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Microsaic Systems plc. (2/24/16). "Press Release: Update on Operations and Notice of Results".

Organisations Organisation Microsaic Systems plc (AIM: MSYS)
  Organisation 2 Numis Securities Ltd. (London)
Products Product 4000 MiD® desktop MS system
  Product 2 triple quadrupole mass spectrometer
Index term Index term OTHER–Microsaic: mass spectrometer, 201409–201602 developm + supply OEM chip-based triple quad system for use in applied markets TERMINATED 2/16
Persons Person Nicholl, Colin (Microsaic 201307–201701 Board Chairman before Deputy Chairman RETIRED 1/17)
  Person 2 Ramage, Jim (Microsaic 201512–201705 CEO before non-exec Director + Tesla Engineering + VG Instruments RESIGNED 5/17)
     


Microsaic Systems plc (AIM: MSYS), the developer of miniaturised chip-based scientific instruments, announces an improved business performance in the six months to 31 December 2015. The Company sold seventeen 4000 MiD® units in H2 2015 versus six units in H1 2015. The Board anticipates that sales for H1 2016 will continue this positive trend. The Company is pleased to announce that it has also signed a new distributor agreement for the 4000 MiD®; details of which will be provided in the 2015 Annual Report.

The Company also announces that following a strategic review of the route-to-market for its advanced “triple quad” technology, the Company’s development agreement announced on 25 September 2014 with an OEM partner has been terminated. The Company aims to finalise the development of its first triple quad prototype in the middle of 2016 and begin preliminary testing for defined applications. These actions will enable the Company to pursue a strategy of multiple outlets into each application area and hence reduce its dependency on any one international market participant.

Furthermore, the Company has identified a number of innovative new application areas for its current “single quad” products and early stage contacts are being made with appropriate companies to be partners for these. As a result, further OEM contracts are expected through 2016 and 2017. The Company has completed a review of its sales and marketing strategy, training and client literature - the results of which are in the process of being implemented.

The Company will announce its preliminary results for the year ended 31 December 2015 around 16 March 2016.


Enquiries:

Microsaic Systems plc
via Citigate Dewe Rogerson
Colin Nicholl, Chairman
Jim Ramage, CEO

Numis Securities Limited
+44 (0)20 7260 1000
Stuart Skinner (Nominated Adviser)
James Serjeant (Broker)

Citigate Dewe Rogerson (Financial PR)
+44 (0)20 7282 2948/1068
Mark Swallow, Marine Perrier


About Microsaic Systems

Microsaic Systems plc is a high technology company developing and marketing next generation mass spectrometry (MS) instruments for the analysis of gaseous, liquid and solid samples. Microsaic has successfully miniaturised mass spectrometry into a desktop instrument by integrating the key MS components onto patented chip technologies (called ionchip®, spraychip® and vac-chip™).

Microsaic's MS products retain the functionality of larger, conventional MS systems but are substantially smaller, lighter, consume less energy and have lower running costs. The Microsaic 4000 MiD® is the world's smallest MS system.

Mass spectrometry is a 'gold-standard' analytical technique used across many industry sectors, including pharmaceutical, diagnostics and healthcare, government, energy, utilities, environmental, food and drink, security and defence, and industrial chemicals - a combined market estimated to grow to $2.5 billion by 2017. Microsaic aims to introduce compact, deployable MS products, based on its core technology, into a series of these target markets.

Microsaic Systems was established in 2001 by a team including founders from Imperial College London, and was admitted to AIM in April 2011 under the symbol MSYS. www.microsaic.com

   
Record changed: 2016-03-14

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