TORONTO, April 28,
2022 /CNW/ - Eddy Smart Home Solutions Ltd.'s (Eddy
Solutions) (TSXV: EDY) is pleased to announce an expansion of its
service agreement with one of Canada's most prominent multi-residential
developers. First partnering for a leak protection initiative in
one of its 280+ suite luxury condominium projects, the developer
then committed to 5,000 units in their construction portfolio, and
recently increased that to 12,500 units. Based on Eddy's existing
contracts of a similar nature, the incremental contracted value
opportunity is approximately $12.5mm,
extending the entire opportunity with this developer to
approximately $22mm.
"The developer's commitment to installing our technology enabled
world class leak mitigation solution demonstrates the need for our
suite of products as an essential building service." commented
Travis Allan, CEO and President of
Eddy Solutions. "Eddy is thrilled to expand our relationship to
provide even more leak protection and water control into their
portfolio, so residents and assets are secure against the risk of
water damage." Repeat business especially of this size is
another validation of the value Eddy delivers to its customers as
well as insurance companies.
Eddy's system protects the building and units with a
comprehensive system of real-time monitoring, smart sensors, and
remote and automatic shutoffs that identify and action issues from
the construction phase when the water is first initiated and
extended to all functioning areas of the finalized building
post-occupancy, including the risers, hydronics, in-suite, and
common areas.
An emerging focus on effective leak protection and mitigation
has resulted in significant benefits during both the course of
construction and once occupied. Through the deployment of Eddy's
system both during and post construction, the buildings are
protected with intelligent, innovative technology that mitigates
risk, while providing tools for resource management.
Eddy Solutions' system tracks the presence of water with smart
equipment connected to an App and property management dashboard,
providing information to the use of water and immediately notifying
when water events are detected. The system's use of sensors, flow
monitoring, and shutoffs reduces the risk of water-related project
delays during construction, and water damage in completed/occupied
buildings.
About Eddy
Eddy Solutions is a North American provider and developer of
residential and commercial smart water metering products and
monitoring services, helping property owners protect, control, and
conserve water usage by combining water sensing devices with
behavioural learning software. For more details on Eddy's products
or company information, please visit eddysolutions.com.
FORWARD-LOOKING
STATEMENTS
This news release contains forward-looking statements within the
meaning of applicable securities laws including, among others,
statements concerning our objectives, our strategies to achieve
those objectives, our performance, as well as statements with
respect to management's beliefs, estimates, and intentions, and
similar statements concerning anticipated future events, results,
circumstances, performance, or expectations that are not historical
facts. Forward-looking statements generally can be identified by
the use of forward-looking terminology such as "outlook",
"objective", "may", "will", "expect", "intent", "estimate",
"anticipate", "believe", "should", "plans", or "continue", or
similar expressions suggesting future outcomes or events. Such
forward-looking statements reflect management's current beliefs and
are based on information currently available to management.
These statements are not guarantees of future performance and
are based on our estimates and assumptions that are subject to
risks and uncertainties, including those described in our current
MD&A under "Risk and Uncertainties" (a copy of which can be
obtained at www.sedar.com), which could cause our actual results
and performance to differ materially from the forward-looking
statements contained in this news release.
All forward-looking statements in this news release are
qualified by these cautionary statements. Except as required by
applicable law, Eddy undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Eddy Smart Home Solutions Ltd.