Water Intelligence PLC Second Nationwide Insurance Account Win in Q4 (5459D)
29 October 2020 - 6:00PM
UK Regulatory
TIDMWATR
RNS Number : 5459D
Water Intelligence PLC
29 October 2020
Water Intelligence plc
Second Nationwide Insurance Account Win in Q4
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 the
signing and launch of another formal national contract between its
American Leak Detection (ALD) subsidiary and a leading insurance
company in the United States. Insurance companies value ALD's
delivery of minimally-invasive water leak detection solutions
anywhere, anytime across the US given that water is the leading
source of homeowners' claims.
Today's win - the third during 2H - reaffirms the growing
recognition among insurance companies that ALD provides a trusted
partner across the United States to minimize water-related
claims.
Water Intelligence's two October wins will further accelerate
growth in ALD's business to business channel in 2021 and beyond.
Working capital from the Company's recent capital raise and the
full implementation of its Salesforce automated dispatch and
scheduling system will enable the Company to meet its nationwide
customers' increased demand.
Today's contract represents the sixth nationwide contract
overall for ALD with the leading US insurance companies, reflecting
ALD's unique position as the only nationwide pinpoint,
minimally-invasive leak detection specialist.
Despite the disruptions of Covid-19, the Group continues to
grow. ALD is an "essential service provider" and provides consumers
with solutions to water issues while they "shelter in place."
Executive Chairman, Dr. Patrick DeSouza commented: "Our two
insurance national account wins during October really reinforce our
growth trajectory. We are delivering on organic growth for our
leading American Leak Detection brand, whether our
minimally-invasive solutions are delivered by our 140-plus
franchise-operated or corporate-operated locations. We are
delighted to have the opportunity to work together with another
industry leader.
We have strong momentum as a business. We have already raised
our profit expectations for 2020 and will remain aggressive
throughout Q4 to put capital to work to accelerate our fast growth
path for 2021. We remain ambitious. Water is a precious resource
and our infrastructure solutions whether to preserve clean water or
to manage wastewater are needed more than ever as consumers shelter
in place during Covid."
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014
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 Tel: +44 (0)7920 599 793
Dowgate Capital Ltd - Broker &
Advisor
Stephen Norcross
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END
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