Elsight Receives The Repeat Order From Two Major Partners, Stock Surged Over 2%

Elsight Limited gets large repeat orders of worth ~A$246,000 from its key integration partners, Traffilog and Alrena. The news sent the stock price to surge up by 2.174% to last trade at $0.470 on 29 March 2019.

ASX Listed technology sector company, Elsight Limited (ASX: ELS) provides high-end communication technology real-time video, data and auto transmission over cellular networks. Its platform especially addresses the Special Forces requirements across enemy lines and intelligence organizations.

The company today announced that it has received the fourth order for its Rider series product from the same partner Traffilog. It is reported as a further large order from Traffilog for its Fleet management Solutions customers in the U.K, this time for a large public transport fleet project.

The new order will include the integration of Elsight Rider-T with 8-Channels to support 8 video cameras at once into Traffilog's large bus fleet network. This will deliver more robust and updated Rider series 8-channels units for heavy-duty fleet vehicles.

Elsight's leading fleet management solutions provide high-definition cameras along with real-time transmission via 4G/LTE networks and an advanced vehicle video recording system. This underscores the company’s core business of providing hybrid video solution and data transport services for large Safe-City projects, surveillance and protective activities as well as sensitive facilities management.

Assi Biton, Deputy CEO of Traffilog, stated: "This new order from its highly demanding heavy-duty fleet management customer shows great promise towards the future of its cooperation with Elsight, now also tailoring the best-fitted solution to its large fleet customers.”

Traffilog is engaged in the business of providing comprehensive telematics solutions for insurance, fleet management industries and auto manufacturers among others. With Elsight, Traffilog is now able to offer integrated video solution in the same platform gaining a crucial value add offering to its customers.

The two companies, Elsight and Traffilog, also deepened their partnership with joint development plans to complete an in-depth integration between the two platforms: Elsight's video transmission platform with Traffilog's telematics FMS platform.

Paris-based innovation company, Alrena Technologies also placed a repeated order to Elsight for the second tranche of 10 complete Smart Medicase kits - handheld emergency telemedicine kits- complete with Elsight’s innovative Multichannel technology, under a blanket order first announced in December 2018. Alrena develops an innovative platform for emergency medicine to remote regions.

Nir Gabay, Elsight CEO stated “The company is pleased to receive repeat orders from Alrena, Traffilog as well as a number of other partners and customers. This not only provides it with positive endorsement through customer satisfaction and demand but is important for its goal of driving strong revenue growth in 2019.”

ELS opened the day-trade at $0.480 and touched the low of $0.460, before closing at $0.470 on 29 March 2019. The daily volume change stood at 14,712 shares with a market capitalisation of $44.11 million.

Over the past 12 months, ELS has witnessed a negative price movement of 20.69% including a plunge of 32.85% over the past three months.

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