Market Update
Melbourne, Mar 19, 2020 AEST (ABN Newswire) - Bluechiip Limited (
ASX:BCT), a leader in the development of sample tracking technology for harsh environments, provides this update to the Australian Securities Exchange.
The effects of the COVID-19 pandemic continue to evolve at a rapid pace.
Key points:
- The company's European supply chain has continued to deliver albeit with some timing disruptions. However this is being monitored closely as the situation is evolving almost daily;
- In China the company is beginning to see re-engagement from suppliers;
- Sales contracts and agreements, including standing orders, remain in place;
- Delivery schedules and volumes (on the buy and sell side) are under constant review;
- Near global travels bans are impacting sales and marketing activities, particularly major trade shows.
Andrew McLellan, Bluechiip Ltd Managing Director, said:
"COVID-19 is a herculean challenge for everyone. Bluechiip's financial position is solid as we have over $10m in the bank and a number of customer contracts on foot including the US$15m supply agreement with USA-based Labcon.
We are using the disruptions, slow-downs and travel bans to actively reduce and manage costs while continuing to focus on our R&D program. This includes progressing potential OEM partner programs, and refining and adapting our technology to multiple applications including IVF, blood bags and cell therapy markets. Focusing on this will see us with further progressed and expanded portfolio when we come through this crisis."
About Bluechiip Limited
Bluechiip Ltd (ASX:BCT) understands that every sample - stem cells, blood, eggs, sperm and other biospecimens - is critical, so our objective is to manage each one with optimal quality in the most efficient way. Bluechiip's advanced management solution is the only one that provides sample temperature with ID in cryogenic environments to. Most importantly, this delivers confidence in every sample.
Bluechiip's unique patented technology is a MEMS-based wireless tracking solution that contains no electronics. It represents a generational change from current tracking methods such as labels (hand-written and pre-printed), barcodes (linear and 2D), and Radio Frequency Identification. Bluechiip tags are either embedded or manufactured into storage products such as vials or bags. Each product can be easily identified, and critical information such as sample temperature, is detected by readers and stored in the Bluechiip software. In addition to functioning in extreme temperatures, the Bluechiip(R) Advanced Sample management solution can survive autoclaving, gamma irradiation sterilization, humidification, centrifuging, cryogenic storage and frosting.
Bluechiip's technology has applications in healthcare, including in cryogenic storage facilities (biobanks and biorepositories), pathology, clinical trials and forensics. Other key markets include cold-chain logistics/supply chain, security/defence, industrial/manufacturing and aerospace/aviation.
Bluechiip: Delivering confidence in every sample.
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