OTAQ PLC Order for Location Tracking Technology
11 October 2021 - 05:00PM
RNS Non-Regulatory
TIDMOTAQ
OTAQ PLC
11 October 2021
OTAQ plc
("OTAQ" or the "Company")
Order for Location Tracking Technology
OTAQ, the marine technology products and solutions group for the
global aquaculture and offshore oil and gas industries, announces
that it has secured all approvals necessary to supply its
innovative, newly developed tracking device for a prestigious
annual sporting event. This tracking technology was acquired as
part of the ROS Technology acquisition in November 2020 and has
been developed for use in OTAQ's core aquaculture market as well as
having wider applications in the field of competitive sports.
After successfully delivering a product prototype, achieving CE
certification in August 2021 and passing customer trials and
testing in September 2021, OTAQ has been approved to provide 610
devices for delivery before the end of the financial year. The
device will provide real-time tracking of competitors within an
accuracy of 60cm, supporting the health and safety of the
competitors and aiding in event management. The order is a direct
sale and will be an important addition to OTAQ's revenues in the
current financial year.
The award results from the initial customer contract agreed as
part of the Company's acquisition of ROS Technology, delivering on
the pipeline of revenue-generating contracts being discussed at
acquisition. The success of this project is expected to lead to
further sporting event tracking opportunities in FY2023 with OTAQ
additionally looking to advance this technology in its core
aquaculture market.
Commenting on the order, Phil Newby, CEO of OTAQ, said: "We are
very pleased to win this order, highlighting the success of our
broader acquisition strategy and the innovative strength of our
R&D team. The application of this technology in a highly
demanding environment goes to prove the quality of the tracking
solution.
"This win opens new and exciting opportunities in the
competitive events space and is a valuable reference for future
land and sea applications benefitting from accurate real-time
location data."
Contacts :
OTAQ PLC Via Walbrook
Alex Hambro, Non-Executive
Chairman
Phil Newby, Chief Executive
Officer
Matt Enright, Chief Financial
Officer
Dowgate Capital Ltd (Broker
& Adviser) 020 3903 7715
James Serjeant/Nicholas Chambers/
Russell Cook
Walbrook PR Ltd Tel: 020 7933 8780 or Otaq@walbrookpr.com
Tom Cooper/Nick Rome/Nicholas 0797 122 1972 or 07748 325 236 or
Johnson 07884 664 686
About OTAQ:
OTAQ is a highly innovative marine technology company focused on
the marine aquaculture, offshore energy, renewables and
oceanographic research sectors. It operates in four worldwide
locations: Lancaster, Aberdeen and Ulverston in the UK and Puerto
Montt in Chile.
OTAQ's marine technology portfolio includes a market-leading
intelligent acoustic deterrent system, Sealfence, designed to
protect marine-based aquaculture sites from predation, with
multiple systems deployed in Scotland, Chile, Finland and
Russia.
The Company's Oceansense leak detection systems have a global
reputation as the industry standard solution and have been deployed
successfully on hundreds of jobs. OTAQ's Dragonfish laser
measurement system is fast becoming recognised as one of the most
accurate underwater precision laser measurement systems available.
OTAQ also has significant experience in the design and manufacture
of underwater connectors, penetrators and communication
systems.
It seeks to develop and continuously improve its products using
its specialist mechanical, electronic and software engineers with
decades of experience in bringing underwater technology products to
market. Concurrently, OTAQ seeks to expand its technology portfolio
through acquisitive growth, with the aim of further expanding its
aquaculture and offshore product offering.
OTAQ is proud to be fully ISO 9001:2015 accredited through
DNV-GL. ISO 9001 is an internationally recognised quality
management system and demonstrates OTAQ's commitment to
consistency, continual improvement and customer satisfaction. The
certification also demonstrates its ability to consistently deliver
products and services to market whilst meeting statutory and
regulatory requirements by applying an effective quality management
system.
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