Toronto, Ontario--(Newsfile Corp. - August 30, 2021) - Pool Safe Inc. (TSXV: POOL) ("Pool Safe" or the "Company") is pleased to provide shareholders with an update on the Company's progress and achievements throughout the year.
CEO MESSAGE TO SHAREHOLDERS:
On behalf of the Pool Safe team, I would like to begin by thanking all of our stakeholders for your continued support in an environment that has been very challenging for everyone. When the COVID-19 pandemic began it became imperative that our Company secured its viability by creating a detailed strategy for navigating through the many unknown scenarios the Company was facing. In addition, it was critical to safeguard, to the best of our ability, our employees' wellbeing and continued employment. We were quite confident that our business would recover and very likely, come back stronger than ever. We are pleased with our achievements and progress through the first half of this year and believe that many of these accomplishments have established a strong foundation for continued growth for the balance of the year.
REVENUE SHARE PARTNERSHIPS
The Company continues to establish new partnerships with many of the industry's largest global hotel and resort chains as well as the ever-expanding market within the waterpark space. In 2021, we have built and delivered in excess of 140 new PoolSafe units under our revenue share partnerships. We are currently building for two Florida properties and expect to deliver an additional 125 new PoolSafe units by the end of September. In addition to the new builds, we have upgraded over 120 PoolSafe units currently in service. The backlog in supply chain and shipping, combined with the logistical issues due to the closure of the U.S./Canada border has proved challenging. Nevertheless, new and upgraded PoolSafe units have been delivered and are now in service.
Customer service is a top priority for the Pool Safe team, and we have been particularly diligent in this regard. We are delighted when we receive positive feedback from our partner's sites. A true testament to this is when our partners renew their three or four-year revenue share agreements. Increasing the number of PoolSafe units at a partner site further endorses not only the acceptance of our unique product but also indicates the potential for widespread increasing adoption. To date in 2021, in spite of ongoing lockdown and other associated COVID challenges, we have renewed three revenue share agreements and added additional units to four partner properties.
PRODUCT DEVELOPMENT
We continue to improve our PoolSafe product to ensure it can literally "weather this year's extraordinary climate change difficulties", which include 100-degree temperatures, high levels of humidity, salt water and sand, high winds, all of which can make the environment quite challenging. The PoolSafe has proven its ability to endure a variety of exceptional weather-related extremes.
Customer valuables must stay safe and dry. Each unit has an onboard communication that interfaces with the food and beverage (F&B) terminal for service. This ensures that the customer receives prompt service and with that, helps increase F&B sales for our partners. Those are just a couple of the built-in, value add conveniences the PoolSafe offers to our partners and their customers.
Our technology allows us to continue to add meaningful new features and upgrades.
THE PATH FORWARD
Pool Safe's leadership will continue to efficiently execute our long-term business goals for the betterment of our partners, customers, and shareholders. The multi-year revenue share agreement helps anchor our product to our partners' sites and will enable the Company to cross sell additional services. One of the differentiating factors for the PoolSafe is in its technical capabilities. We will continue to develop new and innovative technologies to add new revenue streams which simultaneously enhance the customer experience. These will include:
- Upgrading the communications network to ease implementation and increase bandwidth to provide audit functionality.
- Building an application interface to utilize the client or partner P.O.S. This is essential for enabling the user to interface with other goods and services offered at the resort or leisure site.
- Each PoolSafe will collect usage information and warehouse the data in the Cloud for later mining and monetization.
- The design/implementation of components which will enable manufacturing cost savings.
We look forward to providing our stakeholders with updates as we execute our plan and successfully achieve our milestones. As always, thank you for your continued support.
About Pool Safe Inc.
Pool Safe Inc. designs, develops and distributes a product known as the "PoolSafe", which functions as a multi-purpose personal poolside attendant. The PoolSafe is designed to provide safety, convenience and peace of mind for hotels, resorts, waterparks and cruise ship guests. Functions include: lockable safe, solar-powered charger for USB compatible electronic devices including phones, cameras and tablets in addition to a server call-button, a beverage cooler and holders. Conveniently located alongside pool or beach lounge chairs, the PoolSafe is a unique way of providing vacationers with a comforting sense of security for their belongings, while they enjoy their vacation. For more information, please visit www.poolsafeinc.com.
Pool Safe Inc. is a fully reporting publicly traded company which is listed on the TSX Venture Exchange under the symbol POOL.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements
This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements.
Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward- looking statements contained herein include, but are not limited to, statements regarding: the ability of the Company to maintain its growth for the balance of the year; the delivery of an additional 125 new PoolSafe units by the end of September; the ability of the Company to adapt PoolSafe's products to meet the changes brought by climate change; the ability of the add new features and upgrades to PoolSafe products; the ability of the Company's leadership to execute its long-term business goals; the effect of the execution of said business goals on the Company's partners, customers, and shareholders; the anticipated effect of the entering into multi-year revenue share agreements with PoolSafe partners; and the design and/or implementation of components which will enable manufacturing cost savings.
Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company's ability to continue as a going concern; the continued commercial viability and growth in popularity of the Company's products; the Company's ability to finance any supply chain and/or infrastructure upgrades needed to further develop and upgrade its products; and the Company's ability to attain board of director, shareholder and/or regulatory approval with respect to its planned activities.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the inability of the Company to continue as a going concern; the effects of COVID-19, increased competition; the Company's inability to attain board of director, shareholder and/or regulatory approval with respect to its planned activities; the inability of the Company to maintain its growth for the balance of the year; the inability of the Company to complete the delivery of an additional 125 new PoolSafe units by the end of September; the effect of climate change on PoolSafe's product offerings; the inability of the Company to adapt PoolSafe's products to meet the changes brought by climate change; the inability of the Company to adapt its existing technologies and add new features and upgrades to PoolSafe products; the inability of the Company to mine and monetize said PoolSafe usage information; the risk that the multi-year revenue share agreements may not produce the anticipated results; and the inability of the Company to design and/or implement components which with the anticipated effect of manufacturing cost savings.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, except as required by applicable law.
Pool Safe Inc.
Steven Glaser
Chief Operating Officer
E: sglaser@poolsafeinc.com
T: 416-630-2444
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