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."
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Microsaic Systems plc
Bob Moore, Acting Executive
Chairman
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+44 (0) 20 3657
0050
via
TPI
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Singer Capital Markets (Nominated Adviser)
Aubrey Powell / Oliver
Platts
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+44 (0)20 7496
3000
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Turner Pope Investments (TPI) Limited
(Broker)
Andy Thacker / James Pope
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+44 (0) 20 3657
0050
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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.