06 May Airo AV Decides Tekcapital : Final Results 2019
05/06/2020 | 12:19am EDT
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (“MAR”). With the publication of this announcement via a Regulatory Information Service (“RIS”), this inside information is now considered to be in the public domain.
06 May 2020
(“Tekcapital”, the Company” or the “Group”)
Final Results for the year-ended 30 November 2019
Record Net Assets and Revenue for the Period
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.
- 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…