InvestmentPitch Media Video Discusses EYEfi Group Technologies and its Report of Sales Growth in Excess of 40% from Two of its Largest Customers in Australia
VANCOUVER, British Columbia, Oct. 07, 2022 (GLOBE NEWSWIRE) -- EYEfi Group Technologies (CSE:EGTI) (OTCPink:EGTTF), a software and electronics engineering company, continues to expand its revenues from Telstra Corporation, Australia’s largest wireless carrier. Sales growth from Telstra, an EYEfi channel partner or reseller, is up 41% year-over-year.
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EYEfi has been continually expanding the services delivered through the Telstra contract over the past 12 months, primarily relating to its end customers, the Victorian Government Department of Transport (DoT) and VicRoads. VicRoads, part of Department of Transport for the State of Victoria, in southeast Australia, is responsible for more than 19,000 kilometres of arterial roads from the major freeways and highways to the smaller roads and with a population of more than 6.5 million Victoria is the most densely populated state in Australia.
EYEfi Cloud's Automated Incident Management (AIM) technology is currently installed across the entire fleet of Incident Management Vehicles (IMV's) at VicRoads and provides improved incident management, compliance, reporting and safety of field personnel. EYEfi continues to experience growth due to the increase in the number of incident management vehicles from 10 to 18, and cameras from 20 to 36 all connected to the EYEfi Cloud platform and currently processes more than 3000 incidents per month for the department throughout Victoria's road network.
EYEfi is currently in discussions with prospective partners to expand this offering into other major regions around the world.
Earlier this week, EYEfi reported sales revenue growth of 52%, year-to-date for the latest 12 months from the Melbourne Water Corporation, which uses the company’s EYEfi SPARC technology to monitor bushfires. In addition to the fixed tower-based solution being provided to Melbourne Water, EYEfi will be deploying the first of the vantage point cameras this coming fire season, offering entirely new vision and spatial targeting of fire ignition events located in remote areas of the water catchment.
The innovative solution incorporates the solar panel into the pole design and houses all EYEfi communications equipment and batteries, to provide 24/7 monitoring of the surroundings. Any single EYEfi SPARC-enabled camera can determine the exact location of a fire from a single viewpoint; significantly improving the safety of field personnel and saving precious time by determining the fire's location remotely, and in real-time.
Simon Langdon, EYEfi's CEO, stated: "We are looking forward to deploying this capability for Melbourne Water this coming fire season and providing them with entirely new capabilities and vision that will better protect their assets, personnel, and the broader community. This is an easy to install solution that is very scalable and affordable, making it a perfect fit for these vantage point sites.”
EYEfi has developed, patented and commercialized an innovative spatial technology known as SPARC, an acronym standing for spatial, predictive, approximation and radial convolution, along with an associated product suite, which 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 IoT sensor hardware and associated cloud software, as a second pillar within its product offering. EYEfi Cloud is a next generation cloud platform that provides a secure and centralized environment where customers can manage their EYEfi product deployments and applications.
The shares are trading at $0.40. For more information about EYEfi’s products, please visit the company’s website www.EYEfiGroup.com, contact Simon Langdon, CEO, by email at [email protected]. For investor relations in North America, please contact Mark van der Horst at 604-760-7604 or by email at [email protected].
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