Zenova Grp Regulatory News (ZED)

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 ("MAR") WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN

28 June 2023

Zenova Group PLC

("Zenova", the "Company" or the "Group")

Board Changes

Zenova Group PLC (AIM: ZED), a provider of innovative fire safety and heat management technology and products, announces changes to the Board and executive management team aimed at increasing the capacity of the management team to enable them to effectively pursue and close new business opportunities generated by the sales team.

Zenova is entering the next stage of growth and is realigning operational capacity to transition from R&D, testing and certification to sales growth and customer delivery. Tony Crawley, Chief Executive Officer, will step down from the Board and will be assuming the role of Sales Project Director, with immediate effect. Also with immediate effect, Thomas Melchior (the current CFO) is hereby appointed as interim Chief Executive Officer. Thomas has a proven track record in business strategy, expansion, change and turnaround situations with a focus on global technology-driven, customer-focused businesses.

Zenova has appointed Farakh Farid to the non-Board role of Chief Financial Officer. Farakh is an experienced Chartered Certified Accountant with Big-4 and international asset management, ed-tech, telecoms, fintech, real estate, construction and manufacturing experience.

Don Nicolson has chaired the Board of Directors since the company was admitted to AIM in July 2021 and is now reverting back to the role of Non-Executive Chairman having, in his former executive capacity, aligned the senior management team to steer the company towards its next phase of revenue generation and growth. In addition, Fiona Rodford will take up the role of Executive Vice-Chairperson, effective immediately. Fiona has had a career spanning large global businesses both FTSE and private focusing on people and change at Executive Board level. She has extensive transformation and M&A experience both leading and being part of complex transactions. She is currently the Deputy Chair of Pilotlight. 

The Company believes that these arrangements will increase its effectiveness in increasing market penetration of Zenova's products. Thomas Melchior, in addition to directing a more focused sales effort, will manage the administrative, regulatory and manufacturing tasks that increase as the operation matures. The near-term focus of the CEO will be the delivery of increased sales in the forthcoming 12 months combined with rigorous cost management and improved brand recognition.

Thomas Melchior, Chief Executive of Zenova Group PLC commented: "Zenova has established a very powerful range of solutions to the global problems of increased fire risk as well as energy conservation and carbon footprint reduction and we are now well placed to provide these having fully validated our products to support these initiatives. As our revenues increase and there is an increasing awareness of our products the newly formed senior executive team will drive the growth of Zenova. We are grateful to Tony Crawley for his efforts in achieving the certification that provides the confidence in our customer base and l look forward to working with him in developing project sales going forward."

Zenova Group PLC Non-Executive Chairman, Don Nicolson, added: "Tony's extensive product knowledge and his new role will allow him the capacity to more aggressively pursue sales opportunities. Zenova has remarkable, life-changing products and I look forward to next stage of the business as we develop existing opportunities to the fullest extent, grow new markets and look to deliver rapid and sustainable sales growth."

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About Zenova Group PLC:

The Group, through Zenova Ltd, is the holder of intellectual property that underpins a suite of fire safety and temperature management products and technology. The product range is applicable to industrial, commercial, and residential markets. The Group's products include fire retardant paints, insulating paints and render, fire extinguishing fluid and applications. Through innovative development, and a refined formulation and development process, Zenova provides industry leading solutions across a range of fire protection and temperature management problems, comprising:

Zenova FP

A water-based fire-protection paint that prevents ignition and spread of fire. It can be used in commercial, industrial, and domestic applications on variety of materials, from wood to metal.

Zenova FX

Patent pending fire extinguisher filled with proprietary Zenova Fluid (Zenova FXB) that extinguishes all types of fires, reduces chances of re-ignition, works in cold (-15 ̊C) conditions, is non-toxic and does not produce harmful by-products.

Zenova IP

Thermal insulation paint that creates a thermal barrier, provides thermal reflection of sunrays and infrared radiation, anti-condensation, and anti-mould properties. It can be applied to virtually any exterior or interior material, regardless of the surface.

Zenova IR

Thermal insulation render to enhance the effectiveness of insulation by creating a thermo shield. It fills all cavities and gaps regardless of geometric shape and creates a vacuum - the most effective insulator.

ZENOVA WB

A wildfire barrier fluid (applied via spray wands or aerial drops), which provides a virtual barrier where fire simply will not burn. Repeated tests on a variety of extremely dry wildfire fuels (grasses, hays, brush) demonstrates the incredible fire resistance Zenova WB provides, while remaining viable after application for 30+ days in dry conditions.

The Group has achieved this without compromising the sustainability of natural and economical resources, including personal health and safety, with ecologically sound products.

Further information on the Group can be found at www.zenovagroup.com