The team at RemSense has been working hard to deliver the plan that we outlined last year, the results of our efforts are now maturing and we are looking forward to the future as virtualplant gains a wider user base. The plan is working, we are getting traction and in the past 12 months we have: –
a) Developed our virtualplant digital twin solution as a fully certified enterprise grade solution with analytics capabilities;
b) Completed the purchase of Intellectual Property and patents from Woodside for $400,000 funded by founder and directors exercising 25c options to inject the additional cash required;
c) Established a key partnership with leading global asset management system provider IBM.
d) Secured a 2-year agreement for virtualplant scanning across a number of Chevron’s key LNG assets; and
e) Marketed the product locally and is presently pursuing 77 Australian based opportunities.
We previously advised the need for additional capital last year and the current rights issue will provide the company with the runway it requires to achieve greater success.