Last checked at 11 Sep 2023 07:00
Water Intelligence plc
Update on Commercialization of New Technology ProductsandNotice of Results
Water Intelligence plc (AIM: WATR.L) (the "Group" or "Water Intelligence"), a leading multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water, is pleased to announce that four (4) technology products in which the Group has previously invested are now gaining increased commercial traction.
Such traction reinforces Water Intelligence's 2024 sales plan and the Group's business model as a "one stop shop" for a broad range of customer solutions for both clean water and wastewater infrastructure.
New Technology Products
· IntelliDitch: IntelliDitch is a proprietary liner product that slips over concrete or earthen channels used to convey water. The product prevents water loss through leakage and enables much more efficient movement of water in a channel. Use cases range from irrigation to storm water run-off. After completing tooling in H1, the Group launched its go to market phase by teaming up with a major engineering company in the US to execute a project in Colorado. The project has had an initial sale of over $0.1 million. The product has a growing sales pipeline based on strong flow data from its initial sale.
· Pulse: Pulse is a proprietary tool based on acoustic technology that pinpoints sewer line blockages much faster and more accurately than conventional video camera technology. During Q2 and Q3 "Municipal Pulse" (the municipal oriented version) has gained traction with major UK water companies achieving over $0.5 million in sales and a growing sales pipeline. The Group has also created a residential version of Pulse and during Q2 and Q3, the Group successfully commercially tested the product in the US with various residential customers.
· LS1: "LS1" (to be branded during Q4) is an acoustic device that enables rapid surveys of urban water and wastewater infrastructure. The device has been designed to minimize the cost of skilled labour for infrastructure surveys. LS1 is currently being used at three different UK water utilities with initial sales of over $0.1 million. LS1 has a growing sales pipeline based on data from its initial sales.
· CreatorSuite 2.0: CreatorSuite is an AI video ecommerce tool developed by the Group's affiliated entity - SEEEN plc. CreatorSuite enables the Group to make video moments of its products and services with "end-cards" that more efficiently convert leads into purchases. The product has been tested in various business-to-business channels with significant improvement in lead conversion. Water Intelligence has an exclusive license to the tool for the field of water and wastewater.
On Thursday, 14 September, the Group will be participating in a technology day organized by SEEEN plc (www.seeen.com/techday) to demonstrate the use of SEEEN's video technology by its various customers ranging from sports teams to advertising companies. As part of Technology Day, there will be a demonstration of how SEEEN's technology will be combined with the Group's Salesforce.com customer management software for "one-click" purchasing of water and wastewater -related products and services and "another click" for scheduling of services or installation of products across the United States.
Notice of Results. The Group will be releasing its interim results on Tuesday, 19 September.
Commenting on the Group's New Technology Product Update, Executive Chairman, Dr. Patrick DeSouza remarked:
"Our core business - American Leak Detection - is in a unique strategic position to create a true distribution platform for services and products. We have a sales footprint across the United States with approximately $150 million of annual gross sales in the US and growing, with national insurance channels and service calls to over 200,000 homes each year.
Most importantly, we address the first question that homeowners have along their customer journey to address all of their respective water and wastewater infrastructure needs: 'Do I have a leak and can you find it with minimal damage?' While on the job site to solve this first question with our proprietary minimally-invasive technology solutions, homeowners often ask our technicians for additional technology solutions to remediate or prevent other related water problems. To address these additional customer needs, we have previously invested in the technology products described today. The commercialisation results indicate that they will add to our future growth. Moreover, with our video ecommerce offering and Salesforce CRM software, we will also be able to work with third-party product partners to help customers in real-time while on the job site by offering more solutions, thus enabling continuous customer engagement which increases the lifetime value of each customer.
Given our initial success in terms of sales and the data showing the value that these offerings bring, we will accelerate the roll-out of these new offerings as part of our 2024 sales plan, reinforcing our technology leadership for transforming the delivery of water infrastructure solutions."
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