DeepVerge (AIM: DVRG), the environmental and life science group of companies that develops and applies AI and IoT technology to analytical instruments for the analysis and identification of bacteria, virus and toxins, announces an update on the Proposed Financing and details of proposed changes to the board, and to the roles undertaken by existing directors.
Update on Proposed Financing
Further to the RNS announcement of 12 October 2022, the Board is pleased to advise that the fundraising process, coordinated by the Company’s brokers Turner Pope, continues to progress, despite challenging market conditions. We look forward to updating shareholders and the market in the near term.
However, there can be no guarantee that sufficient equity funds can be raised, nor the terms thereof.
Board and Management changes
The Company has doubled turnover every year from £0.27m in 2018 to £9.3m in 2021 with a forecast of £18m this year.
This fast pace of growth has stretched both the balance sheet and the existing management team. As a consequence, a new CEO, CFO and Non-Executive director will be recruited.
The following Board changes are expected to take effect immediately upon the announcement of the Proposed Financing:
Gerard Brandon will step down as Chief Executive remaining on the board as Executive Director with responsibility for the Modern Water Division.
Dr Nigel Burton will become interim Chief Executive while the Company commences the search for a new Group Chief Executive.
Fionan Murray will remain on the Board as Executive Director with responsibility for the Skin Trust Club and Labskin Division.
Camillus Glover will leave the board but will remain as Chief Financial Officer while the Company commences the search for a new Group Finance Director.
A further independent non-executive director will be appointed as soon as practicable.
For further information, please contact:
Ross Andrews, Chairman
+44 (0) 1904 40 4036
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