FireAngel jumps as former CEO plans £3 million AIM IPO
Today, FireAngel Safety Technology Group said it had successfully delivered a significant development milestone of its recently announced partnership with Techem - one that it says will have long-term value and great significance for both FireAngel and stakeholders alike.
The key milestone, delivered ahead of schedule and within budget, is in connection with a new generation smoke alarm (“NGSA”) being developed primarily for the German market. Shares in climbed 5.2% to 11.15p this morning.
Meanwhile, FireAngel Safety Technology Group’s former CEO from 2015 to 2019, Neil Smith, is bringing his next project to London’s junior AIM market alongside FireAngel's former Chief Financial Officer, Michael Stilwell, who held the role from late 2018 to early 2021.
LifeSafe Holdings, which manufactures fire extinguishers and smoke detectors, told investors on Tuesday that it is planning an initial public offering in London, seeking to raise £3 million.
The fire safety technology firm did not specify how many shares it will offer, or at what price, but Smith said the move represents “a new and exciting chapter” in LifeSafe’s history.
The company was also quiet on its expected market capitalisation upon its admission to AIM, but noted it recorded a pretax loss of £1.5 million back in 2021 on revenue of £0.67 million.
LifeSafe’s best-selling product, which uses a patent pending extinguishing fluid, is the StaySafe 5-in-1 fire extinguisher which was launched on Amazon Prime in the UK in August 2021. The product became Amazon Prime's top selling fire extinguisher in the UK that same month.
The Directors say LifeSafe’s eco-friendly fire safety protection products can both protect - via fire extinguishers - and detect - via carbon monoxide, smoke and heat alarms - fires.
"We are already making good progress in creating and meeting increasing demand for our life saving products both via our international multi-channel sales strategy which initially targets the consumer market via digital channels and through wholesale and industrial channels."
"The IPO will provide us with the profile, capital and platform to go on to capture more of what the directors believe is a growing market with our innovative fire extinguishing products, whilst delivering significant value for our shareholders," he said.
LifeSafe was founded as Firescue UK in 2015. Its IPO is expected to take place in early July 2022.
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