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 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
20 December 2022
Surface Transforms plc
("Surface Transforms" or "the Company")
Surface Transforms (AIM:SCE) manufacturers of carbon fibre reinforced ceramic automotive brake discs, announces that Michael Cunningham, Chief Financial Officer and Company Secretary will leave the Company at the end of May 2023 to take up a post in another listed company.
Michael will ensure that there is an orderly transition including completion of the statutory accounts and directors report for the year to December 2022. The Company has begun the process of searching for a successor.
Kevin Johnson (CEO) said: "Michael has been a key member of the team for the past 5 years and we would like to thank him for his contribution to the transformation of the Company over that period. We also appreciate his assistance in ensuring an orderly transition over the next few months and wish him well in his new endeavour."
Michael Cunningham (CFO) said: "I have really enjoyed my time at Surface Transforms and am glad to be leaving the Company in such a healthy position with a strong order book, and balance sheet. I'd like to thank the team and particularly my fellow board members for their help and support whilst I have been here, and I look forward to following the Company's future successes."
For enquiries, please contact:
Surface Transforms plc
David Bundred, Chairman
Kevin Johnson, CEO
Michael Cunningham, CFO
+44 151 356 2141
Zeus (Nominated Advisor and Joint Broker)
David Foreman / Dan Bate / James Edis (Investment Banking)
Dominic King (Corporate Broking)
+44 203 829 5000
finnCap Ltd (Joint-Broker)
Ed Frisby / Abigail Kelly (Corporate Finance)
+44 20 7220 0500
About Surface Transforms
Surface Transforms plc. (AIM:SCE) develop and produce carbon‐ceramic material automotive brake discs. The Company is the UK's only manufacturer of carbon‐ceramic brake discs, and only one of two mainstream carbon ceramic brake disc companies in the world, serving customers that include major OEMs in the global automotive markets.
The Company utilises its proprietary next generation Carbon Ceramic Technology to create lightweight brake discs for high‐performance road and track applications for both internal combustion engine and electric vehicles. While competitor carbon‐ceramic brake discs use discontinuous chopped carbon fibre, Surface Transforms interweaves continuous carbon fibre to form a 3D matrix, producing a stronger and more durable product with improved heat conductivity compared to competitor products; this reduces the brake system operating temperature, resulting in lighter and longer life components with superior brake performance. These benefits are in addition to the benefits of all carbon‐ceramic brake discs vs. iron brake discs: weight savings of up to 70%, longer product life, consistent performance, reduced brake pad dust and corrosion free.
For additional information please visit www.surfacetransforms.com