OTAQ Plc (OTAQ)
("OTAQ", the "Company" or the "Group")
Change of Auditor
OTAQ, the innovative technology company targeting the aquaculture, geotracking and offshore markets, announces that following a competitive and comprehensive tender process, Azets UK LLP (“Azets”) has been appointed as the Group's auditor for the period ending 31 December 2022.
Following the tender process and the decision to appoint Azets, RSM UK LLP ("RSM") has resigned. The Board wishes to take this opportunity to extend its appreciation to RSM for services rendered to the Group.
As required by section 519 of the Companies Act 2006, RSM have confirmed to the Company that there are no circumstances in connection with its resignation as auditor that should be brought to the attention of the Company's shareholders.
OTAQ is a highly innovative technology company targeting the aquaculture, geotracking and offshore markets. It already has a number of established products in its portfolio and is focused on further developing its presence, customer base and cross selling opportunities within core markets both organically and via acquisition.
OTAQ’s aquaculture products, which include a sonar device (developed for Minnowtech LLC) to scan shrimp in ponds and water quality monitoring, are focused on maximising welfare and production yields. Additionally, the Company is developing a potentially game changing live plankton analysis product for finfish and shellfish farmers. It also continues to target opportunities in the acoustic deterrent devices market via its Sealfence product, which is used by salmon farmers, with global opportunities in Chile, Australia, Canada and Norway.
The Company is also developing high accuracy location trackers for specialist applications. Having already added clients within safety and multiple participant sport/racing applications, the Company is investigating wider market potential - including opportunities in the seafood industry.
OTAQ’s offshore product range includes OceanSense subsea leak detection, Eagle IP camera systems, Lander seabed survey devices and Subsea electrical connectors and penetrators. It is targeting a number of growth opportunities in new territories and has a strong client base including Expro, Amphenol and National Oilwell Varco. The Company is also focused on the development of new products through this division, with the aim of increased cross-deployment of skills and technologies into the aquaculture arena.
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