SenSen Grabs A Multi-Year Contract With Cairns Regional Council, Stock Surges By 12%!

SenSen Grabs A Multi-year Contract With Cairns Regional Council, Stock Surges By 12%!

SenSen Networks Limited (ASX: SNS) today, 24 April 2019, announced that it has won a multi-year contract with the Cairns Regional Council. (Cairns Regional Council is a law-making body). This is a three-year terms contract. Further, the company states that it is now in a position to supply its fully automated parking enforcement solution to the council in concoction with Duncan Solutions, their distribution partner. Duncan Solutions is an Australian-owned company and provide similar smart integrated parking solutions to their customers and have been long associated with the Cairns Regional Council.

Starting in early June this year, the contract covers the council’s purchase of a SenFORCE mobile parking enforcement unit while taking care of the upfront revenue for the systems, software and commissioning, and fees for the year one software licence and maintenance services. SenSen also benefits with its earnings through the annual recurring revenues of this contract.

The Council would appoint inspectors to thoroughly utilise SenFORCE in the CBD area and assist in effectively managing the city’s parking congestion problem. To chalk out the issue, the council has very recently made adequate amendments in the parking systems throughout CBD to ensure the right balance and mobility between visitors to the city and the businesses by providing greater turnover spaces in the CBD to ease the congestion. As a result, and towards much-needed fluency on the roads, people can now reach out to their desirable shops, cafes and restaurants in a feasible and much-organised way.

Along with this recent contract, on 15 April 2019, SenSen declared another installation of its world-leading SenGAME gaming solution software on 30 Baccarat tables at the Solaire Resort and Casino. The installation is scheduled to commence in May 2019.

The automated video uses artificial intelligence technologies to handle table occupancy, hands dealt per hour, bet types and bet values across the gaming floor in a much efficient manner. This real-time data can then be used by the casino to optimise its table configuration across the gaming floor.

SenSen will generate revenue from the hardware, software and services set-up for the 30- table deployment at Solaire, as well as a monthly Software as a Service fee on each table.

Solaire is the first Philippine premium hotel and gaming resort in Entertainment City, Manila. It is the flagship property of Bloomberry Resorts and Hotels Inc, which is one of the world’s top resorts, gaming and hospitality companies. Furthermore, Solaire consists of over 350 gaming tables.

Commenting on the deal, SenSen CEO Subhash Challa highlighted that this deal is an important milestone for the company as Solaire is the SenSen’s second flagship customer in the gaming business vertical. He further stated that the company expects more casinos in the markets to follow soon with their own deployments.

SNS has delivered a negative return of 30.56 percent in the past one year. However, the stock has been in an uptrend in the short term, it has delivered 38.89 percent, and 26.26 percent in the past three months, and one-month respectively.

The shares of SNS closed the day’s trade at $ 0.140 on ASX (As on 24 April 2019), up by 12 percent as compared to the previous day’s closing price. The market capitalisation of the company stands at $ 52.32 million. The 52-week high price is $ 0.185, and the 52-week low price is $ 0.078. As per the latest updated ASX data, SNS’s Earnings Per Share stands at -$ 0.011.


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