Last checked at 25 Jun 2024 08:06
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
Microsaic Systems plc
("Microsaic" or the "Company")
Company update
Microsaic Systems plc (AIM: MSYS), the developer of microelectronic instruments and provider of integrated Modern Water analytical solutions, is pleased to announce the following update.
Research & Development Tax Credit
The Company is also pleased to announce it has now received a research and development tax credit from HMRC in the amount of £262,000 for qualifying costs expended in 2022. These costs primarily relate to research and development work by the Company on the pathogen detector for identifying Covid-19 in water. As previously announced, the Company is further developing a device to identify and monitor a wide range of pathogens in water, by adapting the Covid-19 model into an online multi-pathogen detector capable of delivering rapid results.
Business Restructuring
Having restructured the business at the turn of the year, the Board remains committed to the Company's reset objectives starting this year and to applying a business plan built on the integration of the Microsaic Systems and Modern Water technologies. This technical integration for water testing services is now branded and marketed as 'Tethys Purity' to reflect the broad and comprehensive water testing capabilities that the Company can now offer. Tethys Purity is a modular concept where customers can select the entire suite or a range of devices and services to meet their specific needs, from PFAS detection to toxic water monitoring including pathogen identification. The Company is actively building up partnerships and joint ventures to support its commercial objectives to deliver a total solution for water testing and safety.
Bob Moore, Acting Executive Chairman of Microsaic, commented:
"We are moving the Company forward by building on our newly combined technologies and enhanced business capabilities. We look forward to completing our worthwhile projects as part of our wider objective of growth and business development, and to building mutually rewarding partnerships to create value for our investors."
Microsaic Systems plc Bob Moore, Acting Executive Chairman | +44 (0) 20 3657 0050 via TPI |
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Singer Capital Markets (Nominated Adviser) Aubrey Powell / Oliver Platts | +44 (0)20 7496 3000 |
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Turner Pope Investments (TPI) Limited (Broker) Andy Thacker / James Pope | +44 (0) 20 3657 0050 |
About Microsaic Systems and Modern Water
Microsaic is highly experienced in microelectronics and development of instrumentation. Having acquired the Modern Water business it has reset, diversified and widened its capabilities into broader based analytical equipment supply and services company with combined technologies resulting in comprehensive water testing capabilities. The Company has an extensive existing and newly acquired innovative patent portfolio in industry-leading technology designed and developed for "Industry 4.0" application serving markets in diversified Industries, Human and Environmental Health. Microsaic's micro-mass spectrometer system and water testing solutions enables analytical detection and characterisation at the point-of-need, whether within a mobile testing capability, conventional laboratory setting, or within a bioprocessing facility for continuous detection of data at multiple steps in the process workflow.
Microsaic's products and solutions are commercially available through global markets via a network of regional and local partners, targeting its core laboratory, manufacturing and point-of-need applications.