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EYEfi Group Receives its First Order for its Cloud and Smart Drain Solution from Transurban Group

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The Australian Exchange listed Transurban Group (ASX:TCL), with interests in 20 operating assets across five markets, is a market leader in developing, operating and maintaining urban toll road networks.

Additional Information:

Company: EYEfi Group Technologies
Website: http://www.EYEfiGroup.com
Stock Symbol: CSE: EGTI
Date Published: Mar 16, 2021
Transcript: Available

Video Transcript:

I’m Megan Edwards for Investmentpitch Media

EYEfi Group Technologies, an electronics engineering and software development company, receives its first order for its Cloud and Smart Drain Solution from Transurban Group.

The Australian Exchange listed Transurban Group (ASX:TCL), with interests in 20 operating assets across five markets, is a market leader in developing, operating and maintaining urban toll road networks.

In Australia, its road networks span Sydney, Melbourne and Brisbane along with two roads in the Greater Washington area of Virginia, USA, and one in Montreal, Canada.

With a market cap of $34 billion Australian dollars, the company has a significant work program underway, with capital expenditures in 2020 reaching $2.6 billion Australian dollars.

This order from EYEfi’s channel partner, Fujitsu, is part of Transurban’s initial phase 1 rollout in Australia’s third largest state, Queensland, for managing storm water pits to mitigate against floods.

With EYEfi’s Smart Drain, sensors within a water pit send alerts once the water in the drain rises above a particular level.

Constant monitoring of these assets reduces the costs of routine inspections, maintenance and risks of costly flood events occurring.

Simon Langdon, CEO, stated: "We are delighted to have secured our first order from Fujitsu. We expect this to be one of many orders, as our products solve complex problems for large corporations requiring management of millions of physical industrial assets and infrastructure dispersed across the vast Australian landmass. The IIOT market is very large, and we have established products, signed channel partners and excellent relationships with our customers - placing EYEfi in an ideal position to take advantage of this."

EYEfi has also received additional orders from the Department of Transport to add several more vehicles to EYEfi Cloud and EYEfi Automated Incident Management system to capture live video, GPS tracking for incident management.

EYEfi receives a fixed fee per hardware device and ongoing monthly SaaS revenue on each device sold.

Channel partners Fujitsu and Telstra are working with EYEfi on a growing sales pipeline with a number of customer proposals expected to advance to signed orders.

EYEfi has developed, patented and commercialized an innovative spatial targeting technology known as SPARC.

SPARC is an acronym stands for spatial, predictive, approximation and radial convolution, and an associated product suite, turns sensors, cameras and smartphones, whether fixed, mobile, airborne or portable, into geo-target co-ordinate acquisition devices, connecting people and devices, in real-time and in ways not previously possible.

EYEfi has also developed Industrial Internet of Things sensor hardware and associated cloud software, as a second pillar within its product offering.

EYEfi Sensors connect and deliver data to EYEfi Cloud, a next generation cloud platform that provides a secure and centralized environment where customers can manage their EYEfi product deployments and applications, using a simple to use dashboard style user interface.

The shares, which began trading on December 4, 2020, are currently trading at $0.61.

For more information about EYEfi’s products, please visit the company’s website www.EYEfiGroup.com

For investor relations, please contact Mark van der Horst at 604-760-7604 or by email at mark@GaleCapital.com

I’m Megan Edwards for Investmentpitch Media