WATER INTELLIGENCE PLC

M&A Activity • Feb 6, 2017

National Storage Mechanism | Additional information

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RNS Number : 0516W

Water Intelligence PLC

06 February 2017

Water Intelligence plc ("Water Intelligence" or the "Company")

National Insurance Agreement Signed

Water Intelligence plc announces the signing and launch of the Company's first formal national contract with one of the top 5 insurance companies in the US to provide adjusters a trusted partner to pinpoint water leaks and minimize collateral damage claims from residences and businesses. 

To date, the Company has worked with insurance claims adjusters across the U.S. through its national franchise system relying mainly on local marketing.  In an effort to meet insurance customers' demand for a business to business approach, the Company has implemented during 2016 a centralized channel for job assignments and billing.  With respect to the subject insurance customer, during 2016 the Company processed through a pilot channel approximately 1500 jobs amounting to approximately $500,000.  These jobs supplemented other insurance jobs originating at a local level among franchisees.  The Company anticipates broadening its national approach during 2017.  The Company will begin reporting a business to business channel starting with its 2016 Annual Report.

Executive Chairman, Patrick DeSouza commented:  "A business to business approach will leverage our existing national footprint and reduce administrative costs for our insurance company partners.  We look to a significant increase going forward in the amount of insurance work acquired for our corporate and franchise locations."

Enquiries:  

Water Intelligence plc            Patrick DeSouza, Executive Chairman	Tel: +1 203 654 5426
finnCap Ltd Adrian Hargrave / Giles Rolls, corporate finance Stephen Norcross, corporate broking	Tel: +44 (0) 207 220 0500

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

This information is provided by RNS

The company news service from the London Stock Exchange

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