TIDMGTC

RNS Number : 9350P

GETECH Group plc

15 February 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN

15 February 2023

Getech Group plc

("Getech" or the "Company" and with its subsidiaries "the Group")

Directorate Change

Getech (AIM: GTC) a company that locates energy and minerals essential to the energy transition, today announces that Dr Jonathan Copus has notified the Board of his decision to step down as Group CEO and Director on 28 February 2023, following which he will be available to the Board and the executive team to ensure a smooth and successful handover.

As of today's date, Richard Bennett will assume the role of interim Executive Chairman, Mr. Bennett joined the Board of Directors in January 2021 as Non-Executive Chairman, bringing extensive experience in technology and renewable energy.

Getech has commenced a search for a new CEO and will update the market on the results of this search in due course.

Richard Bennett, Getech Chair commented:

"The Board and I would like to thank Jonathan for his seven years of service. Jonathan has successfully repositioned Getech's business and applied the company's geoscience and geospatial expertise to new markets within the energy transition, in particular the search for critical minerals, geothermal, hydrogen and carbon storage projects. The products and solutions developed are vital for these fast-growing sectors and form the foundation for the future growth of the Company. We thank Jonathan for his time and dedication to Getech and wish him every success with his future ventures."

Dr Jonathan Copus commented:

"In my time as Getech's CEO, I am proud of how the business has transformed into a champion of the energy transition, taking unique products and solutions that we built for the petroleum industry, and revolutionising their use to locate geothermal, carbon storage, hydrogen and critical mineral assets.

Since raising growth capital in 2021, we have increased revenue by 40% and significantly diversified and decarbonised the sources of this revenue - with over 33% now coming from non-hydrocarbon origin. Underpinning this is an orderbook that has grown by 70%, to a record high, and Getech has begun 2023 with a strong asset-backed balance sheet. I have personally decided that now is the right time for me to take up a new challenge. The Company is in a strong position, and I am certain it will thrive under new leadership. "

Additional information

Richard Bennett has extensive business and listed company experience over a career spanning 30 years. During that time, he has worked for General Electric in Asia and the US and co-founded and listed on NASDAQ J2Global, an internet telecoms business currently valued at $4.3 billion. He has worked in executive, chairman and non-executive roles with a series of highly successful growth focused technology and clean energy companies, including the AIM-quoted wireless technology company, MTI Wireless Edge.

For further information, please contact:

 
  Getech Group plc                                   Tel: 0113 322 2200 
   Irina Logutenkova, Head of Investor Relations 
 
 
  Cenkos Securities plc 
   Neil McDonald / Pete Lynch (Corporate Finance)      Tel: 0207 397 8900 
   Michael Johnson / Dale Bellis (Sales) 
 
    Camarco                                          Tel: 020 3781 8331 
     Tom Huddart / Toby Strong / Charles Dingwall

Notes to editors:

Getech Group plc (AIM: GTC) generates revenue by locating new energy and mineral resources using its proprietary Earth digital twin. The Group works for governments and companies who seek to decarbonise their operations. Getech expanded the use of data and technologies built for petroleum industry to critical minerals, geothermal, hydrogen, carbon storage. Getech's work builds strategic partnerships that open early-stage asset opportunities. In exchange for locating assets Getech may seek a carried interest during the development phase and option to monetise the position.

For further information, please visit www.getech.com .

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END

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February 15, 2023 02:00 ET (07:00 GMT)

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