel fuel in business such as perishable goods transport, off-grid telecommunication towers, electric vehicle charging stations, residential and holiday home power solutions and solar roofing for light-weight industrial roofing. In addition to our current PV panels in production, we have partnered with an outstanding leader in graphene technology, Paragraf, and have created the worlds' first Graphene Integrated Photo Voltaic cell. We are working together to engineer the technology for commercialization.
Verditek provides compelling commercial solutions that make our customers business sustainable.
For more information please visit or contact the following: https://verditek.com/