REG - Cordel Group PLC - ARTC Contract Extension

CordelAnnouncement

10/07/2023 08:00

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RNS Number : 4773F  Cordel Group PLC  10 July 2023

10 July 2023

Cordel Group PLC

("Cordel" or the "Company" or the "Group")

 

ARTC Contract Extension

Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for
transport corridor analytics, is pleased to announce an extension to our
existing clearances contract with the Australian Rail Track Corporation
("ARTC"), taking the term of the engagement to 31 August 2024.

 

The original contract was signed on 6 January 2020 and then extended on 26
November 2020, for the period to 30 June 2023.

 

This latest extension has been made possible by the commitment of both ARTC
and Cordel to rigorously validate the clearance capabilities of the Wave OEM
scanning equipment and the automated processing techniques deployed by Cordel.
The validation process, conducted over the past 12 months, has proved that the
technology provides reliable and effective management of clearances on the
ARTC network in accordance with the ARTC Section 7 Code of Practice and has
thus been approved for use in clearance assessments.

 

As part of the approval, Cordel has deployed additional services such as point
cloud classification, advanced structure gauge assessments, track spacing and
centreline reports, with a continuous commitment to extend the capabilities of
automated unattended capture systems using AI and machine learning at scale.

 

Cordel CEO John Davis said, "We are delighted to be continuing our important
engagement with ARTC, for whom we have scanned and analysed over 150,000 Kms
of track distance. Moreover, the continuation of the contract allows ARTC to
conduct assessments without the need to deploy inspection teams into the rail
corridor. This is cost effective, efficient and reduces personnel risk whilst
completing clearance assessments."

 

Enquiries:

 

 Cordel Group PLC                           c/o Zeus
 Ian Buddery, Chairman

 John Davis, Chief Executive Officer
 Zeus Capital Limited Broker                +44 (0)20 3829 5000
 Simon Johnson / Alexandra Campbell-Harris

 Strand Hanson Limited Nominated Adviser

 Richard Johnson / James Bellman            +44 (0)20 7409 3494

 

 

 

 

About Cordel

Cordel produces 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.cordel.ai
(http://www.cordel.ai/)

About ARTC

ARTC is a Government of Australia owned statutory corporation, which manages
most of Australia's interstate rail network, 8500 kilometres in length
across five states.

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended. Upon the publication of
this announcement, this inside information is now considered to be in the
public domain.

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