Mobilarm’s Aussie technology to keep Canada’s submariners safe
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Aussie technology will keep Canadian submariners safe at sea after Mobilarm won a $900,000 contract to supply GPS beacons for Submarine Escape Immersion Equipment suits.
The submarine escape suits are essentially one-man life rafts that allows submariners to escape a sunken vessel.
Man overboard specialist Mobilarm has kitted out versions of the suit to include a location beacon, and this week announced a full rollout for Canada’s submarine fleet.
The Crewsafe V200 beacon — made by Mobilarm’s (ASX:MBO) subsidiary Marine Rescue Technology — signals a submariner’s GPS position when reaching the surface after an emergency.
After evacuation or abandonment from a stricken submarine, survivors may be widely dispersed from their original position and from each other.
“This is a strong validation of the quality and performance of our products, and sets us well for further prospects through all NATO Submarine Fleets,” Marine Rescue chief operating officer Ryan Pettit told shareholders on Thursday.
“We were able to provide additional services to meet the strict requirements that are needed to maintain the equipment ensuring no disruption to fleet operations.”
Mobilarm shares were buoyed by the news, climing 14 per cent on Thursday to close at 2.4c.
The company has worked through a significant shift in operations over the past six months, expanding its range of offerings to include servicing and rental.
Mobilarm reported $1.2 million in sales for the September quarter, burning $121,000 to leave $662,000 in the bank.
Estimated outflows this quarter are $1.2 million. Chief executive Ken Gaunt said he would focus on cash and profit generation in the quarters to come.
“We continue expanding our network of global service centres and are pushing ahead with our rental program. Most importantly we are focused on long term growth and are preparing to introduce new solution in the coming years to expand our portfolio in current and new markets.”
The company attempted to diversify into music attribution service Jaxta this year, but the ASX put the handbrake on, halting a potential change in the nature of Mobilarm’s operations.