Calgary, Alberta--(Newsfile Corp. - July 23, 2024) - Zedcor Inc. (TSXV: ZDC) ("Zedcor" or the "Company") is pleased to provide a mid-year operations update, demonstrating continued execution from its ongoing U.S. expansion, manufacturing activities, and Canadian operations. Specifically, the Company is reporting:
- U.S. expansion in Colorado is well underway to complement the Company's operations across Texas;
- MobileyeZ™ tower fleet now exceeds 1,000 currently deployed, with approximately 15% of the fleet in the U.S.
Zedcor's U.S. expansion continues to advance, as it has established operations across major cities in Texas and can service the entire state, with operations in Houston, Dallas, San Antonio and Austin. Additionally, the Company has opened an equipment center in Denver, Colorado, and is planning on expanding to Phoenix, Arizona in Q1 2025. The Company's business model ensures optimal efficiency and customer service standards and has been paramount to the adoption of its solutions and retention of its customers.
This established U.S. platform now has the capacity to service markets throughout the Midwest, evidenced by a three-year contract to provide three MobileyeZ™ security towers in Wisconsin to a Canadian client with cross-border projects. Zedcor continues to expand in the residential home building market, with MobileyeZ™ deployed for the top three home builders in the U.S., and specifically, the Company has deployed over 80 MobileyeZ™ to the country's largest residential construction company. Additionally, the Company has expanded its fleet deployment with the country's largest online retailer and home building retailer.
On the manufacturing front, Zedcor's year-to-date MobileyeZ™ tower build exceeds 120 units, bringing the total MobileyeZ™ fleet to more than 1,000 towers, with approximately 15% of the fleet deployed in the U.S. With a fully staffed manufacturing team, the Company is working to ramp manufacturing capacity from 15-20 towers per week currently, to 20-25 towers per week by the end of Q3 2024. The 2024 edition of MobileyeZ™ towers are fully weather tested and can withstand winds upwards of 100mph. Notably, no towers experienced weather-related damage despite two significant hurricanes in Texas.
In Canada, the Company continues to achieve strong results on the back of strong demand for Zedcor's turnkey surveillance solutions. The Company continues to expand deployment with existing customers while adding new customers. To service higher than anticipated demand for standalone units, 20 of the new solar MobileyeZ™ models were shipped from the U.S. for customers in Canada and the Company expects that it will be shipping additional units to Canada in Q3 and Q4 2024.
Zedcor will report second quarter 2024 financial results on August 13. Given the highly recurring nature of Zedcor's business model, coupled with strong demand trends and increasing manufacturing capacity, the Company maintains a high degree of visibility for future performance. The Company is confident in its 2024 exit target of 1,300 to 1,500 MobileyeZ™ towers, with further growth momentum continuing into 2025.
Todd Ziniuk, President and CEO of Zedcor, commented: "I am inspired by the execution of our team, which continues to exceed our internal targets. We have strong conviction in the Company's growth prospects as we expand our footprint across the U.S., while continuing to build a backlog in Canada. The Company is winning business with its turnkey and customized solutions, customer intimacy, data-supported efficiency outcomes and industry leading service levels. The physical commercial security space is ripe for disruption, and we believe that our solution is in the early phases of penetrating the large total addressable market in North America."
About Zedcor Inc.
Zedcor Inc. (TSXV: ZDC) is disrupting the traditional physical security industry through its proprietary MobileyeZTM security towers by providing turnkey and customized mobile surveillance and live monitoring solutions to blue-chip customers across North America. The Company continues to expand its established platform of over 1,000 MobileyeZ™ towers in Canada and the United States, with emphasis on industry leading service levels, data-supported efficiency outcomes, and continued innovation. Zedcor services the Canadian market through equipment and service centers currently located in British Columbia, Alberta, Manitoba, and Ontario. The Company continues to advance its U.S. expansion which now has the capacity to service markets throughout the Midwest with locations throughout Texas and in Denver, Colorado, with a location in Phoenix, Arizona to follow by Q1 2025.
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 geographic expansion of Zedcor's Security and Surveillance business and the timing therefor, fleet expansion and the projected exit target for 2024, manufacturing capacity and improvements thereto, Zedcor's ability to retain to market its security services and retain its customers, the durability of Zedcor's fleet, the movement of units from the U.S. to Canada. 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.
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