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:
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OTAQ PLC
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+44 (0) 1524 748028
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Adam Reynolds, Non-Executive Chairman
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Phil Newby, Chief Executive Officer
Justine Dowds, Chief Financial Officer
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Dowgate Capital Limited - AQSE
Corporate Advisor & Broker
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+44 (0)20 3903 7715
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David Poutney / James Serjeant
Nicholas Chambers / Russell Cook
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Walbrook PR Limited – PR
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+44 (0)20 7933 8780
07971221972 or 07748325236
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Tom Cooper / Nick Rome
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OTAQ@walbrookpr.com
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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.
