CCP Technologies Limited (ASX: CT1) is an IT company which specializes in IoT product development and project management. On 20 May 2019, CCP Technologies Limited announced that its temperature monitoring solution is to be rolled out across a new state-of-the-art Casino site in Boston, USA.
The temperature monitoring solution of the CT1 has several features as follows:
- Smart Tags monitors the environments controlled by temperature on a continuous basis.
- The critical control point information is displayed through the Web and Mobile dashboards.
- The report obtained provide easy access to compliance, as well as task management records.
- Through SMS and Email, the user receives the Configurable real alerts and notifications.
- Reports on Business Intelligence aid in offering enterprise and site level KPI’s.
- The monitoring solution also helps in optimizing performance and quality management.
The smart tag of the company is placed in temperature-controlled environments such as ridges, display cabinets, freezers and cool-rooms for complying with the food safety regulations as well as HACCP programs in the food sector. The monitoring solution of the company is further utilized in monitoring the vaccine and temperature-sensitive research material storage environments.
Koolmax is a US-based distribution partner of the company that provides products and services for refrigeration. Koolmax has secured the Casino client and has placed a purchase order for the hardware and software solution of the company.
Due to specific wholesale pricing disclosures with its distribution partners, the pricing details remain commercial-in-confidence. However, the company advised that the ongoing subscription revenues related to end-client are on normal commercial terms. This will increase the current group subscription revenues by approximately 10%, when the solution gets fully installed, which is targeted for the end of July 2019.
This purchase order for its subscription-based monitoring solution is the largest purchase order both monetarily, as well as by the number of monitoring points that the Group has received from the United States to date.
Also, due to commercial-in-confidence, the end client has requested not to disclose their name in the public announcement unless the installation is fully complete. After the installation, the company expects that the client will become a powerful advocate and reference site for best practice in Casino as well as hotels across the world for continuous, third-party temperature monitoring technology of CCP.
The end user will be including the technology for optimizing the product safety, quality along with asset management.
In the recent investor presentation, published on 14 May 2019, the company highlighted its recent achievements. The company turnaround started in February 2019. The company’s commercial focus along with the key indicators have improved materially.
In March 2019, the cash receipt was up by 127% as compared to February 2019. The cash burn in the March 2019 was down by 27.6% as compared to December 2018 quarter. The company is working continuously to grow development services pipeline. By the end of the March 2019 quarter, the company had A$0.117 million. The estimated cash outflow in June 2019 quarter was A$0.397 million.
At present, the shares of CT1 are trading at A$0.014 (as on AEST: 3:34 pm, 20 May 2019), up by 40%. CCP Technologies holds a market capitalization of A$4.46 million, with approximately 446.17 million outstanding shares.
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