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Plant Impact COO Thompson resigns to pursue other interests

Plant Impact PLC (AIM: PIM) said that, after some five years of association with the company and being instrumental in developing its pipeline of technologies, chief operating officer Bill Thompson has informed the company he wishes to resign as a non-executive director of Plant Impact, with immediate effect, to pursue other interests.

He will remain as a consultant to the company during his six months notice period.

Chairman Martin Robinson said: "I would like to thank Bill for all his excellent work in the past few years as Plant Impact continues in its quest towards commercializing its products."

Thompson joined BioFutures Pi as a non-executive director in May 2004 and was appointed as a non-executive Director on the formation of the Plant Impact in June 2005.

In December 2009, the developer of technologies that improve crop productivity released its interim results, reporting a nearly fourfold increase in revenues while losses narrowed.

Revenues for the six months to 30 September amounted to £969,554 compared to £225,287 for the equivalent period of the previous year, while losses narrowed to £879,381 from £1.3 million a year earlier. The increase in revenues was largely due to the sales of nutrient products in the USA and milestone payments for pesticide product BugOil after the company entered into a licensing agreement with Arysta LifeScience Corp (ALS).

The interim report offered an upbeat outlook, referring to the group’s recent appointment as a member of the parliamentary science committee to the House of Commons and its work with the USDA, which it said was key to the widespread commercialisation of its products.

Apart from BugOil, current Plant Impact technologies include Alethea, providing resistance to climate, water and salt, Speedo to accelerate plant growth, PiNT aimed at enabling higher yielding stronger plants and CaT technology which aims at improving calcium absorption in plants.

Disclosure: I do not hold a position