Deepverge PLC Accelerated Restructuring (1351H)
22 11월 2022 - 4:00PM
UK Regulatory
TIDMDVRG
RNS Number : 1351H
Deepverge PLC
22 November 2022
DeepVerge PLC
("DeepVerge" or "Company")
Accelerated Restructuring
DeepVerge (AIM: DVRG) announces an organisational restructure of
its environmental and life science divisions to meet the growth in
demand and maximise the opportunities that lie ahead. Modern Water
will focus primarily on markets in China, South Asia and EMEA.
Labskin and Skin Trust Club will primarily target the North
American market.
Over the past 24 months Modern Water has transitioned from
traditional unit sales of standalone monitoring equipment to fully
integrated solution sales, underpinned by data automation and AI.
The result has been a number of GBP1m+ contracts with significant
regional partners on four continents.
The full integration of Glanaco into Modern Water will create
two sub-divisions within Modern Water - a solutions division for
integrated solution sales and an equipment, assembly and logistics
division run by Glanaco. Modern Water will focus primarily on
markets where there is regulatory driven need for clean water.
Labskin and Skin Trust Club business units will transfer to
Rinocloud Limited, the software and AI company acquired by
DeepVerge in May 2019. Rinocloud is focused on the use of AI for
analysis of aggregated microbiome data extracted from human skin
and environmental water, soil, flora and fauna. Following the
recently announced material wins with IARPA, NOAA and Georgia
Ports, this business will primarily be focused on and in the North
American market.
It is expected that this restructuring will also result in cost
savings for the Company of up to GBP2.0m on an annualised basis.
The incremental cash costs of implementing the reorganisation are
not expected to exceed GBP0.2m. The Company will seek to minimise
the impact of these measures on the workforce, however potential
redundancies may need to be considered in some areas of the
business. The anticipated result of this restructuring is the
Company being in a stronger and healthier position to execute the
more focused strategy.
Further to the notification of 14 November 2022, and as
anticipated, the Company confirms it has transferred the requisite
funds from the recent fundraising to Riverfort to settle all
outstanding amounts under its loan facility.
Nigel Burton, CEO of DeepVerge plc commented:
" This restructuring will enable the Company to build on the
unrealised value created within both business divisions in order to
maximise shareholder value."
For further information, please contact:
Enquiries:
DeepVerge plc Nigel Burton, CEO +44 (0) 8885 234447
SPARK Advisory Partners
Limited
(Nominated Adviser) Neil Baldwin +44 (0) 113 370 8974
Turner Pope Investments
(TPI) Limited Andy Thacker/James
(Broker) Pope +44 (0) 20 3657 0050
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END
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