Antilles is exiting oil and gas in favour of aged care and ‘Internet of Things’
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Texas-focused Antilles Oil & Gas is moving into aged care technology.
The company (ASX:AVD) has picked up an option to acquire HomeStay Care, which has developed an “Internet of Things” platform providing technology-enabled aged care.
Internet of Things (or IoT) refers to technology that allows “dumb” devices such as cars, light switches or heart monitors to swap information over the Internet.
The shares were suspended today at 2.1c, valuing the company at about $3.4 million.
HomeStay was founded in 2016 to provide better, smarter, more efficient and consistent care to senior adults to enable them to stay in their homes longer through the use of technology.
The HomeStay IoT Platform is designed to provide on-demand care services, healthcare data management and lifestyle monitoring via its “Intelligent Homes”.
The platform is driven by artificial intelligence, machine learning and predictive analytics that provide real time alerts and preventative interventions that allow senior adults to stay in their homes longer.
The acquisition is well timed, with the Australian government announcing $1.6 billion worth of funding to support a further 14,000 high-level home care packages by 2021–22 as part of this week’s Federal Budget.
Intelligent Home pilots are currently underway for up to 750 homes between Australia and Singapore, including both government and private enterprise.
Antilles has been maintaining its US-based oil and gas assets in Texas, while it explored other opportunities in resources and other sectors.
The move to acquire HomeStay will pave the way for Antilles to completely exit oil and gas, with the company looking to divest its projects once the deal is complete.
The depressed oil price over the past few years has prompted many players to consider other avenues to generate income.
As part of the acquisition, Antilles plans to undertake a capital raising of at least $2.5 million.
The company is currently in a trading suspension while it works to complete the deal and re-comply with the ASX listing rules.