DJ LPAS contract with Ireland's Seafood Development Agency
OTAQ Plc (OTAQ)
LPAS contract with Ireland's Seafood Development Agency
11-Jun-2024 / 07:00 GMT/BST
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11 June 2024
Non-regulatory announcement
OTAQ plc
("OTAQ", or the "Company")
LPAS contract with Ireland's Seafood Development Agency
OTAQ plc (OTAQ.AQ), the innovative technology company targeting the aquaculture and offshore markets, is pleased to
announce a contract with Bord Iascaigh Mhara ("BIM"), Ireland's Seafood Development Agency, for two of its Live
Plankton Analysis System ("LPAS") units to be installed on an initial rental through until the end of 2024.
One of these units will be deployed with a global seafood producer which has encountered Harmful Algae Bloom ("HAB")
events at its Irish sites in recent years resulting in significant stock losses.
Recently launched by OTAQ, LPAS is a powerful tool for farmers to help combat the rising threat of HAB. By integrating
specialised AI technology to automate the identification and quantification of harmful algae and streamline monitoring
processes, LPAS saves time, enhances accuracy and frequency, and will assist in standardising practices across the
industry. LPAS marks a significant advancement in safeguarding aquaculture against devastating HAB events.
Damien Toner, Aquatech Business Manager at BIM commented: "A key part of BIM's role in supporting the growth and
sustainability of Ireland's seafood industry is to assess and promote new technologies that will assist farmers manage
their operational risks and efficiencies. Following trials of LPAS Beta units during 2023, we see the vital benefits
LPAS brings in streamlining and enhancing algae monitoring in production areas and therefore we are pleased to be
progressing our relationship with OTAQ to the benefit of Irish farms."
Richard Beesley, Chief Commercial Officer at OTAQ plc commented: "The Aquaculture industry is increasingly challenged
by the threat of Harmful Algal Blooms, which can devastate fish populations and lead to significant financial losses
for farms worldwide. While daily monitoring has been the traditional response, it presents notable challenges. Since
2021, we have worked closely with farmers, industry bodies and academia to identify and develop a viable solution to
address these challenges."
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
Russell Cook
Walbrook PR Limited - PR +44 (0)20 7933 8780
Tom Cooper / Nick Rome 07971221972 or 07748325236
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: MSCL TIDM: OTAQ LEI Code: 213800CZGMYB5XTUXJ52 Sequence No.: 326989 EQS News ID: 1921857 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
June 11, 2024 02:00 ET (06:00 GMT)
