TWD.L

Trackwise Designs Plc
Trackwise Designs - OEM B Nomination Update & Further Results Delay
21st July 2023, 13:57
TwitterFacebookLinkedIn
To continue viewing RNS, please confirm that you are a Private Investor*

* A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

  1. Obtains access to the information in a personal capacity;
  2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
  3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
  4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
  5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
  6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
RNS Number : 8482G
Trackwise Designs PLC
21 July 2023
 

TRACKWISE DESIGNS PLC

 

("Trackwise", the "Company" or the "Group")

 

OEM B Nomination Update & Further Delay of 2022 Results

 

 

Trackwise Designs plc (AIM: TWD), a leading manufacturer of specialist products using printed circuit technology, announces an update on progress towards supplier nomination for a prospective OEM end customer ("OEM B").

 

Nomination Update

  

After working with a Tier-1 for more than a year on the opportunity to supply Cell Connection System FPCAs to the Tier-1, for onward assembly and supply to OEM B, Trackwise has been informed by the Tier-1 that the Tier-1 has not been successful in obtaining nomination from OEM B.

 

As a result the Board is reviewing all options for TWD, and a further announcement will be made shortly.

 

Delay of Results

  

In accordance with Rule 19 of the AIM Rules for Companies, the Company was required to publish its 2022 Annual Report by 30 June 2023. The Company previously announced that it expected to publish the 2022 Annual Report during July 2023. As a result of the above news regarding nomination for OEM B, publication of the 2022 Annual Report will be further delayed. Accordingly, trading in the Company's ordinary shares on AIM will remain suspended at this time.

 

The SCL Sale Process

 

Further to the announcement on 3rd May, a sales agent for the SCL Sale Process has been appointed and the process is underway. Initial offers have been received and are being assessed.

 

 


Enquiries

 

Trackwise Designs plc

+44 (0)1684 299 930

Philip Johnston, CEO

www.trackwise.co.uk

Paul Cook, CFO

 


finnCap Ltd

+44 (0)20 7220 0500

NOMAD and Broker


Ed Frisby/Fergus Sullivan - Corporate Finance

Andrew Burdis/Barney Hayward - ECM

 


Alma PR

+44 (0)20 3405 0205

Financial PR and IR


David Ison/ Kieran Breheny/Pippa Crabtree


 


Notes to editors

Trackwise is a UK-based, King's Award winning, manufacturer of specialist products using printed circuit technology.

 

The full suite includes: Improved Harness Technology™ ("IHT") and Advanced PCBs - Microwave and Radio Frequency ("RF"), Short Flex, Flex Rigid and Rigid Multilayer products.

 

IHT uses a proprietary, patented process that Trackwise has developed to manufacture multilayer flexible printed circuits of unlimited length. While the technology has many applications, the directors expect that one of its primary uses will be to replace traditional wire harnesses in a variety of industries.

 

The Company operates from three sites, located in Tewkesbury, Stonehouse and Stevenage. It serves customers in Europe and North America.

 

Trackwise Designs plc was admitted to trading on AIM in 2018 with the ticker TWD. For additional information please visit www.trackwise.co.uk.

 

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCFLFEVDFILFIV ]]>
TwitterFacebookLinkedIn