DJ Board Changes
OTAQ Plc (OTAQ)
Board Changes
31-Oct-2024 / 07:00 GMT/BST
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31 October 2024
OTAQ plc
("OTAQ" or the "Company")
Board Changes
OTAQ, the innovative technology company targeting the aquaculture and offshore markets, announces the following changes
to its Board of Directors ("the Board"): Harald Rotsch has stepped down from the Board but will continue to act as
Chief Technology Officer in a non-Board capacity, while Sarah Stoten has resigned her position as Non-Executive
Director, both with immediate effect.
Both Harald and Sarah have voluntarily resigned their positions in recognition of the cost cutting measures already
implemented by the Company, measures which they view appropriate to extend to all levels.
While Harald will remain with the Company, Sarah has kindly offered to support a smooth transition. It is the Board's
view that it will retain the expertise needed to service the near-term needs of the Group, best positioning OTAQ for
long-term success and maintaining suitable corporate governance.
Phil Newby, Chief Executive Officer, commented: "I would like to sincerely thank both Harry and Sarah for their
valuable contributions to OTAQ during their tenure on the Board. We are pleased that Harry will continue in his current
role and we will retain his extensive expertise and industry knowledge within OTAQ. I also extend our best wishes to
Sarah in her future endeavours and thank her for continued support as we transition to a leaner business and establish
solid platform from which we can then grow.
"As we made clear when reporting our Interim results, the changes we make today will enable OTAQ to succeed in
servicing the aquaculture and offshore markets with our innovative technology solutions and realise long-term growth."
Enquiries:
OTAQ PLC +44 (0) 1524 748028
Adam Reynolds, Non-Executive Chairman
Phil Newby, Chief Executive Officer
Justine Dowds, Chief Financial Officer
Dowgate Capital Limited - AQSE Corporate Advisor & Broker +44 (0)20 3903 7715
David Poutney / James Serjeant
Nicholas Chambers / Russell Cook
+44 (0)20 7933 8780
Walbrook PR Limited - PR
07971221972 or 07748325236
Tom Cooper / Nick Rome OTAQ@walbrookpr.com
About OTAQ
OTAQ is a highly innovative technology company targeting the aquaculture 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 developing a potentially game changing live plankton analysis product for finfish and shellfish farmers. It also continues to target opportunities in the acoustic deterrent devices market via its Sealfence product, which is used by salmon farmers, with global opportunities in Chile, Australia, Canada and Norway.
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.
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.
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ISIN: GB00BK6JQ137 Category Code: MSCU TIDM: OTAQ LEI Code: 213800CZGMYB5XTUXJ52 Sequence No.: 356153 EQS News ID: 2019563 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
October 31, 2024 03:00 ET (07:00 GMT)
