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OTAQ Plc (OTAQ)
25 July 2023 OTAQ plc ("OTAQ" or the "Company")
Director Change
OTAQ plc (OTAQ.AQ), the innovative technology company targeting the aquaculture, geotracking and offshore markets, announces that Matt Enright will resign from the Board and as Chief Financial Officer and Company Secretary with effect from 31 July 2023 to take up a new role outside the Company. Matt was appointed to the Board in June 2020 after joining the Company in April 2020.
The Board is pleased to announce that Justine Dowds has been appointed as Interim Chief Financial Officer. Justine has held a number of senior positions in a range of high growth companies across various sectors including property development, aviation charter services, IT and construction. Most recently she was Managing Director of GB3 Limited, an IT Managed Services company, having joined the company in 2012 as Finance and Operations Director. Prior to GB3 Limited, Justine worked for United Utilities and AstraZeneca having previously qualified as a chartered accountant with Arthur Andersen.
Phil Newby, Chief Executive Officer, commented: "On behalf of the entire Board, I would like to thank Matt for his contribution to the Company, particularly in relation to the transition of OTAQ to a publicly listed business as well as his advice as the Company has developed during the past three years. We wish him well for the future. We are delighted that Justine has agreed to join us as interim Chief Financial Officer."
Matt Enright said: "I have enjoyed my time working with the Board and wider team at OTAQ. I believe the Company is now well placed to benefit from the investments in resource and products made over the past three years, placing OTAQ on a sound growth path."
About OTAQ 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 at the advanced development stage of a potentially game changing live plankton analysis system (LPAS). It also continues to target opportunities in the acoustic deterrent devices market via its Sealfence product, which is used by salmon farmers in multiple large global territories.
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.
Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
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| ISIN: | GB00BK6JQ137 |
| Category Code: | MSCH |
| TIDM: | OTAQ |
| LEI Code: | 213800CZGMYB5XTUXJ52 |
| OAM Categories: | 3.1. Additional regulated information required to be disclosed under the laws of a Member State |
| Sequence No.: | 259794 |
| EQS News ID: | 1687047 |
| End of Announcement | EQS News Service |
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