Water Intelligence PLC Strategic Investment and Partnership (0212M)
11 Septiembre 2019 - 09:17AM
UK Regulatory
TIDMWATR
RNS Number : 0212M
Water Intelligence PLC
11 September 2019
Water Intelligence plc
Strategic Investment and Partnership
Water Intelligence plc (AIM: WATR.L) ("Water Intelligence" or
"Company"), a leading multinational provider of precision,
minimally-invasive leak detection and remediation solutions for
both potable and non-potable water is pleased to announce a
strategic investment in and technology licensing partnership with
Entertainment AI Plc ("EAI") (the "Strategic Relationship").
The Strategic Relationship announced today enables Water
Intelligence to accelerate its commercial strategy with insurance
companies and participate in the fast-growing $13 billion market
for "Insuretech" products to minimize water-related claims as
underscored in the 2018 Annual Report released in May.
EAI uses proprietary artificial intelligence and machine
learning technology to enrich YouTube-length video in order to,
among other things, enable consumers to purchase products, such as
water monitoring devices, from the video. An example is currently
being displayed on the Water Intelligence web site at
www.waterintelligence.co.uk. Water Intelligence had previously
announced this strategic direction in January 2018 through a
technology partnership with EAI's subsidiary, Tagasauris, and Flo
Technologies (now FloMoen), a Los Angeles-based water monitoring
product company.
EAI is being formed by the acquisition of the Entertainment AI
group of companies, comprising Entertainment AI, Inc, GTChannel,
Inc and Tagasauris, Inc, (the "EAI US Companies") by Blockchain
Worldwide plc ("BLOC"), which was announced today. BLOC has also
announced a conditional oversubscribed placing and subscription,
including the strategic investment from Water Intelligence, to
raise gross proceeds of approximately GBP8.6 million. Subject to,
inter alia, BLOC shareholder approval, admission to trading on AIM
and completion of the Company's investment is expected to complete
on 30 September 2019. At the time of, or prior to, admission BLOC
will be renamed Entertainment AI plc.
The Strategic Relationship will have the following
components:
(i) GBP415k investment into EAI effective at admission to AIM of EAI;
(ii) a global, royalty-free license to EAI technology for the
field of use of sustainability and home services audiences in
respect of water and infrastructure; and
(iii) rights, including a Board observer and certain information
rights, for so long as Water Intelligence holds 2 per cent. or more
of EAI's issued share capital.
Sumitomo Corporation of Japan, a global leader in digital media
and an investor in water supply companies around the world, will
also be a strategic investor and receive a preferred license. Other
investors in the EAI IPO include existing institutional investors
in Water Intelligence.
Water Intelligence Chairman Patrick DeSouza is a substantial
shareholder and a co-founder of the EAI US Companies and will serve
as non-executive Chairman of EAI. Therefore the Strategic
Relationship constitutes a related party transaction in accordance
with AIM Rule 13. The Group's independent directors, being Michael
Reisman, Laura Hills and David Silverstone, consider, having
consulted with its nominated adviser, WH Ireland Ltd, that the
terms of the Strategic Relationship are fair and reasonable insofar
as its shareholders are concerned.
In addition, Laura Hills, Vice Chairman of Water Intelligence,
and Akiko Mikumo, Senior Independent Director of Entertainment AI,
will lead any discussions relating to possible future related party
matters between Water Intelligence and EAI, consulting the relevant
company's nominated adviser and obtaining approval from the
Independent Directors of each company.
Water Intelligence's interim financial report will be issued
later this month and further details of the Strategic Relationship
will be detailed in the report. The Company continues to perform
strongly on its multinational growth plan.
Executive Chairman, Dr. Patrick DeSouza remarked:
"Global market demand for complete solutions to water loss from
leakage - both services and products - is strong and only growing.
We are well-positioned and continue to deliver on our articulated
plan. We believe our strategic partnership with EAI will enable us
to scale more rapidly with a complementary e-commerce, go-to-market
plan that complements our physical operations across the United
States and in the UK, Australia and Canada. Our technology
reinvestment to build our brand profile as an innovation company
continues to progress and will be enhanced with the introduction of
an owned and operated YouTube site for sustainability issues. We
are on a mission to transform the water infrastructure services
market around the world and seek to lead the Insuretech
movement."
Enquiries:
Water Intelligence plc
Patrick DeSouza, Executive Chairman Tel: +1 203 654 5426
Adrian Hargrave, VP Corporate
Development +44 (0) 7775 701 838
WH Ireland Limited - NOMAD & Broker Tel: +44 (0) 207 220
1666
Adrian Hadden
James Sinclair-Ford
Matthew Chan
Dowgate Capital Ltd Tel: +44(0)20 903 7721
Stephen Norcross +44 (0)7920 599 793
IFC Advisory Limited Tel: +44(0)20 3934 6630
Graham Herring
Miles Nolan
Zach Cohen
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END
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