TORONTO, April 4,
2022 /CNW/ - One of Canada's leading insurance carriers has teamed
up with Eddy Smart Home Solutions Ltd ("Eddy Solutions") (TSXV:
EDY) to bring Eddy's award-winning technology across several
provinces. This opportunity represents more than $1,000,000 of revenue with a margin profile of
approximately 40 percent. The partnership was first to
install Eddy's system in approximately 100 homes and is now being
rolled out imminently to over 1,000 homes as part of a master
service agreement.
The partnership provides Eddy's leak mitigation technology,
which includes equipment, software, 24/7 monitoring, myEddy App,
and data. The system identifies and tracks water issues in
real-time, paired with a remote and automatic shutoff that stops
water at the source. Eddy's proactive approach to early detection
of leaks and issues helps prevent insurance claims and the
resulting substantial payouts, making it an attractive technology
for insurance carriers and brokers.
"Over and over again, water continues to disrupt families,
displace people, and destroy property, causing billions to the
North American insurance industry due to claims," said Travis Allan, CEO and President of Eddy
Solutions. "This opportunity involves Eddy and the carrier
directly, rather than the homeowner, whereby the insurance provider
is purchasing Eddy's system and our recurring subscription service
to further add value to their clients and mitigate their exposure
to water-related risk. The progression of our partnership is not
only a significant milestone that further validates the value that
Eddy delivers but substantiates the use case for further adoption
into their significant book of business in both residential and
commercial asset classes."
About Eddy
Eddy Solutions is a North American provider and developer of
residential and commercial smart water metering products and
monitoring services, helping property owners protect, control, and
conserve water usage by combining water sensing devices with
behavioural learning software. For more details on Eddy's products
or company information, please visit eddysolutions.com.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the
meaning of applicable securities laws including, among others,
statements concerning our objectives, our strategies to achieve
those objectives, our performance, as well as statements with
respect to management's beliefs, estimates, and intentions, and
similar statements concerning anticipated future events, results,
circumstances, performance, or expectations that are not historical
facts. Forward-looking statements generally can be identified by
the use of forward-looking terminology such as "outlook",
"objective", "may", "will", "expect", "intent", "estimate",
"anticipate", "believe", "should", "plans", or "continue", or
similar expressions suggesting future outcomes or events. Such
forward-looking statements reflect management's current beliefs and
are based on information currently available to management.
These statements are not guarantees of future performance and
are based on our estimates and assumptions that are subject to
risks and uncertainties, including those described in our current
MD&A under "Risk and Uncertainties" (a copy of which can be
obtained at www.sedar.com), which could cause our actual results
and performance to differ materially from the forward-looking
statements contained in this news release.
All forward-looking statements in this news release are
qualified by these cautionary statements. Except as required by
applicable law, Eddy undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.
SOURCE Eddy Smart Home Solutions Ltd.