REG - Cordel Group PLC - New USA Contract Announcement

CordelAnnouncement

08/06/2022 07:00

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RNS Number : 0508O  Cordel Group PLC  08 June 2022

8 June 2022

Cordel Group PLC

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

 

 

New USA Contract Announcement

Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for
transport corridor analytics, announces that in partnership with Holland LP,
it has been awarded a contract to deliver its LiDAR-based solutions to the
Southeastern Pennsylvania Transportation Authority (SEPTA) in the USA.

 

SEPTA is one of the largest transit systems in the United States, serving five
counties in the Greater Philadelphia area and connecting to transit systems in
Delaware and New Jersey. SEPTA operates bus, rapid transit, commuter rail,
light rail, and electric trolley bus services for nearly 4 million people.

 

Cordel's specialist rail analytics subsidiary, Cordel Technology Inc,
announced on 27 September 2021 the commencement of its partnership with
Holland LP, a leading US rail inspection company. Cordel's sensors "piggyback"
on Holland's testing vehicles, enabling customers to benefit from both
partners' inspection data streams without requiring additional track time.

 

Through this new contract, Cordel will be delivering to SEPTA LiDAR point
clouds, high-definition video, and automated clearance assessments of multiple
types of track across its network. The LiDAR data, delivered via Cordel's Web
Viewer, will enable any stakeholder at the agency to conduct virtual site
visits and make centimeter-accurate measurements without the need to deploy
staff to the field - saving costs and increasing safety.  The customer plans
to use the technology for, among other activities: clearance validation,
construction layout and staging, legal scene investigations, storm drainage
analysis, slope assessment, and visual condition assessments.

 

Ian Buddery, Chairman of Cordel, commented:

"After a number of trials, we are pleased to see the first commercial contract
arising from our partnership with Holland LP.  We are confident that this
will provide a proof point and reference case for other potential customers,
leading to further contracts in the year ahead."

 

Nick Smith, CEO, Maestrano, said:

"We have found a strong value proposition and fit for the USA urban transit
market and we look forward to working with SEPTA's forward thinking
engineering department, to deliver the safety benefits, time and cost savings
that we've proved with our freight railroad customers."

 

 

Enquiries:

 

 Cordel Group PLC                           c/o SEC Newgate
 Ian Buddery, Chairman

 Nick Smith, CEO

 Arden Partners plc Broker                  +44 (0)20 7614 5900
 Ruari McGirr

 Strand Hanson Limited Nominated Advisor    +44 (0)20 7409 3494

 Richard Johnson / James Bellman

 SEC Newgate (Financial PR)                 +44 (0)7540 106366
 Robin Tozer / Bob Huxford / George Esmond  cordel@secnegwate.co.uk

 

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

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

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