InvestmentPitch Media Video Discusses EYEfi Group Technologies and its Report of Sales Growth in Excess of 40% from Two of its Largest Customers in Australia

Rhea-AI Summary

EYEfi Group Technologies (OTCPink: EGTTF) reported a significant 41% year-over-year revenue growth from its partnership with Telstra Corporation, Australia's largest wireless carrier. The company continues to enhance its services, particularly with the Victorian Government Department of Transport and VicRoads, leading to an expanded fleet of incident management vehicles. Additionally, EYEfi achieved a 52% revenue increase year-to-date with Melbourne Water Corporation, utilizing its EYEfi SPARC technology for bushfire monitoring. Shares are currently trading at $0.40.

Positive

• 41% revenue growth year-over-year from Telstra.
• 52% revenue increase year-to-date from Melbourne Water Corporation.
• Expansion of incident management vehicle fleet from 10 to 18.
• EYEfi Cloud's technology processes over 3000 incidents monthly.
• Continuous discussions for partnerships to expand services globally.

Negative

• None.

VANCOUVER, British Columbia, Oct. 07, 2022 (GLOBE NEWSWIRE) -- EYEfi Group Technologies (CSE:EGTI) (OTCPink:EGTTF), a software and electronics engineering company, continues to expand its revenues from Telstra Corporation, Australia’s largest wireless carrier. Sales growth from Telstra, an EYEfi channel partner or reseller, is up 41% year-over-year.

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EYEfi has been continually expanding the services delivered through the Telstra contract over the past 12 months, primarily relating to its end customers, the Victorian Government Department of Transport (DoT) and VicRoads. VicRoads, part of Department of Transport for the State of Victoria, in southeast Australia, is responsible for more than 19,000 kilometres of arterial roads from the major freeways and highways to the smaller roads and with a population of more than 6.5 million, Victoria is the most densely populated state in Australia.

EYEfi Cloud's Automated Incident Management (AIM) technology is currently installed across the entire fleet of Incident Management Vehicles (IMV's) at VicRoads and provides improved incident management, compliance, reporting and safety of field personnel. EYEfi continues to experience growth due to the increase in the number of incident management vehicles from 10 to 18, and cameras from 20 to 36 all connected to the EYEfi Cloud platform and currently processes more than 3000 incidents per month for the department throughout Victoria's road network.

EYEfi is currently in discussions with prospective partners to expand this offering into other major regions around the world.

Earlier this week, EYEfi reported sales revenue growth of 52%, year-to-date for the latest 12 months from the Melbourne Water Corporation, which uses the company’s EYEfi SPARC technology to monitor bushfires. In addition to the fixed tower-based solution being provided to Melbourne Water, EYEfi will be deploying the first of the vantage point cameras this coming fire season, offering entirely new vision and spatial targeting of fire ignition events located in remote areas of the water catchment.

The innovative solution incorporates the solar panel into the pole design and houses all EYEfi communications equipment and batteries, to provide 24/7 monitoring of the surroundings. Any single EYEfi SPARC-enabled camera can determine the exact location of a fire from a single viewpoint; significantly improving the safety of field personnel and saving precious time by determining the fire's location remotely, and in real-time.

Simon Langdon, EYEfi's CEO, stated: "We are looking forward to deploying this capability for Melbourne Water this coming fire season and providing them with entirely new capabilities and vision that will better protect their assets, personnel, and the broader community. This is an easy to install solution that is very scalable and affordable, making it a perfect fit for these vantage point sites.”

EYEfi has developed, patented and commercialized an innovative spatial technology known as SPARC, an acronym standing for spatial, predictive, approximation and radial convolution, along with an associated product suite, which turns sensors, cameras and smartphones, whether fixed, mobile, airborne or portable, into geo-target co-ordinate acquisition devices, connecting people and devices, in real-time and in ways not previously possible.

EYEfi has also developed IoT sensor hardware and associated cloud software, as a second pillar within its product offering. EYEfi Cloud is a next generation cloud platform that provides a secure and centralized environment where customers can manage their EYEfi product deployments and applications.

The shares are trading at $0.40. For more information about EYEfi’s products, please visit the company’s website www.EYEfiGroup.com, contact Simon Langdon, CEO, by email at info@EYEfi.com.au. For investor relations in North America, please contact Mark van der Horst at 604-760-7604 or by email at mark@GaleCapital.com.

Disclaimer

The information in this InvestmentPitch Media Ltd video is for the viewers information only. EYEfi Group has paid a fee not exceeding $2,000 in cash to have its current news release produced in video format. The corporate information is based on information that is publicly available. Any information provided by InvestmentPitch Media Ltd., through its media services is not to be construed as a recommendation or suggestion or offer to buy or sell securities but is provided solely as an informational media service. InvestmentPitch Media Ltd makes no warranties or undertakings as to the accuracy or completeness of this information. All due diligence should be done by the viewer or their financial advisor. Investing in securities is speculative and carries risk.

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FAQ

What recent revenue growth has EYEfi Group Technologies achieved from Telstra?

EYEfi Group Technologies reported a 41% year-over-year revenue growth from Telstra Corporation.

How much has EYEfi's revenue increased year-to-date from Melbourne Water Corporation?

EYEfi reported a 52% revenue increase year-to-date from Melbourne Water Corporation.

What is the current trading price of EYEfi Group Technologies shares?

EYEfi Group Technologies shares are currently trading at $0.40.

How does EYEfi's AIM technology improve incident management?

EYEfi's AIM technology enhances incident management by providing improved compliance, reporting, and safety for field personnel.

What is the significance of the Victorian Government's partnership with EYEfi?

The partnership with the Victorian Government allows EYEfi to expand its incident management services across more than 19,000 kilometers of roads.