Shark fighter Smart Marine heads to the OC to save swimmers from horrible deaths
Link copied to
Shark fighter Smart Marine Systems has secured a three-month pilot of its shark-detector buoys to help protect the junior lifeguards from attacks.
Smart Marine (ASX:SM8) will install its sonar-signature tracking “Clever Buoy” shark detectors near California’s Balboa Beach Pier and test updated versions of an app that provides information on beach conditions.
Smart Marine has been working on getting Californian trials up and running since last year — when the company was known as Shark Mitigation Systems. The trial was moved to the Newport area partly because of a junior lifeguard summer program operated nearby.
Meanwhile Smart Marine founder Craig Anderson hopes his pilot is just the start given there are more than 3000 patrolled beaches across the US in need of non-invasive safety solutions.
Shark Mitigation Systems (SM8) share price, past 12 months.“We have received significant enquiry from many jurisdictions in the US and this deployment allows us to showcase the technology to all the key stakeholders,” Mr Anderson said in a statement this morning.
Expansion into the US is a key piece of the company’s growth strategy, with an update to investors in May outlining a two phase plan, starting with establishing a wholly owned US subsidiary for selling the Clever Buoy technology.
In March, Smart Marine Systems raised $1 million through a share purchase plan.
In the March quarter the company generating $3000 in customer receipts and received $414,000 in government grants.
The business burned through $67,000 for the quarter, with $448,000 in the bank.
Over the past 12 months the share price has had a bumpy ride, down 64 per cent from 12 months ago to 2.5c.