BATM receives c. $31m order to produce ventilators

RNS Number : 4152K

BATM Advanced Communications Ld

22 April 2020

 

LEI: 213800FLQUB9J289RU66

22 April 2020

BATM Advanced Communications Limited

("BATM" or "the Group")

BATM receives c. $31 million order to produce ventilators in response to COVID-19

Order awarded by a European government for 1,000 ventilators to be delivered this year

BATM (LSE: BVC; TASE: BVC), a leading provider of real-time technologies for networking solutions and medical laboratory systems, announces that it has received a €29 million (c. $31 million) order for the delivery of 1,000 critical care mechanical ventilators to a European government. The Group has received an upfront fee of €7.25 million and expects the balance to be paid on completion of delivery in the second half of 2020.

The ventilator, which is suitable for infants through to adults, is aimed at Intensive Care Unit environments for patients suffering from SARS-CoV-2 (COVID-19). It is a high-performance ventilator, with features such as spontaneous breathing modes to enable synchronisation with a patient's breathing, and it has already received full CE certification with further certifications pending.

Production is commencing immediately with up to approximately 25% of the ventilators expected to be delivered in the first half and the remainder in the third quarter of the year. It is being manufactured by the Group's Celitron subsidiary in Hungary, which has been producing equipment for medical environments globally for over 10 years.

In addition, further to the announcements of 27 February and 19 March 2020, the Group is pleased to report progress with its COVID-19 diagnostic kits. The Group has continued to ramp up delivery of its kits that are for use by medical facilities and the development of its kit for home-use, in partnership with Novamed, is on track to be completed within the next three months as planned.

Dr Zvi Marom, Chief Executive Officer of BATM, said: " Since the beginning of the SARS-CoV-2 (COVID-19) outbreak, our bio-medical businesses have been active in seeking solutions to support the global response. We are now able to offer a critical care ventilator alongside our diagnostic products, which are all high-performing solutions that we continue to innovate and improve. This is a significant order, which we expect to expand, and we are proud that we will be able to make a difference to the lives of so many people who are fighting this virus. We are continuing to dedicate the efforts of our bio-medical businesses to help public health authorities combat this pandemic as well as to provide solutions to support them in the aftermath."    

Enquiries:

BATM Advanced Communications
Dr Zvi Marom, Chief Executive Officer	[phone]
Moti Nagar, Chief Financial Officer
Shore Capital
Mark Percy, Anita Ghanekar, James Thomas (Corporate Advisory) Henry Willcocks (Corporate Broking)	[phone]
Luther Pendragon
Harry Chathli, Claire Norbury, Rachel So	[phone]

 

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