17 Oct 2022 07:00
RNS Number : 0227D PipeHawk PLC 17 October 2022 160This announcement contains insie information as stipulate uner the Market Abuse Regulations (EU) no. 96/2014 (which forms part of omestic UK law pursuant to the European Union (Withrawal) Act 2018) ("MAR"). With the publication of this announcement via a Regulatory Information Service, this insie information is now consiere to be in the public omain.160
17 October 2022
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PipeHawk plc
("PipeHawk", "Company" or the "Group")
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Upate re. Major contract with Ventive Limite
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PipeHawk provies the following upate in relation to the contract entere into between QM Systems Limite ("QM"), one of the Group's principal subsiiaries, an Ventive Limite ("Ventive") announce on 10 March 2022.
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In orer to meet prouction eliverables associate with the "Ventive Home" System, Ventive neee to raise aitional evelopment capital. Pipehawk unerstans that Ventive is at an avance stage of iscussions to secure such funing.160
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The receipt of the aitional evelopment capital by Ventive has taken longer than originally anticipate. As a result, prouction of the "Ventive Home" System, which was scheule to begin in June 2022, is now expecte to commence in September 2023, with the prouct coming to market in the fourth quarter of 2023. As a consequence, revenues for QM associate with contract manufacturing of the "Ventive Home" System, which were expecte to occur in the year ening 30 June 2023, are now expecte to accrue in the subsequent financial year. QM continues to expect to receive revenue in connection with the builing of the "Ventive Home" System prouction line within the year ening 30 June 2023.
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Goron Watt, Chairman of PipeHawk plc commente:
"While I am isappointe that the timing of prouction has been elaye for this project which has elaye the commencement of revenue for PipeHawk, I o recognise the challenges face when bringing new an innovative isruptive technology to market. As a business, we thrive on being at the forefront of technological evelopment, in particular where that technology has the capacity to have positive impact on our worl. 160I look forwar to Ventive securing the aitional evelopment capital an working with Ventive to bring this innovative an exciting prouct to market
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Enquiries:
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Davi Worlige/Vivek Bharwaj
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For further information on the Company an its subsiiaries, please visit:160 www.pipehawk.com
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PipeHawk (PIP)