Clifford Gross, Executive Chairman of Tekcapital plc (TEK.L) Interview

Share spoke with Clifford Gross, Executive Chairman about yesterdays announcement with the company releasing the Final Results for the year-ended 30 November 2019.

Tekcapital plc (AIM: TEK), the UK intellectual property (IP) investment group focused on creating marketplace value from university technology, announces its audited results for the year ended 30 November 2019.

 

 

Financial highlights

· Net Assets increased 40% to US$22.25m, a record level (2018: US$16.13m)

· NAV per share US$0.35 (2018: US$0.30)

· Portfolio valuation increased 48% to US$20.3m (2018: US$13.70m)

· Total revenue US$7.72m (2018: US$6.83m)

– Revenue from services increased 15% to US$1.20m (2018: US$1.04m)

– Net increase of US$6.52m in fair value of portfolio companies (2018: US$5.79m)

· Profit before tax: US$5.52m (2018: US$4.55m)

· Reduction of operating expenses by 7% to US$1.59m (2018: US$1.72m).

· Service revenues cover approximately 55% of cost base (cost of sales and operating expenses)

· Placing to raise US$0.9m completed in July 2019.

Operational highlights: Material Portfolio Companies

Salarius® (91.7% ownership) www.salarius.co

· Successfully launched MicroSalt® with the first three commercial accounts secured.

· Approximately 25 companies are testing MicroSalt® for inclusion in their snack food products.

· Appointed Mike Marrotte, V.P. Sales. Top performing sales leader and revenue growth strategist

· Appointed Javier Contreras as COO to further its commercialization efforts (formerly of The Clorox Company).

· Completed development and consumer packaging of its SaltMe!® line of full flavour, reduced sodium potato chips in 4 flavours.

· Engaged a leading natural food wholesaler & food broker for retail placement of SaltMe!®

· Engaged two leading food ingredient brokers, Accurate Ingredients, Inc. and Hanks Brokerage Inc., to sell MicroSalt® to snack food companies throughout the U.S.

· Filed additional patent on coverage of MicroSalt® directed to improve low-sodium salt.

Lucyd® (100% ownership) www.lucyd.co

· Launched sales of Lucyd Loud 3.0 audio glasses, proper prescription glasses that can be used to listen to music, answer your mobile phone or talk to Siri®.

·On track to launch Lucyd Loud Lyte in the H2 2020. Lucyd Lyte is the first prescription Bluetooth glasses that looks like traditional glasses in terms of style and form factor.

· Filed additional patent protection on Lucyd modular eyewear and trademark protection on Glasses as a Service (GaaS).

Guident (100% ownership) www.guident.co

· Filed a new patent application for controlling autonomous vehicles after an accident (patent was allowed by the USPTO post period end)

· Guident exclusively licensed a patent application from Michigan State University for an AV communication and safety network.

· Guident exclusively licensed patent # 9,964,948 from FIU which enables remote control of an AV by a human operator when necessary

· Begun its B2B marketing program to develop partnerships with vehicle OEM’s to provide remote tele-monitoring and control centre IP & technology for autonomous vehicles and land-based delivery drones.

Belluscura® (18.9% ownership) www.belluscura.com

· Continued progress with its patented portable oxygen concentrator programme

· Belluscura raised US $2.7m in 2019 at 15p/share to continue with its FDA clearance and go to market strategy equating to a post money valuation of ~US $9m.

· Belluscura anticipates receiving 510(K) clearance from the US FDA in H1 2020

· Post end of period, Belluscura filed an additional patent application covering devices and systems for treating people suffering from acute respiratory distress caused by the Coronavirus.

Operational highlights: Corporate

· Strengthened the board of directors with the appointments of Lord David Willets and Mr. Louis Castro as independent non-executive directors

Dr. Clifford Gross, Executive Chairman said: “I’m glad to report that through the collective efforts of our dedicated and capable team we have achieved record results in 2019. The continued development of our portfolio companies combined with improved service revenues has resulted in solid financial performance, whilst we simultaneously reduced our operating expenses by 7%.”

Post period end portfolio company highlights

· On December 12, 2019, Salarius Ltd secured national food ingredient broker for Microsalt®. Accurate Ingredients provides network of experienced sales representatives on east and west coast of the United States.

· On 24 January 2020, Salarius Ltd secured additional food ingredient broker partner for sales of Microsalt®. The agreement with Hanks Brokerage Inc. covers primarily snack food companies in the southwestern United States.

· On 10 February 2020, Belluscura has filed an additional patent application (17 patents filed or licensed to-date) entitled “Improved Extracorporeal Membrane Oxygenation Device, System and Related Methods,” covering devices and systems for treating people suffering from acute respiratory distress caused by the Coronavirus.

· In February 2020, Salarius Ltd’s executives exercised stock options resulting in Tekcapital’s ownership being reduced from 97.5% to 91.7%.

· On 2 March 2020, Salarius Ltd announced North American distribution agreement for launch of SaltMe!® snacks. This agreement represents an important milestone for Salarius’ new potato chip snack line, enabling unprecedented reach of SaltMe!® products into consumer outlets of every size in North America.

· On 4 March 2020, Salarius Ltd announced sales partnership agreement with iLevel Brands Inc as part of its launch of North America sales of SaltMe!®. This agreement, combined with their previously announced distribution agreement on 2 March 2020, will expand Salarius’ market penetration and brand awareness for its new potato chip snack line with retail brand placements across the entire East Coast, Midwest and Southwest geographic areas of the United States.

· On 16 March 2020, Belluscura plc announced the filing of a patent application on a modular, portable oxygen enrichment ventilation system for treating patients suffering from COPD and ARDS brought on by such diseases as COVID-19.

· On 24 March 2020, Salarius Ltd announced it has received an order from its distribution partner to launch sales of its new SaltMe!® full flavor-low sodium snacks in 71 stores beginning in May 2020.

· On 26 March 2020, Lucyd Ltd announced it has filed patent and trademark on its forthcoming Vyrb(TM) app. Vyrb users will be able to active a world of smartphone actions with their voice in just moments, including social media posting. The app is designed to improve utility of Lucyd Bluetooth® glasses and wireless hearables.

· On 8 April 2020, Guident Ltd announced significant management additions including appointment of Harald Braun as Company’s CEO and appointment of Daniel Grossman as the company’s Chief Revenue Officer. The company also appointed Michael Trank as VP Software Development and Dr. Gabriel Castenada as Lead Architect, Artificial Intelligence Software. Guident has also announced that it has received a Notice of Allowance from the United States Patent and Trademark Office for its patent application # 16/386,530 entitled “Methods and Systems for Emergency Handoff of an Autonomous Vehicle” and has filed an additional patent entitled, “Intelligent Remote Monitoring and Control of Autonomous Vehicles”.

· On 24 April 2020, Lucyd Ltd announced launch of its Bluetooth(R)-enabled glasses on the website of US superstore chain Walmart Inc.

Posting of Annual Report and Accounts

The Company’s annual report and accounts for the year ended 30 November 2019 will be posted to shareholders in due course and will be available on the Company’s website www.tekcapital.com shortly.


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