Last checked at 26 Jul 2019 07:00
26 July 2019
VELOCITY COMPOSITES PLC
("Velocity" or the "Company")
Board Update and Directorate Changes
Velocity, the leading supplier of advanced composite material kits, providing engineering value-solutions for the global aerospace industry, provides the following update, further to the Company's announcement of 24 July 2019, in relation to the process for the re-constitution of the Velocity Board of Directors (the "Board").
Board update
Following the announcement that Andy Beaden and Rob Soen have been appointed as independent non-executive directors of the Company, the Board has appointed Andy Beaden as non-executive Chairman of the Company. In addition, Jon Bridges (Acting CEO and co-founder of Velocity) has been re-appointed to the Board as an Executive Director with immediate effect.
These changes mean the Board, as reconstituted, is able to move forward with a clear management structure and with the necessary skills to meet its obligations to the Company and staff, the shareholders and to other Velocity stakeholders. The Board also intends seek to appoint a third non-executive director and additional executive directors in due course.
Andy Beaden, Chairman, commented:
"I am delighted to have been appointed as non-executive chairman in this exciting next stage of the Company's growth and development. We have asked Jon Bridges to join the Board, as it was clear to myself and Rob Soen that Jon's unique experience and position in the business provides critical insight and skills to the Board, which are essential for Velocity, as we drive the business, which has so many business development opportunities, forward. Jon has been fundamental in the recent tie up with Wesco, which has the potential to be transformative for the Company, in other customer relationships and in the Company's plans to expand our operations in the U.S. and Continental Europe.
It is important that Executive Management is represented at Board level from the start of this new phase in the Company's history. Rob Soen's appointment as a non-executive director also significantly strengthens the Board's industry expertise. Rob brings a wealth of experience in the composite aerospace sector and in supply chain management, which will benefit both Velocity and its investors."
Enquiries:
Velocity Composites plc Andrew Beaden, Chairman | Tel: 01282577577 andy.beaden@velocity-composites.com
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Cenkos Securities plc (Nominated Adviser and Broker) Russell Cook Ben Jeynes
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Tel: 020 7397 4000 |
Camarco (Financial PR) Ed Gascoigne Pees Georgia Edmonds James Crothers | Tel: 020 3757 4980 |
In addition to his appointment to the Board of the Company, Jonathan Karl Bridges, aged 44, holds or has held the following directorships or partnerships in the past five years:
Current Director positions | |
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Previous Directorships in the last five years Velocity Composites plc Banjo Limited |
Jon Bridges is beneficially interested in 5,515,929 ordinary shares in the capital of the Company, representing 15.41% of the Company's issues ordinary share capital.
About Velocity Composites
Velocity Composites is a manufacturer of advanced composite material kits for the aerospace industry disrupting the composites supply chain to deliver engineered waste reduction solutions for its customers to build aircraft components using less time and material. The Company's customers include multi-national manufacturers of composite parts and assemblies, who in turn deliver to the world's leading civil and military aircraft manufacturers. The Airbus A320, A330, A350, A380, Eurofighter Typhoon, F35 Joint Strike Fighter and Boeing 737, 787 and V22 Osprey are all constructed using parts manufactured from Velocity's kits.
In addition, the Company has entered into a partnership with Wesco Aircraft Holdings, Inc., the world's leading independent distributor and provider of comprehensive supply chain management services to the global aerospace industry, pursuant to which Velocity Composites will support the expansion of Wesco's product offering into composite management services. This service offering, Wesco Composite Management Services, will initially be introduced in North America, and will utilise Wesco's leading supply chain management expertise and Velocity's innovative composite nesting, kitting and waste reduction services.
The Company's business model reduces the operating costs of preparing composite materials ahead of their usage in the construction of an aircraft part and as such, its offering is disposed to being self-financing for aircraft parts' manufacturers. Velocity's services are seeing increased demand as the global aircraft industry enters a more-for-less era. Velocity currently has customers in the UK and Continental Europe.
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a regulatory news service this inside information will be considered to be in the public domain.