HSC Technology Group Ltd (ASX:HSC) has received further purchase orders worth about $618,000 from Aged Care & Housing Group Inc (ACH Group) relating to a further two sites of residential care in South Australia.
The company was awarded the tender in January 2020 to provide assistive technology to multiple ACH Group sites in South Australia.
The ACH Group tender sought a solution targeting efficiency and optimisation through the use of internet of things (IoT) technology, across its residential aged care sites, which currently includes more than 800 residents collectively.
The assistive technology scope includes nurse call tracking, real-time location systems (RTLS), and the TALIUS IoT solution.
“Positive reflection on the success of the project”
HSC managing director Graham Russell said: “We are very pleased to extend our relationship with ACH for a further two sites.
“The HSC IoT technology has been implemented and proven across a number of existing ACH sites, so these purchase orders are a very positive reflection on the success of the project.
“We are continuing to focus on the improvement of the lives of ACH Group’s aged residents, and our team is looking forward to the successful roll-out of all sites in the near future.”
Performance in the December quarter
HSC’s overall cash receipts during the December quarter from customers stood at $1.329 million and during the quarter, it also raised $3 million in capital through the placement of shares.
The placement was successful, and the funds will be used to increase working capital for an increased sales pipeline, strengthen the balance sheet, and position HSC for future growth opportunities.
HSC’s cash and cash equivalents at the end of the quarter was $4.457 million and the company now has more than 4,700 active commercial subscriptions in Australia and New Zealand, an increase from the 4,500 reported in the previous quarter.
“Pleased with our performance”
Russell said: “I am very pleased with our performance for the Quarter, and the results for the year overall.
“We have taken significant steps to drive the company’s revenue, and have established the foundations for a very successful 2021.
“These foundations include relocating to the east coast, hiring an experienced sales team, investing in an inventory management solution, and refreshing the board of directors.
“On the technology front, HSC is continuing to invest in a best-of-breed solution for assistive technology, which is underpinned by our proprietary AI platform, TALIUS.”