Crimson Tide (TIDE)

Share Price:
3.40p
Market Cap:
15.55m
Change Today:
0.000p
Sector:
IT Hardware

Crimson Tide pleased with international progress

By Josh White

Date: Tuesday 30 May 2017

LONDON (ShareCast) - (ShareCast News) - Crimson Tide, the provider of the 'mpro5' smart mobility as-a-service product, updated the market on progress with its international expansion strategy on Tuesday, which it previously indicated would drive further growth opportunities.
The AIM-traded company said "strategic partnerships" with "tactical investments" were being made.

In Ireland, the board said a first phase contract had been secured with one of the largest state-sponsored companies in the country.

The initial agreement was for approximately 200 subscribers who would be using mpro5 for remote working.

It said the transaction had been closed with the company's partner, Vodafone, and added that to support the ongoing growth in Ireland, Wesley Dunn had been promoted to a full time role in business support.

In the US, Dagen Wilhelm had been appointed as international healthcare consultant.

Wilhelm, who is based in the Washington DC area, would focus on business development for mpro5 with specific emphasis on the company's healthcare offering.

Crimson Tide said she would be the key contact for its participation in the CARIN Alliance, which focuses on delivering solid pharmacovigilance and digitalised healthcare.

The CARIN Alliance was a bipartisan, multi-sector collaborative, working to advance consumer-directed exchange of health information.

Further to that, Crimson Tide was also in the process of establishing membership of RX360 - an international pharmaceutical supply chain consortium.

In the Netherlands, the board said that following the recruitment of Erik-Jan Smulder, a seasoned sales professional previously with BlackBerry, the company had signed an "important pilot project" with one of the world's leading facilities management companies, which was looking to combine mpro5's smart mobility with 'internet of things'-enabled functionality.

The pilot had already commenced, and the company remained hopeful that it would lead to a long-term commercial agreement in the near future.

In Denmark, Crimson Tide said it secured its first contract with a Scandinavian company with a global footprint involved in the food processing industry.

The use of mpro5 would enable staff to check workflows as components move through the supply chain, with the board saying the initial deployment was "small" but it expected it to increase as the benefits of mpro5 were recognised.

In the United Arab Emirates, the company's agreement with the British Centres for Business had started to produce enterprise-level opportunities to the extent that it had appointed senior consultant Brad Manser with immediate effect.

Manser, who is based in Dubai, would act as director of business development for the Middle Eastern region.

The board said he had a "wealth of experience" in the area with previous roles as operations manager, chief operating officer and managing director for a number of companies within the region.

Finally in Australia, the company said it "got off to a good start" with its new partner, Mobilise IT, based in Melbourne.

The board said company representatives would be visiting the region "shortly" to progress emerging opportunities.

Crimson Tide also announced the appointment of Barry Finnegan, an IoT strategist who would help develop its "nascent investment" in IoT technologies on mpro5.

It said 'internet of things' technology had "considerable benefits" for intelligent and proactive data collection, particularly regarding smart sensors from motion to temperature and humidity, and Bluetooth devices which it believed represented a "significant opportunity" for mpro5 and Crimson Tide.

"We are delighted with the progress that we have made with our international sales effort in such a short space of time and which underpins our belief that mpro5 has wide reaching appeal on a global basis," said executive chairman Barrie Whipp.

"This is just the start of our international journey and I am confident that we will experience many more successes and wide scale adoption in these and other geographies as our reputation continues to grow."

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Crimson Tide Market Data

Currency UK Pounds
Price 3.40p
Change Today 0.000p
52 Week High 3.95p
52 Week Low 1.58p
Volume 101,246
Shares Issued 457.49m
Market Cap 15.55m

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