Calgary, Alberta--(Newsfile Corp. - September 27, 2023) - Zedcor Inc. (TSXV: ZDC) (the "Company" or "Zedcor") is pleased to announce that it has been awarded a rental and service agreement to provide MobileyeZ security towers for a leading North American home improvement retailer (the "Customer").
After a three-month pilot program which began in June 2023 with locations tested in Vancouver, Calgary and London, Ontario, our Customer has entered into a master rental services agreement (the "Agreement") with Zedcor to provide MobileyeZ security towers with 24/7 live, verified monitoring at numerous locations across Canada until September 2026. As of the start of the Agreement, Zedcor is providing MobileyeZ at ten locations and the Customer may expand the number of locations throughout the term of the Agreement. They may also expand the number of security towers per location. Based on our initial estimates, the Agreement is approximately $240,000 of annual revenue1 with the potential for expansion.
Retail sector theft is a pervasive problem that poses significant challenges to the industry. In 2022, the National Retail Federation estimated that theft cost retailers approximately $112 billion across North America2. This is a significant issue which, based on our initial pilot with the Customer, Zedcor can help reduce with our MobileyeZ solution.
Todd Ziniuk, President & CEO of Zedcor said: "The retail sector is a major growth area for Zedcor and we plan to allocate significant resources in order to increase our presence in the space. Given the size of the problem the total addressable market size is very large, and we believe the MobileyeZ solution provides significant benefits, including cost reductions for our customers. Based on our pilot project, Zedcor was able to significantly reduce incidents at the three locations. Retail theft impacts everyone from consumers to small business owners and communities. Helping retailers reduce their losses due to theft aligns with our mission to improve the security and safety of communities we operate in. We are proud to offer our unique solution and tailor it to the needs of our Customer and look forward to growing our relationship with them."
About Zedcor Inc.
Zedcor Inc. is a Canadian public corporation and is the parent company to Zedcor Security Solutions Corp. Zedcor is a technology enabled business that is changing how physical security services are provided to businesses. Zedcor operates throughout Canada, with service centers in British Columbia, Alberta, Manitoba and Ontario, and Texas with a service center in Houston.
The Company operates a fleet of over 700 proprietary MobileyeZ security towers, equipped with high resolution, technology-based cameras, and monitors fixed site locations for customers across various industries. Video from security towers and fixed site locations is streamed to the Company's central monitoring station where video alarms are live verified and responded to based on customer requirements. Zedcor also offers high level security guard services to enterprise level customers who are looking to supplement video-based security for valuable, high risk, or mission critical operational assets.
Forward-Looking Statements and Information
Certain statements included in this press release constitute forward-looking statements or forward-looking information. Forward-looking statements or information can be identified by terminology such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "budget", "should", "project", or similar words suggesting future outcomes or expectations. In particular, forward-looking statements and information contained in this press release, include, but are not limited to, the expansion of Zedcor's Security and Surveillance business, fleet expansion, marketing of security services and expansion of Zedcor's service offering to other geographic regions. Although the Company believes that the expectations implied in such forward-looking statements or information are reasonable, undue reliance should not be placed on these forward-looking statements or information because the Company can give no assurance that such statements or information will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of assumptions about the future and uncertainties, including current forecasts and utilization. Although management of the Company believes these expectations and assumptions reflected in these forward-looking statements or information to be reasonable, there can be no assurance that any forward-looking statements or information will be proved to be correct, and actual results may differ materially from those anticipated in such statements or information. For this purpose, any statements or information contained herein that are not statements or information of historical fact may be deemed to be forward-looking statements or information and readers should not place undue reliance on such forward-looking statements or information. The forward-looking statements or information contained in this press release are made as of the date hereof and the Company assumes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new contrary information, future events or any other reason, unless the Company is required by any applicable securities laws. The forward-looking statements or information contained in this press release are expressly qualified by this cautionary statement.
For further information contact:
Todd Ziniuk
President & Chief Executive Officer
P: 403-930-5432
E: tziniuk@zedcor.ca
Amin Ladha
Chief Financial Officer
P: 403-930-5435
E: aladha@zedcor.ca
Neither 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.
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1 Contract values cited herein are based solely on top-line revenue. For the three months ended June 30, 2023, Zedcor's margins averaged 47%.
2 Source: https://nrf.com/advocacy/policy-issues/organized-retail-crime
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/181982
