OTAQ Plc: Director Change

16 March 2023

OTAQ plc

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

Director Change

OTAQ plc (OTAQ.AQ), the innovative technology company targeting the aquaculture, geotracking and offshore markets, announces that Malcolm Pye will resign from the Board with effect from 31 March 2023. Malcolm joined the Board in February 2021 as an Independent Non-Executive Director serving on both the Remuneration and Nomination Committees.

Phil Newby, Chief Executive Officer, commented:

"On behalf of the entire Board, I would like to sincerely thank Malcolm for his work and invaluable advice, particularly in relation to the aquaculture industries we are targeting, whilst retaining an independence that helps deliver the strong corporate governance required by our shareholders."

Malcolm Pye said:

"I have thoroughly enjoyed my time on the Board of OTAQ participating in the evolving strategy of the Company as it targets new markets. I believe that I depart the business with many exciting opportunities ahead with strong management and an experienced Board so that it is well placed for the next stage of its development."
 

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About OTAQ

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.