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EYEfi Group closes $2.2 million private placement and targets increases to sales and support staff to meet demand for company’s sensor monitoring products

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The net proceeds of the private placement will be used to assist with the company's growth plans, including employing new sales and support staff to service the increasing demand for the company's product suite from resellers such as Fujitsu, a world leading Public Sector IT Service provider, and Telstra, Australia's largest telecommunications company by market share, along with accelerating product development.

Additional Information:

Company: EYEfi Group Technologies
Website: http://www.EYEfiGroup.com
Stock Symbol: CSE: EGTI
Date Published: Mar 31, 2021
Transcript: Available

Video Transcript:

I’m Ashton Addison for Investmentpitch Media

EYEfi Group Technologies, an electronics engineering and software development company, has closed its recent non-brokered private placement.

The company raised gross proceeds of $2,200,000 from the placement of 4,400,000 units priced at $0.50 per unit.

The units consisted of one share and one warrant, with the warrant exercisable at $0.75 for 12 months, subject to an acceleration clause should the shares trade at $1.00 or more for a period of 10 days.

The net proceeds will be used to assist with the company's growth plans, including employing new sales and support staff to service the increasing demand for the company's product suite from resellers such as Fujitsu, a world leading Public Sector IT Service provider, and Telstra, Australia's largest telecommunications company by market share, along with accelerating product development.

The company also intends to pay down its loan to strengthen its balance sheet and to provide general working capital.

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.

This short video shows the capabilities of this product.

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

Fujitsu recently delivered an initial order for EYEfi’s Cloud and Smart Drain Solution from Transurban Group for its initial phase 1 rollout in Australia’s third largest state, Queensland, for managing storm water pits to mitigate against floods.

Australian Exchange listed Transurban Group (ASX:TCL) is a market leader in developing, operating and maintaining urban toll road networks, with road networks spanning Sydney, Melbourne and Brisbane in Australia, 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, Transurban has a significant work program underway, with capital expenditures in 2020 reaching $2.6 billion Australian dollars.

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 flooding.

Similar to the company’s Smart Drain solution, EYEfi’s Smart Waste solution uses ultrasonic sensors, located within street bins, to monitor fill levels and send data through its cloud-based platform to waste collection providers, enabling them to schedule the most efficient time to empty bins based on their waste levels.

This provides benefits to both the end customers and providers by reducing costs and providing a positive impact on the environment by reducing unsightly overflowing bins.

The shares, which began trading on December 4, 2020, are currently trading at $0.90.

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 Ashton Addison for Investmentpitch Media