MNO Maestrano Group Plc

TIDMCRDL

RNS Number : 0508O

Cordel Group PLC

08 June 2022

8 June 2022

Cordel Group PLC

("Cordel" or the "Company" or the "Group")

New USA Contract Announcement

Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for transport corridor analytics, announces that in partnership with Holland LP, it has been awarded a contract to deliver its LiDAR-based solutions to the Southeastern Pennsylvania Transportation Authority (SEPTA) in the USA.

SEPTA is one of the largest transit systems in the United States, serving five counties in the Greater Philadelphia area and connecting to transit systems in Delaware and New Jersey. SEPTA operates bus, rapid transit, commuter rail, light rail, and electric trolley bus services for nearly 4 million people.

Cordel's specialist rail analytics subsidiary, Cordel Technology Inc, announced on 27 September 2021 the commencement of its partnership with Holland LP, a leading US rail inspection company. Cordel's sensors "piggyback" on Holland's testing vehicles, enabling customers to benefit from both partners' inspection data streams without requiring additional track time.

Through this new contract, Cordel will be delivering to SEPTA LiDAR point clouds, high-definition video, and automated clearance assessments of multiple types of track across its network. The LiDAR data, delivered via Cordel's Web Viewer, will enable any stakeholder at the agency to conduct virtual site visits and make centimeter-accurate measurements without the need to deploy staff to the field - saving costs and increasing safety. The customer plans to use the technology for, among other activities: clearance validation, construction layout and staging, legal scene investigations, storm drainage analysis, slope assessment, and visual condition assessments.

Ian Buddery, Chairman of Cordel, commented:

"After a number of trials, we are pleased to see the first commercial contract arising from our partnership with Holland LP. We are confident that this will provide a proof point and reference case for other potential customers, leading to further contracts in the year ahead."

Nick Smith, CEO, Maestrano, said:

"We have found a strong value proposition and fit for the USA urban transit market and we look forward to working with SEPTA's forward thinking engineering department, to deliver the safety benefits, time and cost savings that we've proved with our freight railroad customers."

Enquiries:

 
 Cordel Group PLC                                     c/o SEC Newgate 
 Ian Buddery, Chairman 
  Nick Smith, CEO 
 Arden Partners plc Broker                        +44 (0)20 7614 5900 
 Ruari McGirr 
 
  Strand Hanson Limited Nominated Advisor 
  Richard Johnson / James Bellman                 +44 (0)20 7409 3494 
 SEC Newgate (Financial PR)                        +44 (0)7540 106366 
 Robin Tozer / Bob Huxford / George Esmond    cordel@secnegwate.co.uk 
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.

About Cordel

Cordel produces specialist hardware and software for capturing, analysing and reporting on large datasets within the transport sector, employing sophisticated artificial intelligence algorithms.

Further information on the Company is available at: www.cordel.ai

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June 08, 2022 02:00 ET (06:00 GMT)

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