Structural Monitoring Systems Plc has now engaged in extensive discussions with Drake Private Investments LLC and the Requisitioning Shareholders. Following these discussions, the Board has resolved to transition the company to a more independent board with a skills matrix that includes relevant industry and governance experience. To this end, Michael Reveley has resigned effective immediately and Bryant Mclarty has been appointed to the Board to assist with the transition and then step down once a sufficiently independent Board is in place. Mr. Mclarty is the Chairman of Mac Equity Partners and has been a director of a number of public companies on the Australian and London Stock Exchange. Further, Steve Forman has agreed to transition from his dual role as a Director and Head of Investor Relations to primarily Head of Investor Relations. This transition will be implemented to allow for new directors with commercial aviation industry experience to join the Board in due course. The recruitment process for the additional director/s will commence immediately.