Deepverge PLC Proposed Framework Services Ag'ment with Microsaic (0223P)
February 15 2021 - 2:00AM
UK Regulatory
TIDMDVRG
RNS Number : 0223P
Deepverge PLC
15 February 2021
15 February 2021
DeepVerge PLC
("DeepVerge" or "the Company")
DeepVerge signs Heads of Terms with Microsaic Systems plc for
sales, marketing and distribution of Microsaic equipment and
technology through Deepverge global distributor network
Proposed Framework Services Agreement to include laboratory
upgrade, product development
DeepVerge (LSE:DVRG.L), the environmental and life science AI
company, announces that it has signed a non-binding Heads of Terms
with Microsaic Systems plc ("Microsaic") to enter a multi-year
Framework Services Agreement ("Agreement") whereby DeepVerge will
be appointed as non-exclusive agent to promote Microsaic's
technologies. The Agreement, to be completed on or before the 31
March 2021, will allow for the supply of miniaturised mass
spectrometry contamination detection equipment and services across
DeepVerge's network of sales, marketing and distribution channels
in laboratory, chemical, bio chem ical, biofuel and biodegradable
plastic and waste-water treatment industries .
The Heads of Terms include provision for an initial order for
two units, each worth GBP50,000, plus up to GBP150,000 commitment
by DeepVerge to install pilot facilities located in the recently
announced 2021 expansion of DeepVerge York, UK laboratories (RNS
announcement, 10 February 2021).
Under the Agreement it is expected that Microsaic shall pay to
DeepVerge an agency commission based on the revenues received from
customers introduced by DeepVerge. The Agreement is expected to
have an initial period of three years. As non executive directors
of Microsaic, Gerard Brandon and Nigel Burton abstained from
participating in DeepVerge's board consideration of the Heads of
Terms and decision to proceed to signature of the Heads of
Terms.
DeepVerge notes that Microsaic will also be joining the
EcoWaterOS Consortium, an end-to-end water contamination detection
and decontamination solutions provider network, for real-time
monitoring and detection of contaminated water.
Gerard Brandon CEO DeepVerge plc, and ecowaterOS member
commented:
"We are pleased to part of the commercial expansion plans of
Microsaic and welcome them to the ecowaterOS consortium. The
addition of the Microsaic technology to our own laboratory
equipment sales portfolio is entirely complementary. This opens up
additional opportunities to jointly development new products and
services by working with their experts adding smart AI cloud-based
data analytic technologies and best-in-class engineering which have
successfully operated at commercial scale in the brewing, biofuel,
chemical and wastewater treatment industries."
Glenn Tracey, CEO of Microsaic, commented:
"We are delighted to expand our commercial sales through a well-
established network that Deepverge have within their Modern Water
division. We hope to integrate our knowledge and expertise, built
over 20 years on the miniaturisation of microchip-based equipment
and enhance the accuracy and efficiencies of existing detection
equipment of the ecowaterOS multi-continental consortium. We look
forward to joining the consortium and playing our role to help
mitigate the global water crisis and to bring our detection methods
to new clients through the current and any future global health
pandemics."
+44 (0) 1904
DeepVerge plc Ross Andrews 40 4036
SPARK Advisory Partners +44 (0) 113 370
Limited Neil Baldwin/Andrew Emmott 8974
------------------------------ ------------------
Turner Pope Investments +44 (0) 20 3621
(TPI) Limited (Broker) Andy Thacker / Zoe Alexander 4120
------------------------------ ------------------
About DeepVerge plc (www.deepverge.com)
DeepVerge is an environmental and life science group of
companies that develops and applies AI and IoT technology to
analytical instruments for the analysis and identification of
bacteria, virus and toxins. Utilising artificial intelligent data
analytics to scientifically prove the impact of skincare product
claims on skin microbiome for most of the top 20 global cosmetic
company clients and remotely detect and identify in real-time,
dangerous pathogens in wastewater treatment plants, drinking water,
rivers, lakes and reservoirs.
About Microsaic (www.microsaic.com)
Microsaic listed on AIM in 2011 to develop and commercialise
micro-engineering chip-based mass spectrometry equipment. Having
invested GBP30m over the last 20 years before and after the IPO,
Microsaic has a robust patent portfolio in cutting-edge technology
purpose built for "Industry 4.0" which enables analytical detection
and characterisation at the point-of-need, whether within a
conventional laboratory setting, or within a bioprocessing facility
for continuous mass spectrometer detection data at any step in the
process workflow.
About EcowaterOS (www.ecowaterOS.com)
Developed by the Rinocloud division of Deepverge plc, this is a
consortium of partners operating a live dynamic water management
system that delivers safe clear water from rivers to wastewater
treatment plants using Artificial Intelligence to provide instant
alerts from remote sensors direct to stakeholders. It continuously
evolves, learns and improves by bringing together multiple existing
and smart technologies to create efficient water and deliver
environmental protection. Over-the-air monitoring keeps
stakeholders constantly up to date with web and mobile alert
applications adapted for each group.
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