Braveheart update on P2F, RMS update on Gyrometric

RNS Number : 5595B

Remote Monitored Systems PLC

08 October 2020

 

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

8 October 2020

Remote Monitored Systems plc

("Remote Monitored Systems", "RMS", the "Company" or the "Group")

Announcement from Braveheart Investment Group with update on Pharm2Farm  

and

Update on Gyrometric

The Board of Remote Monitored Systems plc ("the Company") notes the following announcement published by Braveheart Investment Group ("Braveheart") today in respect of Pharm 2 Farm Limited ("P2F"). As announced on 21 August 2020,  RMS has signed a binding Share Purchase Agreement for the acquisition of 100% of the  share capital of P2F (the "Acquisition"). Completion of the Acquisition remains subject to regulatory and RMS shareholder approval and we expect to update shareholders this month in that regard . The full text of the Braveheart announcement is set out below.

" Braveheart Investment Group (AIM: BRH) has been advised by  Pharm 2 Farm Limited ("P2F") of a short delay in the planned  testing of its anti-viral face mask material.

 The Health and Safety Executive ("HSE") and its Advisory Committee on Dangerous Pathogens, has revised the policy on working with coronavirus (SARS-CoV-2) and has scheduled an inspection at the test facility where P2F is conducting its trials. This has had the consequential effect of delaying the trial while HSE undertake an inspection of the CL-3 laboratory to ensure all the appropriate safeguards are in place. The laboratory is an established UK university laboratory with all the appropriate documentation in place and administered by international virology experts and Braveheart has been advised by P2F that it does not anticipate any problems with the inspections that would delay completion of the P2F trials beyond 30 November 2020.

The P2F team is working urgently with the University to overcome this problem but also to locate an alternative testing laboratory, if one should be required.

P2F has received a conditional order for 1 million face masks per month for a period of one year from 1 January 2021. This order is subject to contract and conditional on the masks successfully completing antiviral and other performance tests and receiving the necessary PPE certifications.  The order is also conditional on the buyer entering into sales contracts to sell a similar volume of masks per month.

In readiness for commercial release, P2F will shortly make a patent application to protect its technology for producing the antiviral material, which it is confident could be applied  to air filters, face masks and other PPE.

Elsewhere in its operations, P2F has now completed the initial trial of its proprietary zinc nanotechnology, with positive results, at a citrus farm in the UK. P2F will commence trials in the USA shortly and if success is replicated in the USA trials, it expects to launch this product in early 2021, for farmers to apply during the 2021 growing season. The product is part of the company's nSitu™ range of nano-agritech materials, designed to support commercial farmers around the world - in this case by helping to protect the USA's annual 8 million tons of citrus fruit crops, with an estimated value of such crops of over $3.3 billion."

Gyrometric Update

In relation to Gyrometric, the Company notes the UK Prime Minister Boris Johnson this week announced a proposal for a substantial increase in UK offshore wind turbine capacity. This new capacity will require comprehensive monitoring to maximise performance and minimise down time which is at the heart of Gyrometric's patented technology.

Gyrometric continues to be in detailed technical discussions with one of the world's largest manufacturers of offshore wind turbines about the installation and testing of this Gyrometric technology on a large wind turbine early in 2021.

The testing aims to prove the Gyrometric designed laser system, a relatively light touch installation, and will provide monitoring of important parameters not previously measurable on a rotating turbine or indeed in the field on an extremely large and powerful wind turbine.

The Gyrometric system is entirely designed and manufactured in the UK, and so, we believe, the business is well positioned to meet the challenge of UK technological services being central to the increase in wind turbine capacity as posed in the recent prime ministerial announcement.

ENQUIRIES:

Remote Monitored Systems plc

Trevor Brown (Executive Director)  [phone]

Paul Ryan (Non-Executive Chairman)   [phone]

SP Angel Corporate Finance LLP                                                                [phone]

Nominated Adviser and joint broker  

Stuart Gledhill

Caroline Rowe

Peterhouse Capital Limited    [phone]

Joint broker 

Lucy Williams

 

END

 

 

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