CCP contracted to develop a new IoT device for a massive consumer market and includes platform licensing.
CCP Technologies Limited (ASX:CT1) (ASX:CT1)
MELBOUNRE, VICTORIA, AUSTRALIA, January 23, 2019 /EINPresswire.com/ — Key highlights:
• CCP contracted to develop a new IoT device for a massive consumer market
• Potential $800,000 annual recurring revenue from CCP Platform licensing
• CCP to expand its contract development services
CCP Technologies Limited (“the Company”) (ASX:CT1) is pleased to announce that it has signed a Head Agreement for Product Development with Eposode Data Solutions (“Eposode”) which includes an initial contract to design and develop a new IoT device for the consumer market.
CCP previously announced (28 August 2018) that it entered into a Memorandum of Understanding (MoU) with Eposode to support business development. In addition to several significant opportunities for the CCP Solution, Eposode identified the opportunity to leverage CCP’s contract development services to advance a B2C project.
Stephen Joyce, Director, Eposode Data Solutions said,
“Since the MoU commenced we have been investigating opportunities for the application of IoT across our broad customer base and beyond. Our team is excited by the potential of CCP’s technology. Under the Head Agreement, we have initially contracted CCP to design and develop a new IoT Sensor to address a total available market of 50 million monitoring points. Eposode plans to sell this new device in combination with the CCP Mobile Application. By using CCP’s contract development services and licensing the CCP platform, we get our B2C IoT device to market quicker. We also recognise CCP’s ability to facilitate ongoing device manufacture and support services which we intend to explore as the project matures.”
The Head Agreement facilitates multiple contracts being formed to cover a range of turnkey development, manufacture, support and product management services that CCP can provide. The initial contract to design and develop a new LPWAN IoT Sensor includes hardware designs, BOM, firmware and basic operating firmware for acceptance testing purposes.
Michael White, Executive Director and CEO of CCP said,
“Eposode’s proposed product is targeted primarily towards the consumer market and has a different feature set to CCP’s Smart Tags, so we are delighted to support this project. We are well placed to leverage elements of our current Smart Tag technology and the experience we have gained from undertaking other IoT hardware development projects. This will reduce the time and cost involved for Eposode and provides CCP with milestone-based development fees and a recurring revenue stream based on the number of devices deployed on the system. Based on the obtainable market forecast information provided by Eposode, we estimate CCP would receive in the order of $800,000 per annum in recurring services revenues if Eposode achieve their forecast sales.”
The contract with Eposode has been signed on the back of CCP recently completing another IoT hardware development contract. Singapore-based Cre8tec Pte Ltd engaged CCP to develop an LPWAN IoT infra-red sensor for movement detection. Prototype sensors were delivered in mid-January 2019 and discussions have commenced between CCP and Cre8tec to explore further project work and ongoing support.
CCP has an in-house team of hardware, firmware and software development experts who have a track-record in delivering platforms which incorporate Cloud applications, IoT, Blockchain, Machine Learning, Artificial Intelligence and Big Data Analytics.
“We are poised to expand our contract development services to drive revenue growth. Our highly skilled and experienced staff are demonstrating the uniqueness and value of our patented Smart Tags and firmware by leveraging this technology to meet diverse customer needs. CCP is currently undertaking contract projects for applications in food safety, healthcare and remote sensing.” Mr White said.
CCP offers a critical control point management system in Australia and North America, and has an emerging presence in Singapore. Critical control points are the points in a supply chain where a failure of standard operating procedure has potential to cause serious harm to people – and to a business’ reputation and bottom line. Standard critical control points include temperature, energy, environment (e.g. air and water quality, pH, chemicals, noise, acoustics and gases) and movement.
CCP captures data using Smart Tags (sensors) and an advanced Internet of Things (IoT) network. Data is delivered to the company’s big data cloud platform where it is analysed to deliver business intelligence. Customers access this information through Web and Mobile Dashboards; and they re-ceive real-time alerts via SMS, email and push notifications.
The Company’s first target market is the food industry, where food safety regulation, energy savings and waste reduction drives adoption.
Further information: www.ccp-technologies.com
About Eposode Data Solutions
Eposode Data Solutions is dedicated to providing businesses with innovative mobile scanning solutions and wireless sensing and measurement technology that streamline processes, increase efficiency and provide an improved customer experience. Eposode is the exclusive distributor of Infinite Peripherals line of iOS barcode scanners and Variable Inc.’s sensing devices in Australia and New Zealand. These devices are designed to be compatible with Apple products that create handheld mobile computers that are a powerful, cost-effective and user-friendly tool for enterprise.
Further information: www.eposode.com.au
Source: EIN Presswire