OTAQ INCREASES EQUITY SHARE IN US BASED TECH COMPANY
OTAQ increases equity share in US based tech company. Global underwater technology company, OTAQ Group, has announced it has invested a further $150k in Minnowtech, who develop technology benefiting shrimp producers to accurately measure shrimp abundance.
After conversion of the CLNs and the Equity Investment, the Aberdeen based company will hold a beneficial interest of approximately 15.2% of Minnowtech’s issued ordinary share capital.
The additional investment comes with an agreement for OTAQ to exclusively supply Minnowtech with sonar hardware for its shrimp biomass analysis systems. The deal strengthens the development agreement by cementing the relationship and capability in innovative product and market development across the world.
The US-based aquaculture technology company, Minnowtech, has developed a proprietary imaging platform, incorporating OTAQ’s sonar technology, enabling commercial-scale shrimp producers to accurately and automatically measure shrimp abundance, optimising feeding regimes and reduce disease challenges. Minnowtech’s unique IP and data-based imaging tool enables shrimp farmers to optimise the health and growth of their crop, thereby enhancing the productivity of their shrimp harvest.
The Food and Agriculture Organisation of the United Nations estimated the size of the farmed shrimp market in 2018 to be 5.1 million tonnes, with a value of $31.2 billion.
Phil Newby, Chief Executive Officer, OTAQ, said:
“We have been very impressed by the progress and opportunity at Minnowtech. Our strategy is focussed on establishing technical collaborations with those who have capabilities in related product areas and with access to new markets for OTAQ. Minnowtech fits this brief well and both sides can see additional opportunities emerging as the developments progress.”
Ken Malone, co-founder of Minnowtech, added:
“OTAQ’s experience in commercialising technologies has accelerated our product development strategy over the last year. We’re excited to expand this relationship as we move into full scale product launch.”
For more information about OTAQ please visit www.otaq.com