Zedcor Inc. Signs Two Year, $14 Million Agreement for Deployment of 100 Hybrid MobileyeZ Security Towers
Calgary, Alberta--(Newsfile Corp. - January 19, 2021) - Zedcor Inc. (TSXV: ZDC) (the "Company" or "Zedcor"), a leading provider of strategic security solutions and remote video surveillance systems, is pleased to announce that it has entered into a rental and service agreement with a major pipeline contractor. Zedcor, through its wholly-owned operating subsidiary, Zedcor Security Solutions Corp., will provide the pipeline contractor with the rental and service of up to 100 of Zedcor's Hybrid MobileyeZ security towers featuring ground disturbance sensors for a period of two years. The contract is expected to contribute up to $14 million of revenue to Zedcor over the term.
Zedcor's innovative Hybrid MobileyeZ security towers will provide 24/7 live security monitoring along the construction route for the contractor's expansion project which spans 1,150 kilometers across two provinces. The Company will position their Hybrid MobileyeZ towers at strategic locations that are deemed to be higher-risk along the pipeline's construction path. Video, along with disturbance alerts, will be streamed in real-time to Zedcor's centralized command center in Leduc, Alberta and will be monitored by Zedcor's trained security personnel without interruption. Alerts are met with an immediate response and if necessary, on-site security personnel can be dispatched. Deploying the Company's unique MobileyeZ solutions allows the contractor to mitigate risk through heightened visibility into potential security threats across a broad geographic area, while also controlling the cost of personnel and fuel, and limiting the potential for safety incidents.
Todd Ziniuk, President and CEO of Zedcor commented, "We are pleased to be awarded this contract and are excited to be contributing to a project that is strategically important for Canada. After many months of hard work and the ongoing dedication of the Zedcor team, this contract demonstrates our ability to provide innovative security solutions to major infrastructure projects and establishes Zedcor as the preeminent provider of remote security and surveillance solutions to the pipeline construction industry."
In order to fulfill the requirements of the contract, the Company will purchase an additional 20 Hybrid MobileyeZ security towers, which brings its total fleet to 150, two-thirds of which will be equipped with ground disturbance technology. Financing for the purchase of the 20 Hybrid MobileyeZ towers has been secured by the Company through a draw on its previously announced $2,000,000 accordion facility with Maynbridge Capital Inc. In addition, Zedcor intends to bolster the strength of its existing team with three additional service technicians.
Forward-Looking Statements and Information
Certain statements included or incorporated by reference in this press release constitute forward-looking statements or forward-looking information. Forward-looking statements or information may contain statements with the words "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, the expiry date of all outstanding warrants, Zedcor's estimated senior debt to EBITDA ratio, 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 will 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.
About Zedcor Inc.
Zedcor Inc. is the parent company of Zedcor Security Solutions Corp., and operates two business segments: Security & Surveillance and Rentals. Zedcor is focused on generating value for shareholders through the profitable provision of security and surveillance services, and the rental of surface equipment and accommodations in Western Canada. The Company trades on the TSX Venture Exchange under the symbol "ZDC".
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President & Chief Executive Officer
P: (403) 930-5432
Chief Financial Officer
P: (403) 930-5435
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