09/10/2020 | Press release | Distributed by Public on 09/10/2020 00:21
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).
10 September 2020
('CAP-XX' the 'Company')
CAP-XX Limited, a world leader in the design and manufacture of thin, prismatic supercapacitors and energy management systems, is pleased to give an update on the transfer of the former Murata manufacturing assets and its recent activities.
The fit out of Company's new Seven Hills Factory is largely complete, with all of the Murata production equipment now on site in its final positions. The Murata Electrode Coating line is now operational and the production lines for the DMF and DMTsupercapacitor rangesare currently in the process of commissioning.
Production of supercapacitors using the newly installed equipment is expected to start in October, with initial samples available to key customers by the end of that month. It is expected that full product verification and testing for at-scale production will be completed in December. Total project costs remain on track and are currently forecast to be less than the estimate of A$5.3m provided in November 2019.
Following the vacation of the Company's old premises at Lane Cove, the property has been returned to its original condition and the associated bank guarantee returned to CAP-XX.The Board expects to receive a payment currently estimated to be A$3.3m from the Australian Taxation Office in Q4 2020. The Board remains confident that the Company has sufficient cash to complete the integration of the ex-Murata customers and manufacturing assets, which is expected to result in a significant uplift in revenue and positive cashflow from operations in due course. In addition, following the previously announced success in the patent infringement case against IoxusInc, CAP-XX is now pursuing the recovery of the US$4.9m court award, though it remains unclear whether this will be successful.The Company is also awaiting a court date for its patent infringement action against Maxwell Technologies Inc.
Trading in the period since 30 June 2020 has been strong, with the current sales order book being over 50% higher than this point last year. Total Revenue for the first quarter to date is over 10% above last year.
The Board expects to announce CAP-XX's full year results for the year ended 30 June 2020 during October 2020.
For further information contact:
Anthony Kongats (Chief Executive Officer) +61 (0) 2 9428 0139
Kreab (Financial PR)
Robert Speed +44 (0) 20 7074 1800
Allenby Capital (Nominated Adviser and Broker)
David Hart / Alex Brearley (Corporate Finance) +44(0) 20 3328 5656
Tony Quirke (Equity Sales)
More information is available at www.cap-xx.com
Notes to Editors:
CAP-XX (LSE: CPX) is a world leader in the design and manufacture of thin, flat supercapacitors and energy management systems used in portable and small-scale electronic devices, and to an increasing extent, in larger applications such as automotive and renewable energy. The unique feature of CAP-XX supercapacitors is their very high power density and high energy storage capacity in a space-efficient prismatic package. These attributes are essential in power-hungry consumer and industrial electronics, and deliver similar benefits in automotive and other transportation applications. For more information about CAP-XX, visit www.cap-xx.com