Melbourne, Feb 23, 2017 - (ABN Newswire) - Bluechiip Ltd (ASX:BCT) is pleased to provide the Company’s Half Yearly Report for the period ended 31 December, 2016.
Principal Activities
The principal activity of the Group during the half year was the development and commercialisation of a unique tracking system that offers enhanced technical capabilities over existing barcode and Radio Frequency Identification (RFID) technologies.
There have been no significant changes in the nature of these activities during the year.
Events during the Half Year
On 15 September 2016, the Company entered into a non-exclusive Licence and Supply Agreement (Licence Agreement) and Master Services Agreement (Master Services Agreement) with Planet Innovation Pty Ltd (Planet Innovation).
- The Licence Agreement grants a non-exclusive licence to Planet Innovation to develop products that integrate Bluechiip’s technology in the field of systems and devices for the handling, storage or monitoring of medical biological products or samples. Bluechiip is to sell its technology products including tags, readers and software to Planet Innovation and Planet Innovation is to commit minimum annual development expenditure alternatively to minimum annual purchasing obligations; and
- The Master Services Agreement grants a non-exclusive licence to Planet Innovation to develop products that integrate Bluechiip’s technology whilst retain all rights in its core technology and intellectual property.
On 1 September 2016, the Company also announced the filing of provisional patent application for an “over-temperature chip”, a consequence from the Commonwealth Government co-funded Research Connection development project with the University of Melbourne (Over-Temperature Project).
On 1 September 2016, the Company signed a Technology Evaluation Agreement with a US-based Auto ID and Data Capture Company which allows the latter to test and assess Bluechiip’s technologies in high-value harsh-environment applications which include the biobanking and aerospace industries.
On 21 September 2016, the Company successfully completed the Non-Renounceable Rights Issue on the basis of 1 for 3 at an issue price of $0.022 per ordinary share which was announced on 15 August 2016 (Rights Issue). In conjunction with the Rights Issue, the Company also successfully arranged for shares to be placed with a number of sophisticated and professional investors (Shortfall Facility). Both the Rights Issue and Shortfall Facility raised total cash proceeds of $1,493,547.
On 10 Oct 2016, the Company received an R&D Tax Incentive refund of $674,677 for the financial year ended 30 June 2016 from the Australian Government. The R&D Tax Incentive is an Australian Government program under which eligible companies receive cash refunds based on 45% of the eligible expenditure on research and development.
On 17 November 2016, the Company announced the approval of $50,000 in funding from Innovation Connections, which is part of the Australian Government’s Entrepreneur’s Programme to proceed with the second phase of the development of the Over-Temperature Project. This is the second grant Bluechiip has received from the Commonwealth Government, which is to be matched by funding from the Company.
During the half year, ongoing commercial and validation activities included:
- Continuation of the second phase of the Original Equipment Manufacturing (OEM) license and supply agreement to incorporate Bluechiip’s technology its partner’s Assisted Reproductive Technologies (ART) medical device for sale into In Vitro Fertilisation (IVF) clinics across the globe;
- Continuation with the introduction of the Bluechiip OEM Developer Kit and to work on collaboration with potential OEM partners to integrate Bluechiip technology with their own OEM products. This include continued research and development of solutions to meet the partners’ requirements; and
- continued expansion of Bluechiip’s OEM pipeline in USA, Europe and APAC market and conversion of OEM partner opportunities
To view the full report, please visit: http://abnnewswire.net/lnk/Y497Y9K9
About: Bluechiip Ltd
Founded in 2003 and ASX listed in 2011, Bluechiip Ltd (ASX:BCT) has its head office in Melbourne, Australia and distribution channels around the globe.
Bluechiip’s unique and patented technology combines secure wireless sample tracking with integrated temperature reading for use in extreme environments, working reliably in temperatures from -196DEG C to +200DEG C, and impervious to autoclaving, gamma irradiation sterilization, humidification, centrifuging, cryogenic storage and frosting.
Based on MEMS technology, the Bluechiip(R) tag contains no electronics. Unlike traditional tracking technology like labels, barcodes or RFID, Bluechiip does not require line-of-sight visibility for temperature readings and tracking, and so can be read through frost without damaging the sample.
The tag can either be embedded or manufactured into storage products such as vials or bags. Easy identification, along with any associated information from the tag can be detected by a reader, which can also sense the temperature of the tagged items. Unlike other tracking methods, the Bluechiip(R) technology can sense the temperature of each item a tag is attached to or embedded in.
This technology is particularly important for industries such as the $2b biopreservation and cryopreservation market, which processes more than 300 million samples per year of tissue, blood, serum, plasma, etc., for industries such as pharmaceuticals, IVF, research and clinical trials. It also has applications in cold chain logistics, food, manufacturing, security and defence.
Further information is available at http://www.bluechiip.com
