Water Intel. Regulatory News (WATR)

29 Jan 2008 14:54

Qonnectis plc29 January 2008 29th January 2008 Qonnectis plc (AIM: QTI) AGM Statement The Board of Qonnectis plc ('the Company'), the energy and environmental datamonitoring service provider for utilities and major commercial users of energyand water, is pleased to announce that all resolutions were duly passed attoday's AGM. Richard M Taylor, the Chairman, made the following comments: "It has been a good year where we have successfully developed the Company and welook forward to building on this over the coming year. Turnover trebled duringthe year and our gross profit margin widened to 63%. New business wins duringthe year included orders from such companies as Aga Rayburn and Larsen WaterManagement. Repeat business continues to grow with, among others, NHS Trusts,local councils and Scottish Water. "Post year end, we raised £250,000 through a convertible loan that allowed us tocomplete the development work on Leakfrog., the innovative product for detectingand measuring domestic water leaks. The prospects have been enhanced foradditional new business and contract wins by the official launch of Leakfrog inDecember, shortly after Thames Water, the product's co-developer, placed a£200,000 order. "Leakfrog has been extremely well received by the water industry since itslaunch and negotiations are taking place with several UK water companies andoverseas distributors. In the first half of this financial year, we have alsoseen continued sales of Qonnectis' smart metering products to existing customerssuch as Scottish Water, and also to new customers such as further NHS trusts(eg. Hammersmith) and Rangers Football Club. Sales in this period weresignificantly ahead of the same period last year. "The market penetration we are now making, coupled with government moves toencourage utility monitoring, which should be extremely beneficial to ourCompany, give us confidence regarding the future." For further information, please contact: Qonnectis plcMichael Tapia, Chief Executive 01932 788 299 HB CorporateEdward Hutton / Rachel Kane 020 7510 8600 Bankside ConsultantsSue Scott / Louise Davis 020 7367 8888 Editors' notes - About Qonnectis Qonnectis' patented technologies enable the analysis of remote meter data tofacilitate water leakage control, customer profiling, and energy and watermanagement efficiency. Its products are already being used by a wide range of UKand overseas utilities as well as large commercial and domestic users of energyor water. The iStaq family of products work by sending meter readings to Qonnectis' securedata centre via SMS text messaging over the GSM network. The data is thenaggregated and published online via utility-branded 'myMeter' websites operatedby Qonnectis. The data can also be sent directly to utilities' billings systems.Customers can access real-time information via a web browser using the 'myMeter'service. For more information, please visit www.qonnectis.com. ENDS This information is provided by RNS The company news service from the London Stock Exchange