Braveheart update on P2F

RNS Number : 9818C

Remote Monitored Systems PLC

23 October 2020

 

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

23 October 2020

Remote Monitored Systems plc

("Remote Monitored Systems", "RMS", the "Company" or the "Group")

Announcement from Braveheart Investment Group with update on Pharm2Farm  

The Board of Remote Monitored Systems plc ("the Company") notes the following announcement published by Braveheart Investment Group ("Braveheart") today in respect of Pharm 2 Farm Limited ("P2F"). As announced on 21 August 2020, RMS has signed a binding Share Purchase Agreement for the acquisition of 100% of the share capital of P2F (the "Acquisition"). Completion of the Acquisition remains subject to RMS shareholder approval, details of which were announced on 19 October 2020. The full text of the Braveheart announcement is set out below.

" Braveheart Investment Group (AIM: BRH) provides an update on progress with the  Pharm2Farm Limited ("P2F") anti-viral surgical mask project.

P2F has developed a coating for textiles which incorporates its proprietary nanoparticles to give textiles long lasting virucidal properties. The first application of this technology has been to coat a fabric layer in surgical masks and produce a certified antiviral (including COVID-19 and Influenza) mask for use by both healthcare professionals and the public.

P2F has now overcome the delay in testing, reported on 8 October 2020, by conducting live virus tests at two independent UK laboratories. These tests confirmed that the coated face mask textile displayed high virucidal activity, meeting the requirements for ISO 18184 certification with more than a 90% kill rate for up to 7 hours, while being benign to healthy mammalian cells (ISO 18184 is the international anti-viral textile standard that measures virucidal antimicrobial activity on textiles and other porous materials).

The manufacturing process for this new formulation, along with its antiviral, antibacterial and antiparasitic properties has now been submitted as a patent application by P2F to protect its intellectual property.

As previously announced on 18 September 2020, P2F has purchased an automated mask production line, which is on track to be delivered in November 2020 and to be commissioned by the end of December 2020. The production line, which is manufactured in Europe, has the capacity to produce up to five million standard or anti-viral face masks per month.

Following this positive test result, P2F plans to produce anti-COVID-19 surgical face masks certified to ISO 18184 for sale by the end of this year.

Further to the announcement of 19 October 2020, Braveheart notes that the conditional sale of its 51.72% holding in Pharm 2 Farm Limited to Remote Monitored Systems plc ("RMS") is expected to complete on 5 November 2020 (the "Sale"). The Sale is subject to, amongst other things, the passing of the resolutions, including the resolution seeking approval of the whitewash of Braveheart's Rule 9 obligations by the independent shareholders of RMS, at the General Meeting of RMS being held on 4 November 2020.

Following the completion of the Sale, Braveheart will hold 509,992,405 Ordinary Shares of 0.01p each in RMS, representing 37.12 per cent of the enlarged share capital of RMS." 

ENQUIRIES:

Remote Monitored Systems plc

Trevor Brown (Executive Director)  [phone]

Paul Ryan (Non-Executive Chairman)   [phone]

SP Angel Corporate Finance LLP                                                                [phone]

Nominated Adviser and joint broker  

Stuart Gledhill

Caroline Rowe

Peterhouse Capital Limited    [phone]

Joint broker 

Lucy Williams

Duncan Vassey

 

END

 

 

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