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SENSEN NETWORKS LIMITED — Capital/Financing Update 2021
Dec 20, 2021
65829_rns_2021-12-20_f8b335e2-a9e9-4340-b812-5a3baca59f78.pdf
Capital/Financing Update
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ASX Release
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21 December 2021
SenSen Wins Multi-Year Contract with the Queensland Revenue Office
HIGHLIGHTS
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SenSen has been awarded a contract by the Queensland Revenue Office to deploy its vehicle mounted AI solutions for automated number plate recognition.
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SenSen will earn a minimum of ~A$192K over the 36-month period of the initial contract, commencing in January 2022.
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The revenue is made of both upfront and annual recurring components over the term of the contract.
Leading AI software and solution provider SenSen Networks Limited (ASX:SNS; OTCQB:SNNSF, “SenSen”, or “the Company” ) today announced it has secured a deal to supply automated number plate recognition solutions to the Queensland Revenue Office.
Commencing in January 2022, SenSen will earn a minimum of A$192,000 over the initial three-year period deploying its mobile automatic number plate recognition units. SenSen will earn upfront revenue and annual recurring revenues and fees for the software licence and support services under the terms of the contract.
Commenting on the contract, SenSen CEO Dr. Subhash Challa said: “We are thrilled to win this contract with the State of Queensland. This contract follows our recent work with forward-thinking cities who use our AI solutions in Queensland including Brisbane, Ipswich, Logan, Cairns, Gold Coast, and Sunshine Coast. The State of Queensland is the first state in Australia to engage with SenSen, and joins SenSen’s international customers which include the cities of Las Vegas, Calgary and Edmonton.”
This release is approved by the Board of SenSen.
For further information, please contact:
| For further information, please contact: | ||
|---|---|---|
| Investor contact: | Media contact: | |
| Vanessa Beresford | James Strong | |
| Citadel-MAGNUS | Citadel-MAGNUS | |
| [email protected] | [email protected] | |
| Or | Or | |
| David Smith | Helen McCombie | |
| Executive Director and Company Secretary | Citadel-MAGNUS | |
| Email:[email protected] | [email protected] |
SenSen Networks Limited ACN 121 257 412 www.sensennetworks.com +61 (0)3 9417 5368
Melbourne: Level 1, 9 Harper Street, Abbotsford VIC 3067 Sydney: 3 Spring Street, Sydney NSW 2000 Las Vegas: Office #8, International Innovation Center, 300 South 4[th] St, Suite 180, Las Vegas NV 89101
ASX Release
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About SenSen Networks Limited
SenSen Networks Limited (ASX:SNS; OTCQB:SNNSF) is a leading AI Data Fusion Enterprise that works with people, places and data to solve problems once thought technically impossible. The company’s patented network approach enables SenSen to offer customised, real-time and batch processing of data alongside SaaS solutions.
The Company’s technology fuses complex video and sensor datasets at high speeds across multiple networks to assess and inform strategic actions to its customers across its enterprise verticals: Smart Cities, Casinos, Airports and Retail. SenSen has clients on four continents and can be found in Australia, New Zealand, Singapore, USA, Canada, India and UAE.
Disclaimer – forward-looking statements
This release may contain forward-looking statements. These statements are based upon management’s current expectations, estimates, projections and beliefs in regards to future events in respect to SenSen's business and the industry in which it operates. These forward-looking statements are provided as a general guide and should not be relied upon as an indication or guarantee of future performance. The bases for these statements are subjected to risk and uncertainties that might be out of control of SenSen Networks Limited and may cause actual results to differ from the release. SenSen Networks Limited takes no responsibility to make changes to these statements to reflect change of events or circumstances after the release.
SenSen Networks Limited ACN 121 257 412 www.sensennetworks.com +61 (0)3 9417 5368
Melbourne: Level 1, 9 Harper Street, Abbotsford VIC 3067 Sydney: 3 Spring Street, Sydney NSW 2000 Las Vegas: Office #8, International Innovation Center, 300 South 4[th] St, Suite 180, Las Vegas NV 89101