6 February 2025

Microsaic Systems plc

("Microsaic", "Microsaic Systems" or the "Company")

Board Changes

Microsaic Systems plc (AIM: MSYS), an international developer and provider of testing solutions for unique and underserved public health and environmental markets, is pleased to announce that Dr. Christopher ("Chris") Potts will join the board as Independent Non-Executive Director with immediate effect. Bob Moore remains in the role of Executive Chairman and acting Chief Executive Officer pending the appointment of a new Non-Executive Chairman as planned and to be announced in due course.

Dr Chris Potts brings over 20 years of senior executive and chair experience of international technology businesses.

He is presently Chair of proSapient Ltd, a world leading service company based in the UK, with offices in the US, Canada and Portugal, utilising artificial intelligence technology to search for and engage experts who can assist in due diligence processes for leading global management consultancies and private equity firms.

He is also Chair of Zytronic plc; a UK based manufacturing company which supplies sophisticated touch screen technology to a global market. Before that, he was Chair of Guralp Systems limited, a UK based firm which designs, manufactures, and installs seismic sensors for customers globally, for nine years.

Chris's prior CEO experience includes leading privately owned firms, private equity backed businesses and divisions of listed public companies. He has a proven track record of steering manufacturing, software development, and service-based firms, while managing diverse, multidisciplinary teams of technical, scientific, and business leaders.

He has led several large international corporate transactions. He has also served as a trustee or non-executive director of three university or educational institutions.

Academic and research credentials include a PhD from the University of Cambridge, an MBA from Cranfield School of Management, and published papers in international peer-reviewed scientific journals.

Regulatory Disclosures

The following disclosures are required regarding Chris Potts' appointment to the Board, pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies.

Christopher Graeme Potts (aged 68) is currently, or has during the past five years been, a director of the following companies:

Save as set out above, there is no further information to be disclosed in accordance with Schedule Two (g) of the AIM Rules for Companies.

About Microsaic Systems Group

Microsaic is highly experienced in the development, manufacture and supply of microelectronics instrumentation for markets requiring analytical testing in public and environmental health markets. The Company has recently acquired and integrated the assets of Modern Water with Microsaic Systems' technologies resulting in comprehensive water testing and other toxic testing capabilities. Microsaic's products and solutions are commercially available through global markets via a network of regional and country specific distributors and partners.

¹ The following disclosure in relation to GSL is considered outside of the scope of Schedule Two, paragraph (g) of the AIM Rules, Dr. Christopher Potts has not been subject to any criticism, sanction or penalty in relation to this matter, but this disclosure is being made in the interests of transparency.

Dr. Christopher Potts became a director of GSL in on 1 December 2014. In September 2015, Dr. Potts formed suspicions of corrupt payments having previously been made by GSL to an individual who had held various positions with an overseas government-funded research institute and promptly terminated all contractual and other relationships between GSL and him. Dr Potts then instructed a firm of solicitors to undertake an internal review.

That review, instigated by Dr. Potts and certain other Directors of GSL, led to the company reporting its suspicions on 23 October 2015 to the SFO and to the United States Department of Justice ("DoJ"). 

On 22 October 2019, GSL finalised a Deferred Prosecution Agreement ("DPA") with the Serious Fraud Office ("SFO") following a criminal investigation, under the terms of which GSL was required to disgorge c. £2.1m to the Court, over a period of up to 5 years from the date of the DPA. The DoJ did not prosecute the Company but indicted several former employees, at least one of whom received a custodial sentence for money laundering offences.

In the court-approved judgement relating to the DPA, it was noted that, "the current senior management team of GSL has done all that it can to remedy the position and to co-operate with prosecuting authorities in two jurisdictions." It was also noted that, "those who had taken over the running of the company in 2015 identified the conduct, instructed outside solicitors to investigate and self-reported to the SFO."

The conclusion to the DPA judgement, stated that "the company which has entered the DPA is very different to that which engaged in the conduct as set out in the statement of facts. Those running the company are wholly different from those who were in charge at the time of the relevant conduct. The corporate practices of the company have changed completely. A rigorous compliance programme is in place with appropriate provision for regular review thereof."