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CCP Technologies Limited (ASX:CT1), a company from the technology hardware & equipment sector which specializes in IoT announced that it was successful in completing the initial phase of its contract development project with Cre8tec Pte Ltd which is a Singapore based provider of rodent monitoring solutions. Now, the company is looking for further opportunities with Cre8tec which includes the manufacturing of the infra-red sensing Internet of Things (IoT) devices.
The main agreement between Cre8tec and CT1, allows Cre8tec to enter into the further contract with the CT1 to provide services related to spanning hardware, firmware and software development, and related support. The initial contract required CT1 to use its IoT hardware platform for the development of a new low-power wide-area network (LPWAN) movement detection sensor for Cre8tec. Post the completion of the initial contract, CT1 successfully designed the passive infrared (PIR) sensor to communicate on NB-IoT and CatM1 networks that can operate efficiently irrespective of the outdoor conditions.
Winston Baptista who is the managing director of Cre8tec is pleased with the work of CT1 and Cre8tec is ready for the launch of the new Ratsense product. He believes that through this highly reliable Ratsense product, the customers will be able to capture the movement of the rodents. He is also confident that the outdoor LPWAN device will help Cre8tec in extending the market. Based on the current sales of this device, Winston predicts that by the end of 2020 they will be able to reach 80,000 customers.
Now, Cre8tec has plans to contract for its new motion detection sensor which includes the circuit board component selection and testing, antenna and battery optimization, and final printed circuit board (PCB) layout design and construction where CT1 has submitted Cre8tec with the working procedure of the product to Cre8tec.
On the other hand, Michael White who is the Chief executive officer of CT1 states that the company is looking further opportunities with Cre8tec after the successful completion of stage 1 for which the negotiations are in progress. The negotiation includes the extended partnership of Cre8tec with CT1 in case of future production requirement.
The official listing date of CT1 on ASX is 8 October 1987 where the company has given a consistent negative performance. In last one year, CT1âs performance was -63.64%.
As per the annual report of CT1 for the FY2018, which ended 30 June 2018, the revenue of CT1 was up by 76.9%. However, it made a loss of 24.6%. There was a decrease in the net asset base in FY2018 as compared to the previous fiscal year. There was a growth in the accumulated losses in FY2018 which indicates a weak operating performance of the company during the period. Based on the position of the total current asset and the total current liabilities, it can be said that the company can efficiently manage its working capital requirements and its short-term debt. By the end of the accounting period, CT1 has a net cash balance of $453,776.
By the open of the trading on 22 January 2019, the shares of CT1 traded flat on ASX. It appears that the investors have more expectations from the company, and they are waiting for an update regarding the contract under negotiation. The closing price of the CT1 share was A$0.012 with the market capitalization of A$5.11 million.
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