Eddy Solutions Announces an Incremental Contract Increase of ~ $12.5mm with Leading Developer
TORONTO, April 28, 2022 /CNW/ - Eddy Smart Home Solutions Ltd.'s (Eddy Solutions) (TSXV: EDY) is pleased to announce an expansion of its service agreement with one of Canada's most prominent multi-residential developers. First partnering for a leak protection initiative in one of its 280+ suite luxury condominium projects, the developer then committed to 5,000 units in their construction portfolio, and recently increased that to 12,500 units. Based on Eddy's existing contracts of a similar nature, the incremental contracted value opportunity is approximately $12.5mm, extending the entire opportunity with this developer to approximately $22mm.
"The developer's commitment to installing our technology enabled world class leak mitigation solution demonstrates the need for our suite of products as an essential building service." commented Travis Allan, CEO and President of Eddy Solutions. "Eddy is thrilled to expand our relationship to provide even more leak protection and water control into their portfolio, so residents and assets are secure against the risk of water damage." Repeat business especially of this size is another validation of the value Eddy delivers to its customers as well as insurance companies.
Eddy's system protects the building and units with a comprehensive system of real-time monitoring, smart sensors, and remote and automatic shutoffs that identify and action issues from the construction phase when the water is first initiated and extended to all functioning areas of the finalized building post-occupancy, including the risers, hydronics, in-suite, and common areas.
An emerging focus on effective leak protection and mitigation has resulted in significant benefits during both the course of construction and once occupied. Through the deployment of Eddy's system both during and post construction, the buildings are protected with intelligent, innovative technology that mitigates risk, while providing tools for resource management.
Eddy Solutions' system tracks the presence of water with smart equipment connected to an App and property management dashboard, providing information to the use of water and immediately notifying when water events are detected. The system's use of sensors, flow monitoring, and shutoffs reduces the risk of water-related project delays during construction, and water damage in completed/occupied buildings.
Eddy Solutions is a North American provider and developer of residential and commercial smart water metering products and monitoring services, helping property owners protect, control, and conserve water usage by combining water sensing devices with behavioural learning software. For more details on Eddy's products or company information, please visit eddysolutions.com.
This news release contains forward-looking statements within the meaning of applicable securities laws including, among others, statements concerning our objectives, our strategies to achieve those objectives, our performance, as well as statements with respect to management's beliefs, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance, or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intent", "estimate", "anticipate", "believe", "should", "plans", or "continue", or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management.
These statements are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in our current MD&A under "Risk and Uncertainties" (a copy of which can be obtained at www.sedar.com), which could cause our actual results and performance to differ materially from the forward-looking statements contained in this news release.
All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, Eddy undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Eddy Smart Home Solutions Ltd.
Travis Allan, Chief Executive Officer and Director, Tel: 416.560.0234, Email: [email protected]
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