Water Intel. Regulatory News (WATR)

Water Intelligence plc

Second Nationwide Insurance Account Win in Q4

Water Intelligence plc (AIM: WATR.L) ("Water Intelligence" or "Company"), a leading multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water is pleased to announce the signing and launch of another formal national contract between its American Leak Detection (ALD) subsidiary and a leading insurance company in the United States. Insurance companies value ALD's delivery of minimally-invasive water leak detection solutions anywhere, anytime across the US given that water is the leading source of homeowners' claims.

Today's win - the third during 2H - reaffirms the growing recognition among insurance companies that ALD provides a trusted partner across the United States to minimize water-related claims.

Water Intelligence's two October wins will further accelerate growth in ALD's business to business channel in 2021 and beyond. Working capital from the Company's recent capital raise and the full implementation of its Salesforce automated dispatch and scheduling system will enable the Company to meet its nationwide customers' increased demand.

Today's contract represents the sixth nationwide contract overall for ALD with the leading US insurance companies, reflecting ALD's unique position as the only nationwide pinpoint, minimally-invasive leak detection specialist. 

Despite the disruptions of Covid-19, the Group continues to grow. ALD is an "essential service provider" and provides consumers with solutions to water issues while they "shelter in place."

Executive Chairman, Dr. Patrick DeSouza commented: "Our two insurance national account wins during October really reinforce our growth trajectory. We are delivering on organic growth for our leading American Leak Detection brand, whether our minimally-invasive solutions are delivered by our 140-plus franchise-operated or corporate-operated locations. We are delighted to have the opportunity to work together with another industry leader.

We have strong momentum as a business. We have already raised our profit expectations for 2020 and will remain aggressive throughout Q4 to put capital to work to accelerate our fast growth path for 2021. We remain ambitious. Water is a precious resource and our infrastructure solutions whether to preserve clean water or to manage wastewater are needed more than ever as consumers shelter in place during Covid."

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014

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