CAP-XX Limited Result of AGM and Chairman's AGM statement (4259Q)
27 Octubre 2021 - 3:35AM
UK Regulatory
TIDMCPX
RNS Number : 4259Q
CAP-XX Limited
27 October 2021
27 October 2021
CAP-XX Limited
("CAP-XX" or "the Company")
Result of AGM and Chairman's AGM statement
The Board of CAP-XX announces that all resolutions put to
shareholders at the Company's Annual General Meeting held earlier
today were duly passed.
CAP-XX's Chairman, Pat Elliott, also made the following
statement in relation to the Company's activities:
"After being in a four-month lockdown since the 26th of June, I
am pleased to report that Sydney, and our new factory in Seven
Hills, came out of lockdown on the 18th of October. Despite the
impact on manning and production our Q1 sales have again been
strong, up 25% on the same period last year.
The sales order book remains strong, and the Company remains on
track to meet market expectations. Demand from customers for
products made at Seven Hills continues to grow, as more former
Murata customers place orders especially as their stocks prior to
Murata's exit are running down. We remain confident that over 75%
by value of these former Murata's customers will be retained.
Further, demand for thin prismatic supercapacitors from IoT
markets is growing. In addition to the sales orders already we have
received, we are seeing strong enquiry levels for supercapacitors
for IoT sensors, drones, microgrids and metering.
During lockdown (from the beginning of the current financial
year) we have continued to increase output and yield at Seven Hills
and reject rates in Q1 were approximately half those of the
preceding quarter.
Operationally we are actively looking to add more technicians to
accelerate the pace of improvement and product development at Seven
Hills, along with the commissioning the DMH production line to
produce even thinner supercapacitors sought by IoT and electronic
users. Production from our contract manufacturer, Nationgate, is
now recovering strongly, as Malaysia also comes out of COVID lock
down. Nationgate has been adding staff to its CAP-XX production
line which has increased output by over 25%.
We have installed a new enterprise resource planning system
which has gone live and is designed to enable CAP-XX to cater for
significant growth. We expect to see further benefits from this
going forward.
On the licencing and litigation front we are waiting for the
Delaware Court ordered mediation with Maxwell Technologies.
Cash reserves remain strong at A$2.7m with no debt and our
R&D tax rebate of A$3.2m is expected in the next two months.
The cash burn rate continues to decrease."
For further information contact:
CAP-XX Limited
Anthony Kongats (CEO) +61 (0) 2 9428 0139
Kreab (Financial PR)
Robert Speed +44 (0) 20 7074 1800
Allenby Capital (Nominated Adviser
and Joint Broker)
David Hart / Alex Brearley (Corporate
Finance)
Tony Quirke (Sales and Corporate
Broking) +44 (0) 20 3328 5656
Cenkos Securities plc (Joint Broker)
Neil McDonald / Pete Lynch +44 (0) 13 1220 6939
More information is available at www.cap-xx.com
Notes to Editors:
CAP-XX (LSE: CPX) is a world leader in the design and
manufacture of thin, flat supercapacitors and energy management
systems used in portable and small-scale electronic devices, and to
an increasing extent, in larger applications such as automotive and
renewable energy. The unique feature of CAP-XX supercapacitors is
their very high power density and high energy storage capacity in a
space-efficient prismatic package. These attributes are essential
in power-hungry consumer and industrial electronics, and deliver
similar benefits in automotive and other transportation
applications. For more information about CAP-XX, visit
www.cap-xx.com
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END
AGMGIBDGXXDDGBR
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October 27, 2021 04:35 ET (08:35 GMT)
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