OTAQ, which designs, develops and supports marine technology products and solutions for the global aquaculture and offshore oil and gas industries, announces that it is in discussions with Hertsford Capital (“Hertsford”) which may result in the reverse takeover by the Company of Hertsford.
If the acquisition is completed, Hertsford will be renamed OTAQ. There will be no change to the Company’s management team or operations.
Hertsford is a cash shell trading on the London Stock Exchange’s Main Market and was created to acquire a company or business in the technology sector. The two companies have entered into nonlegally binding heads of agreement providing for the acquisition by Hertsford of the entire issued share capital of OTAQ (“Proposed Acquisition”). The purchase price of the Proposed Acquisition will be satisfied by the issue of new Hertsford shares to the sellers of OTAQ.
Phil Newby, CEO of OTAQ, commented: “We are excited by the opportunity to develop our operations and our offering to customers and build on the rapid progress made to date. Should this transaction complete, the listing and additional capital will help us take advantage of growth opportunities and accelerate the development of new products as we focus on strengthening our position in the aquaculture marketplace.”
For information please contact:
Walbrook PR Ltd Tel: 020 7933 8780 Nick Rome [email protected]
OTAQ is a highly innovative marine technology company focused on the marine aquaculture sector. It has 36 employees in four worldwide locations; Lancaster, Aberdeen and Ulverston in the UK and Puerto Montt in Chile. OTAQ’s marine technology portfolio includes a market-leading intelligent acoustic deterrent system, designed to protect marine-based aquaculture sites from predation, with multiple systems deployed in Scotland, Chile, Finland and Russia,
It seeks to develop and continuously improve its products using its specialist mechanical, electronic and software engineers with decades of experience in bringing underwater technology products to market.
OTAQ is proud to be fully ISO 9001;2015 accredited through DNV-GL. ISO 9001 is an internationally recognised quality management system and demonstrates OTAQ’s commitment to consistency, continual improvement and customer satisfaction. The certification also demonstrates its ability to consistently deliver products and services to market whilst meeting statutory and regulatory requirements by applying an effective quality management system.