The leading player in the mobile satellite communications industry, had further good news today.
It announced that it had clinched a US$1-million initial trial order for the supply of the Group’s latest generation of maritime communications system, Wideye iFleetONE terminal, from various customers globally. Addvalue Technologies' stock price is up 47% in the past month (from 4.3 cents to 6.3 cents), culminating in a successful fund-raising which attracted investors including Alan Wang (more on this later).
Under discussion are orders worth about US$3.5 million from potential new customers, some of whom are presently testing the product on their vessels.
In the meantime, Addvalue said it is expecting repeat orders from customers.
Boasting built-in Wi-Fi capabilities and a signature compact design that is ideal for small and mid-sized fishing and leisure vessels, the Wideye iFleetONE terminal is specifically developed under contract and in partnership with Inmarsat.
Empowering users with connectivity while out at sea, it facilitates useful applications communication such as fishcatch reporting or even weather chart updates. All this can be carried out easily on their mobile devices.
The unique selling points of this product were put to a rigorous test during its launch when Addvalue sponsored a two-member crew team on their Rowing From Home To Home Expedition – an awe-inspiring, human-powered voyage from Singapore to New Zealand using a rowing boat as its primary mode of transport.
Relating his firsthand experience with the product, Mr Grant ‘Axe’ Rawlinson, leader and founder of the expedition, commented, “Rowing 4,200km from Singapore through the Indonesian Archipalego to Australia, it was crucial to have reliable and robust communications on-board to download weather information, upload social media content and communicate with our project manager and families.
"The iFleetONE communication system from Addvalue worked faultlessly under a very harsh environment throughout the 78 days out at sea. The path of the voyage was too remote to fix any technical issues and demanded the system to be foolproof to live up to the challenges. I am looking forward to using the iFleetONE on the next stage of my journey, rowing 3,000km from Australia to New Zealand across the unpredictable Tasman Sea in late 2017.”
"By bundling our product with value-added features, such as Inmarsat’s Emergency calling service, automatic position reporting and fleet tracking capabilities, we are able to better serve the fast-growing niche market and bolster the resilience of our revenue model."
-- Dr Colin Chan Kum Lok, Chairman and CEO of Addvalue
On new and potential orders, Dr Colin Chan Kum Lok, Chairman and CEO of Addvalue, remarked, “We are encouraged by the uptick in demand for our proprietary products which are specially designed to match the needs of our customers. The swift commercialisation phase is a testament to our positioning as a solution provider.
"This will position us favourably for growth in satellite communications and related solutions in the small-vessel market. Underlining our transformation strategy with Commercial Refocusing, this will enable us to maintain our growth traction and deliver long-term, sustainable value to our shareholders.”
♦ 2 May: Addvalue announced it had raised a S$13.1 million war chest to accelerate its growth plans and commercialisation of the world’s first Inter-Satellite Data Relay System (IDRS) services.
The innovative IDRS service solves a constraint faced currently by Low Earth Orbit (LEO) satellite operations and the validation came in February this year when a memorandum of understanding was inked with UK-listed satellite telecommunications company Inmarsat to provide the world's first commercial on-demand 24/7 inter-satellite communications link services to enhance LEO satellite operations.