27 August 2015
Surface Transforms plc
("Surface Transforms" or the "Company")
TS16949 certification and Automotive progress
Surface Transforms (AIM: SCE) is pleased to announce that it has received its TS 16949 quality certification. TS 16949 is the quality management standard for the automotive industry and is a prerequisite standard to supply into the mainstream automotive market.
The Company achieved TS 16949 certification in line with the schedule agreed with its target mainstream volume car manufacturers.
Progress update on securing a major automotive OEM order includes:
· A review meeting between a British vehicle OEM, a major tier one international brake manufacturer and Surface Transforms has concluded that the product testing has been successful in achieving the vehicle manufacturer's requirements. All three parties agreed to progress to on-car validation which is underway;
· In parallel, the Company has progressed through a very detailed audit process with a premium German car manufacturer which is a crucial part of their new product introduction for new suppliers. Our customer has now entered the product validation phase of the programme; and
· Further work also continues on three other automotive game changing programmes; whilst the programmes are taking longer to complete there are no technical impediments in any programme.
In terms of adoption schedules, it is always difficult to predict when this will happen as the timing is not within the Company's control; however the Board is confident that they will be able to make positive announcements regarding this during the remainder of 2015 and early 2016.
Kevin Johnson, CEO said "We are delighted with achieving TS 16949 certification which further strengthens the Company's business processes. We are also excited and pleased with the customer feedback and progress being made in the automotive game changing opportunities."
Finally, the Company expects to announce its results for the year ended 31 May 2015 in mid-September 2015.
For enquiries, please contact:
Surface Transforms plc |
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Kevin Johnson, CEO |
0151 356 2141 |
David Bundred, Chairman |
07785 388 848 |
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Cantor Fitzgerald Europe (Nomad & Broker) |
020 7894 7000 |
David Foreman, Michael Reynolds (Corporate Finance) |
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David Banks, Tessa Sillars (Corporate Broking) |
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For further Company details visit www.surfacetransforms.com.
