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Bluechiip Ltd (ASX:BCT) Market Update

Melbourne, Australia, Mar 19, 2020 - (ABN Newswire) - Bluechiip Limited (ASX:BCT.AX - News), 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 Ltd:

Bluechiip Ltd (ASX:BCT.AX - News) has developed a wireless tracking solution for the healthcare and life science, security, defence and manufacturing industries which represents a generational change from current methods such as labels (hand-written and pre-printed), barcodes (linear and 2D) and microelectronic integrated circuit (IC)-based RFID (Radio Frequency Identification).

The unique tag is based on MEMS technology and contains no electronics. The tag can either be embedded or manufactured into a storage product, such as vials or bags. Easy identification, along with any associated information from the tag such as temperature can be detected by a reader, which can also sense the temperature of the tagged items. The traditional identification technologies have significant limitations. Whereas a barcode requires a visible tag or line-of-sight optical scan, bluechiip(R) technology does not. Unlike labels, barcodes and RFID, the bluechiip(R) technology can sense the temperature of each item a tag is attached to, or embedded in.

The bluechiip(R) technology has initial applications in the healthcare industry particularly those businesses which require cryogenic storage facilities (biobanks and biorepositories). bluechiip(R) offers the only technology that enables accurate and reliable tracking of products including stem cells, cord blood, and other biospecimens. In addition to functioning in extreme temperatures, the bluechiip(R) tracking solution can survive autoclaving, gamma irradiation sterilization, humidification, centrifuging, cryogenic storage and frosting.

The bluechiip(R) technology has other healthcare applications in pathology, clinical trials and forensics. Several other key markets outside of healthcare include cold-chain logistics/supply chain, security/defence, industrial/manufacturing and aerospace/aviation.

Further information is available at http://www.bluechiip.com

Contact:

Andrew McLellan
Managing Director / CEO
Bluechiip Limited
Ph: +61-457-823-470
Email: andrew.mclellan@bluechiip.com

Media
Richard Allen
Ph: +61-3-9915-6341
Oxygen Financial PR
Email: richard@oxygenpr.com.au

Source:

Bluechiip Ltd

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