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SENSEN NETWORKS LIMITED — Capital/Financing Update 2021
Dec 7, 2021
65829_rns_2021-12-07_1bd503ed-0019-416f-8b51-54e33f81da10.pdf
Capital/Financing Update
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ASX Release
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8 December 2021
SenSen signs agreement with Chicago Parking Meters to digitize the curb
HIGHLIGHTS
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Chicago Parking Meters (CPM) signed a Master Services Agreement with SenSen to use its award-winning sensor AI technology to gather real time data from the curb space they manage in and around the City of Chicago.
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SenSen’s contract from these vehicles mounted sensor AI systems, software and services are expected to exceed US$1 million in FY22. The multi-year contract is expected to generate additional revenues once the current systems are fully operationalised.
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This win, along with SenSen’s other curbside management deployment in the USA and Singapore, will bolster SenSen’s leadership and growth opportunities in a market estimated to be more than US$4 billion[1]
Leading sensor AI solution provider SenSen Networks Ltd (ASX:SNS, OTCQB:SNNSF) has entered into a contract with Chicago Parking Meters, LLC (“CPM”) to assist them to digitize the curb space they manage in and around the City of Chicago using our patent pending sensor AI solutions.
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CPM previously undertook a Proof of Concept (POC) trial of SenSen AI solutions, to evaluate a range of capabilities associated with collecting data about curb space and to validate the accuracy & reliability of the solutions.
Upon successful completion of the POC, SenSen has now entered into a contract with CPM to supply software and systems designed to collect real-time accurate data in and around the curb space they manage in the City of Chicago. The new, multi-year, Master Services
1 Source: https://www.cleantech.com/smart-cities-and-curb-management-innovating-for-success/)
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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Agreement (MSA) generates both upfront and annual recurring revenues for SenSen via multiple work packages to address different challenges associated with real time and accurate data collection from the curb space managed by CPM.
SenSen CEO Subhash Challa commented: “We are excited to be working with CPM and the team lead by CEO Mr. Dennis Pedrelli, with the opportunity to solve many challenging problems that are unique to the curbside within the city of Chicago and CPM operations.
We enter into a multi-year contract to deliver groundbreaking new sensor AI solutions to enhance their operations. This will further our leading position in the world in relation to digitizing and monitoring the curb space efficiently.”
CPM CEO Dennis Pedrelli, said, “We are looking forward to working with SenSen’s technology AI tools to digitise the curb, help us to understand curb usage in real time and manage the curb space in an efficient manner.
This Release is approved by the Board of SenSen.
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]
About SenSen Networks Limited
SenSen Networks Limited (ASX:SNS; OTCQB:SNNSF) is a leading Sensor AI Data enterprise working 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, Retail, Smart Surveillance and Emerging Solutions. 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