Melbourne-based CCP Technologies (ASX: CT1) has signed a deal to install its Internet of Things (IoT) temperature monitoring solution at a new state-of-the-art casino in the US state of Massachusetts.
The deal was secured by CCP’s US-based distribution partner and commercial refrigeration company Koolmax, and represents the largest US purchase order received to date for the subscription-based solution.
While pricing and client details remain confidential, CCP has confirmed ongoing subscription revenues in relation the new client are on normal commercial terms.
Once the solution is fully installed in July, its current subscription revenues will increase by approximately 10%.
CCP said the client is “determined to incorporate technology which helps optimise product safety, quality and asset management”.
It anticipates the client will eventually become a “powerful advocate and reference site” for best practice relating to third-party temperature monitoring technology in the casino and hotel industry.
“We congratulate and thank Koolmax for what is a defining commercial milestone anticipated to yield ongoing opportunities at other sites within the casino and hotels sector globally,” the company said.
“[Our solution] was subject to a rigorous evaluation process to demonstrate its suitability against available competing technologies.”
CCP confirmed it had received the purchase order and arranged shipment of the hardware.
CCP’s IoT technology relies on continuous third party monitoring and data analytics to provide food industry clients with solutions to reduce product wastage, improve product quality, streamline compliance and asset management, reduce energy costs and ensure supply-chain integrity.
The technology is based around sensors or smart tags placed in temperature-controlled environments such as fridges, display cabinets and cool rooms to track and record information and ensure compliance with food safety regulations.
In the event of sustained temperatures or a humidity breach, the smart tags communicate directly to CCP’s cloud-based application to trigger an alert to the client.
Being notified in advance of a catastrophic failure provides a client with an opportunity to commence maintenance procedures and potentially save thousands of dollars’ worth of food.
The technology is also being adapted for the health industry, where smart tags are currently being used to monitor vaccine and temperature-sensitive storage environments for research material.
In a business update this month, CCP said it had commenced a turnaround after executive management and board changes in February.
The company had achieved a 50% reduction in monthly expenditures and a 35% increase in revenues, with the aim of reaching break even by the September quarter.
“[We are] poised for growth with a strong revenue pipeline, a committed and experienced board, and a management team with a track record of success in building technology companies,” it said.
At midday, shares in CCP were trading 40% higher at $0.014.