Remote Monitored Systems PLC Braveheart update on P2F (9818C)
October 23 2020 - 2:00AM
UK Regulatory
TIDMRMS
RNS Number : 9818C
Remote Monitored Systems PLC
23 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.
23 October 2020
Remote Monitored Systems plc
("Remote Monitored Systems", "RMS", the "Company" or the
"Group")
Announcement from Braveheart Investment Group with update on
Pharm2Farm
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 RMS shareholder approval, details of which were
announced on 19 October 2020. The full text of the Braveheart
announcement is set out below.
" Braveheart Investment Group (AIM: BRH) provides an update on
progress with the Pharm2Farm Limited ("P2F") anti-viral surgical
mask project.
P2F has developed a coating for textiles which incorporates its
proprietary nanoparticles to give textiles long lasting virucidal
properties. The first application of this technology has been to
coat a fabric layer in surgical masks and produce a certified
antiviral (including COVID-19 and Influenza) mask for use by both
healthcare professionals and the public.
P2F has now overcome the delay in testing, reported on 8 October
2020, by conducting live virus tests at two independent UK
laboratories. These tests confirmed that the coated face mask
textile displayed high virucidal activity, meeting the requirements
for ISO 18184 certification with more than a 90% kill rate for up
to 7 hours, while being benign to healthy mammalian cells (ISO
18184 is the international anti-viral textile standard that
measures virucidal antimicrobial activity on textiles and other
porous materials).
The manufacturing process for this new formulation, along with
its antiviral, antibacterial and antiparasitic properties has now
been submitted as a patent application by P2F to protect its
intellectual property.
As previously announced on 18 September 2020, P2F has purchased
an automated mask production line, which is on track to be
delivered in November 2020 and to be commissioned by the end of
December 2020. The production line, which is manufactured in
Europe, has the capacity to produce up to five million standard or
anti-viral face masks per month.
Following this positive test result, P2F plans to produce
anti-COVID-19 surgical face masks certified to ISO 18184 for sale
by the end of this year.
Further to the announcement of 19 October 2020, Braveheart notes
that the conditional sale of its 51.72% holding in Pharm 2 Farm
Limited to Remote Monitored Systems plc ("RMS") is expected to
complete on 5 November 2020 (the "Sale"). The Sale is subject to,
amongst other things, the passing of the resolutions, including the
resolution seeking approval of the whitewash of Braveheart's Rule 9
obligations by the independent shareholders of RMS, at the General
Meeting of RMS being held on 4 November 2020.
Following the completion of the Sale, Braveheart will hold
509,992,405 Ordinary Shares of 0.01p each in RMS, representing
37.12 per cent of the enlarged share capital of RMS."
ENQUIRIES:
Remote Monitored Systems plc
Trevor Brown (Executive Director) +41 7941 55384
Paul Ryan (Non-Executive Chairman) +32 475 754 148
SP Angel Corporate Finance LLP +44 20 3470 0470
Nominated Adviser and joint broker
Stuart Gledhill
Caroline Rowe
Peterhouse Capital Limited +44 20 7469 0930
Joint broker
Lucy Williams
Duncan Vassey
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END
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