PipeHawk PLC Update re. Major contract with Ventive Limited (0227D)
17 Octubre 2022 - 1:00AM
UK Regulatory
TIDMPIP
RNS Number : 0227D
PipeHawk PLC
17 October 2022
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 (which forms
part of domestic UK law pursuant to the European Union (Withdrawal)
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17 October 2022
PipeHawk plc
("PipeHawk", "Company" or the "Group")
Update re. Major contract with Ventive Limited
PipeHawk provides the following update in relation to the
contract entered into between QM Systems Limited ("QM"), one of the
Group's principal subsidiaries, and Ventive Limited ("Ventive")
announced on 10 March 2022.
In order to meet production deliverables associated with the
"Ventive Home" System, Ventive needed to raise additional
development capital. Pipehawk understands that Ventive is at an
advanced stage of discussions to secure such funding.
The receipt of the additional development capital by Ventive has
taken longer than originally anticipated. As a result, production
of the "Ventive Home" System, which was scheduled to begin in June
2022, is now expected to commence in September 2023, with the
product coming to market in the fourth quarter of 2023. As a
consequence, revenues for QM associated with contract manufacturing
of the "Ventive Home" System, which were expected to occur in the
year ending 30 June 2023, are now expected to accrue in the
subsequent financial year . QM continues to expect to receive
revenue in connection with the building of the "Ventive Home"
System production line within the year ending 30 June 2023.
Gordon Watt, Chairman of PipeHawk plc commented:
"While I am disappointed that the timing of production has been
delayed for this project which has delayed the commencement of
revenue for PipeHawk, I do recognise the challenges faced when
bringing new and innovative disruptive technology to market. As a
business, we thrive on being at the forefront of technological
development, in particular where that technology has the capacity
to have positive impact on our world. I look forward to Ventive
securing the additional development capital and working with
Ventive to bring this innovative and exciting product to market
Enquiries:
PipeHawk Plc Tel. No. 01252
Gordon Watt (Chairman) 338 959
Allenby Capital (Nomad and Broker) Tel. No. 020 3328
5656
David Worlidge/Vivek Bhardwaj
For further information on the Company and its subsidiaries,
please visit: www.pipehawk.com
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