TIDMRMS
RNS Number : 8169I
Remote Monitored Systems PLC
17 August 2021
17 August 2021
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement via Regulatory
Information Service ('RIS'), this inside is now considered to be in
the public domain.
Remote Monitored Systems plc
("RMS", the "Company" or the "Group")
AGM Statement
Antony Legge, Executive Chairman of RMS, will make the following
statement at today's annual general meeting:
"Since 1 July 2020, just over one year ago, the Company's
shareholder base has more than tripled in size through the issues
of shares to investors either directly or indirectly connected with
or interested in Pharm 2 Farm Ltd. Initially, investors were
excited with Pham 2 Farm's ability to embed copper nanoparticles in
such a way as to make anti-viral masks. During the COVID-19
pandemic, this was seen as a potential game changer. However, one
cannot build a business around the short term demands of a single
event, albeit one that has impacted the globe for over 18 months.
Nor does such a narrow focus accurately reflect the underlying
value of the intellectual property within the business.
As was said at the time of the acquisition in October 2020:
'Unlike competing nanotechnology production processes, such as
hydrothermal synthesis, Pharm 2 Farm's process has the advantages
of being highly efficient, using a small physical lab/factory
footprint and is extremely scalable.'
So, what are nanoparticles and why are they so important?
Nanoparticles are materials with overall dimensions in the
nanometre scale, that is less than 100 nanometres (which is 100
times smaller than the diameter of a human eyelash). They are made
up of individual atoms that come together to make a particle but
unlike larger minerals, they stop at the nanometre scale before
growing any larger. Tailoring the structures of materials at
extremely small scales makes it possible to achieve specific
properties, thus greatly extending the materials science toolkit.
Using nanotechnology, materials can effectively be made stronger,
lighter, more durable, more reactive, more sieve-like, or better
electrical conductors, among many other traits. Many everyday
commercial products that are currently on the market and in daily
use rely on nanoscale materials and processes. The more that one
can control the size and shape of a nanoparticle, the more that one
can specifically target particular solutions. The Company's
proprietary technology uses a spinning disk reactor to control both
the size and shape of its nanoparticles. This highly scalable
process is able to dial in nanoparticles with a very good
polydispersity, typically +/- 2 nm tolerance, quickly and
efficiently.
The challenge for the Company is to find commercial applications
where our technology can add significant value to the end user.
We have already announced the launch of a new liquid nutrient
for plants, building on the original work by Pham 2 Farm.
Also, Pharm 2 Farm has previously made reference to trials for a
product that may counter the effect of Citrus Greening, a condition
that causes poor vegetative growth, fruit drop, diminished fruit
quality, and tree decline. In the U.S. alone it has reduced orange
production in Florida by about 74% since 2005 and has caused
US$4.65 billion worth of damage.
Similarly, Pharm 2 Farm had been undertaking trials for a new
foodstuff for monogastric animals where our nanoparticles can
significantly improve the bioavailability of key nutrients.
The Company is looking to continue both of these trials and is
currently in discussions with potential partners for each product.
However, such trials can be lengthy. In the case of Citrus
Greening, four years could be required to bring a new product to
market.
These are just two examples, and the Company is currently
investigating many other opportunities. Progress on these new
products has been delayed due to the development of and focus on
the anti-viral mask, which has absorbed significant amounts of time
for what is a very small team.
This is not to suggest that the development of the anti-viral
mask was a failure. Far from it. Although sales have not come
through as had been hoped at the height of the pandemic last year,
the creation of the anti-viral layer has led to other opportunities
in the general filtration market that are now being investigated.
However, new product development takes time with uncertainty as to
the eventual outcome and the Company has been keen to avoid
creating expectations that are then not met.
A priority since the start of the year has been to manage the
mask production business, where expectations had run ahead of what
was deliverable and to then refocus the Group back on its core
business of developing innovative solutions using our patented
nano-production capability. This has included the decision to
dispose of Gyrometric Systems Limited. As well as putting in place
alternative sub-contracting manufacturing arrangements through
Voltz Filters UK Limited, the board has also been working with Lemu
in respect of the mask making machine that was installed, but never
commissioned, at BioCity. Terms have been agreed, in principle to
return the mask making machine to Lemu, further details of which
will be announced in due course. In addition, the Company is
investigating utilising the cash reserves to improve and increase
the nanoparticle production capacity by developing a bespoke
system, which has complex engineering challenges.
I appreciate that shareholders have been keen for news, but much
of what has been achieved since the start of the year has had to
happen behind the scenes and some remains a work in progress. Even
so, I am confident that the Group is in a far better place that it
was at the start of this year.
The second priority was to strengthen the management team, not
least with the hiring of a new CEO and increasing Dr Gareth Cave's
involvement in the business. I am pleased to say that both of these
have been achieved. An offer has been made to and accepted by a new
CEO, whose appointment as from 1 September 2021 now remains subject
only final contract and to completion of director due diligence
that has to be carried out by our Nominated Adviser. Also, we have
agreed, in principle, with Nottingham Trent University that Dr
Cave's consultancy agreement will be extended from 1 day per week
to 3.5 days per week. Dr Cave will also move from being a
non-executive director to an executive director, taking the role of
the Group's Chief Scientific Officer with effect from 1 September
2021, subject to contract.
The involvement of my other fellow directors, John Richardson,
Richard Clarke and Felicity Sartain also should not be
underestimated. They have each played a vital role in the last few
months, providing insightful and valuable advice and support to the
Group.
Part of re-building the executive team is the ability to offer
an equity incentive that aligns with shareholder interests, hence
the proposal today for shareholders to approve the EMI Share Option
Scheme. Whilst issuing equity can be dilutive, with sensible share
price targets the benefit to shareholders should outweigh the
dilution effect. Issuing equity is also far more tax efficient for
those concerned than making cash payments and also for cash that
would otherwise be paid out to be re-invested in further growth of
the Group's operations.
It has been an interesting and challenging time for me since
joining the board at the start of this year and with these changes
in place, on the completion of the board changes outlined earlier,
I will step back from Executive Chairman to non-executive Chairman
with full confidence that we have the right team to take this
business forward."
- ENDS -
ENQUIRIES :
Remote Monitored Systems plc
Antony Legge (Executive Chairman) +44 77 6355 5919
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
IFC Advisory Ltd
+44 20 3934 6630
Graham Herring
Zach Cohen
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