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RNS Number : 7547C
Maestrano Group PLC
23 June 2021
23 June 2021
Maestrano Group PLC ("Maestrano" or the "Company" or the
"Group")
Announces First USA Contract
Maestrano Group PLC (AIM: MNO), the Artificial Intelligence
platform for transport corridor analytics, announces t he first
paid project with Union Pacific Railroad, the second largest Class
1 Railroad in the United States (ranked by track miles).
Maestrano's specialist rail analytics subsidiary, Cordel
Technology Inc (Cordel) entered the North American market in May
2020, commencing the process of establishing relationships and
credibility with railroad companies and engineering service
providers. This announcement is the first of several "Pilot"
projects, engineered to demonstrate both the efficient data capture
process and rapid Artificial Intelligence analysis of the resulting
digital "point clouds".
The USA market is segmented into classes by revenue. The seven
Class 1 Railroads are the trans-national heavy freight companies
that own the majority of the 140,000 miles of track in the USA.
Class 2 Regional railroads provide freight and passenger services
intra-state and Class 3 railroads are typically local lines serving
a small number of towns and industries. In addition short line
railroads provide freight, commuter and light rail services.
Cordel achievements to date:
-- Confirmed via extensive market feedback a significant market
opportunity for Cordel technology across all market segments.
-- Have engaged with five of the seven Class 1 North American railroads.
-- Have collected LiDAR and video data from railbound vehicles
using our proprietary sensors, and delivered results to two Class 1
Railroads. Both have large scale opportunities identified beyond
the Pilot (asset mapping, clearances, ballast).
-- Have completed the procurement process with multiple Class 1
Railroads, with Cordel now on their list of approved vendors,
enabling us to receive new work orders without significant delays
going forward.
-- Have met with 15-20 short lines and transit agencies
-- A further Pilot is in progress with a major short line Railroad holding company.
-- Building partnerships with Rail contract service providers,
which will expand our reach, especially with short lines, transits,
and commuters.
-- Engaged with consultants & engineering firms capable of
bringing our technology to public transit, to develop and manage on
our behalf.
-- Built a team of industry veterans with deep experience and
connections specifically relevant to the technology we are using
and the problem sets we are solving.
Nick Wayne, Vice President Cordel USA, said:
"We are proud and excited by the achievements of our team to
date, with first revenue now being received and a solid opportunity
pipeline now in place for the coming financial year. Above all, we
have proven that our technology is both applicable to USA
conditions and more than competitive in terms of results, speed and
cost."
Nick Smith, CEO, Maestrano, said:
"The USA market represents over 38% of global expenditure on
rail asset management. It has been a core focus for Cordel over the
past year and we have moved from the proving to the early revenue
stage. Whilst this has taken longer than expected, we are now
positioned for a significant growth opportunity."
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014, which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
Enquiries:
Maestrano Group plc
Ian Buddery, Chairman c/o Arden Partners
Nick Smith, CEO c/o Arden Partners
Arden Partners (Broker / Nominated Adviser)
Ruari McGirr / Richard Johnson / Akhil Shah +44 (0)20 7614 5900
About Maestrano
Maestrano offers a patented cloud-based platform for master data
management and specialist hardware and software for capturing,
analysing and reporting on large datasets within the transport
sector, employing sophisticated artificial intelligence
algorithms.
Further information on the Company is available at:
www.maestrano.com
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END
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