HomeStay Care’s stock crashes over 15% on the day of its AGM

HomeStay Care Limited (ASX: HSC) conducted its Annual General Meeting today for the year ended 31 December 2018.

The information technology company, HomeStay Care, operates in the aged care and disability sectors. It’s ‘Intelligent Home’ platform allows elderly and disabled Australians to live more independently in their own homes and make a tangible difference to their quality of life.

HomeStay Care has recently collaborated with Enrich Living Services to install its ‘Intelligent Home’ technology in up to 1,000 homes through Enrich’s national aged car network. The first phase of collaboration aims to meet the care delivery, resident movement data and support requirements for the first 100 installations. On the basis of mid-tier purchases, HomeStay expects this rollout to generate likely revenue within the range of $200,000 for the first 100 homes up to $2,000,000 if 1,000 homes have HSC technology installed002E

HSC Intelligent Home Technologies (Source: Company’s Website)

In AGM address to shareholders, HSC Chairman Wayne Cahill stated that “it has been a busy start to Fiscal 2019 for HomeStay and the company is excited by the potential it sees for HomeStay’s technology solutions. HSC team is focused on converting the company’s strong sales pipeline of new business opportunities to drive commercial orders in the near term and increase market penetration across the Australian aged care and disability services markets.”

Alongside joining hand with Enrich Living Services in the aged care sector, HSC recently announced a collaboration with St John of God Health Care in the disability care sector to create purpose-built smart homes. In order to strengthen the roots of this collaboration, HSC conducted a live trial which included a smart home built by St John of God with proprietary technology provided by HomeStay and other leading technology companies.

Mr Cahill said: “This purpose-built smart home, which will be officially launched next month, allows residents with intellectual disabilities to be more independent and less reliant on carers and highlights the ability for HSC technology to make a real difference to people living with complex needs.”

During FY18, the company also introduced several senior executives to the Board, with the objective to progress the commercialisation of HomeStay’s proprietary technology. It included the appointment of Philippa Lewis as new Chief Executive Officer of HSC, Manoj Chandra as new CTO and Mr Wayne Cahill who joined as Non-Executive Chairman of HSC effective 1 February 2019.

Commenting upon the future of the company, Mr Cahill stated: “The projects underway demonstrate how HomeStay contributes to enhanced independence for clients; more effective service delivery for carers; and increased peace of mind for families.”

Products and Services being offered by HomeStay (Source: Company’s Website)

He concluded: “HomeStay is well positioned to benefit from the evolving landscape in the aged care and disability sectors. There is already a strong market for preventative care solutions that enable people to be independent and connected.”

Despite posting decent progress in the company’s performance, HSC witnessed a crash of 15.789% in a day-trading of its stock. The stock currently stands at $0.016 as on 28 May 2019 (2:58 PM AEST).


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