OTAQ Plc (OTAQ)
("OTAQ", the "Company" or the "Group")
OTAQ, the innovative technology company targeting the aquaculture, geotracking and offshore markets, announces the appointment of Adam Reynolds as Non-Executive Chairman with immediate effect. The Company also announces that Alex Hambro will retire as Non-Executive Chairman of the Company at the same time.
Alex has made a significant contribution to the Company since joining the Board in November 2018 and becoming Non-Executive Chairman on admission to the London Stock Exchange in March 2020. The Board thanks Alex for his valuable contribution to the Company’s development.
Adam is a veteran of the small cap market and a champion of growth companies. He brings with him a wealth of knowledge and experience across various sectors and helps companies realise their potential. He began his career in the City in 1980 with stockbrokers Rowe Rudd, following which he joined public relations business Basham & Coyle heading their Investor Relations Division. Thereafter he established his own PR/IR and Corporate Finance firm, which he subsequently floated on AIM in 2000 before selling the company in 2004.
More recently, Adam has been a major investor in and Non-Executive Chairman or Non-Executive Director of a number of small cap growth companies including EKF Diagnostics plc, Sosander plc, Yourgene Health plc and Belluscura plc where he works closely with the executives to take advantage of the opportunities available thereby maximising shareholder value.
Alex Hambro said: “I’m delighted to welcome Adam to the Chair at OTAQ during a pivotal and exciting time in its development. Adam has plenty of relevant experience in guiding young technology-based companies through their international growth opportunities. OTAQ’s exciting current portfolio of new products has significant growth potential internationally and Adam will add enormous value to these programs.”
Adam Reynolds, Non-Executive Chairman, added: “I am very pleased to be joining the Board of OTAQ at this pivotal point of its development and the growth opportunities it has before it. I would like to thank Alex for his contribution over the past four years and I wish him well.”
The following information relating to Adam Reynolds is disclosed pursuant to Rule 4.9 of the AQSE Growth Market - Access Rulebook.
Current directorships and/or partnerships
Autoclenz Group Limited
Autoclenz Holdings Limited
New Image Car Care Limited
New Image Holdings Limited
New Image Smart Repair Limited
New Image Valeting Limited
Probiotix Health plc
The British Inspiration Trust
Yourgene Health plc
Former directorships and/or partnerships (within the last five years)
Big Sofa Technologies Group Limited
EKF Diagnostics Holdings plc
Emotion Fitness Limited
Medavinci Gold Limited
Optibiotix Health plc
Orogen Gold (Armenia) Limited
Orogen Gold (Serbia) Limited
RNR Holdings Limited
Adam holds 893,181 ordinary shares in the Company representing 0.7% of the Company’s issued share capital.
OTAQ is a highly innovative technology company targeting the aquaculture, geotracking and offshore markets. It already has a number of established products in its portfolio and is focused on further developing its presence, customer base and cross selling opportunities within core markets both organically and via acquisition.
OTAQ’s aquaculture products, which include a sonar device (developed for Minnowtech LLC) to scan shrimp in ponds and water quality monitoring, are focused on maximising welfare and production yields. Additionally, the Company is developing a potentially game changing live plankton analysis product for finfish and shellfish farmers. It also continues to target opportunities in the acoustic deterrent devices market via its Sealfence product, which is used by salmon farmers, with global opportunities in Chile, Australia, Canada and Norway.
The Company is also developing high accuracy location trackers for specialist applications. Having already added clients within safety and multiple participant sport/racing applications, the Company is investigating wider market potential - including opportunities in the seafood industry.
OTAQ’s offshore product range includes OceanSense subsea leak detection, Eagle IP camera systems, Lander seabed survey devices and Subsea electrical connectors and penetrators. It is targeting a number of growth opportunities in new territories and has a strong client base including Expro, Amphenol and National Oilwell Varco. The Company is also focused on the development of new products through this division, with the aim of increased cross-deployment of skills and technologies into the aquaculture arena.
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