FireAngel Safety Technology Group Plc - Award of Patent & Directorate Change

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FireAngel Safety Technology Group plc

('FireAngel', the 'Group' or the 'Company')

European patent granted for FireAngel PredictTM

and

Launch of the FireAngel Pro Connected B2C platform

FireAngel (AIM: FA.), one of Europe's leading developers and suppliers of home safety products, announces that FireAngel PredictTM, the Group's predictive algorithm management information platform, has been granted a patent by the European Patent Office.  This follows the successful grant of a patent awarded in both the USA and Australia.

Following a thorough examination process by the European Patent Office, this patent award gives FireAngel the exclusive right to exploit this technology in Europe.  The patent protects the key operating system required to deliver the functionality behind FireAngel PredictTM, the Company's AI data analytics technology, which has the potential to avert domestic fires before they start by automatically analysing large amounts of historical data in the Cloud.

FireAngel PredictTM pinpoints properties where there is a higher risk of a fire which provides stakeholders within the housing sector a unique insight into the safety of the occupants and their property portfolio.  This is delivered seamlessly through online notifications, thereby protecting lives and homes and providing a compelling proposition to help fulfil the stakeholders' duty of care.

Launch of the FireAngel Pro Connected B2C platform

In addition, the Company announces the launch of its FireAngel Pro Connected B2C platform which is currently available from Amazon, Screwfix and Toolstation. The FireAngel Pro Connected gateway connects directly to the FireAngel Pro Connected range of domestic safety products and utilises the unique data analytics provided by FireAngel PredictTM 

Commenting, John Conoley, Executive Chairman of FireAngel, said:

"FireAngel PredictTM is a unique capability in this market.   We are pleased to have been granted the European patent for it which opens a whole new market for us to target.  Our launch of the FireAngel Pro Connected B2C app, and the B2B trial installations, allied to the sharply growing market awareness of the need proactively to manage fire risks and safety, mean that the Company has finally reached the start line of an exciting future.  We look forward to the rest of 2020 and beyond."

 

Directorate changes

Fireangle announces certain Board changes in line with the Group's strategic plan to transition to a more technology-led connected home solutions provider.

In order to accelerate this transition, and to take advantage of the growing market awareness of the need to manage fire risks and safety, the Board is bringing forward its plans to ensure that it has the skills appropriate for a technology-led connected home solutions provider.

Graham Whitworth, Executive Director of the Company, will become a Non-Executive Director with effect from the release of the Company's audited final results for the year ended 31 December 2019 which is expected in late March 2020.  Under Graham's leadership, sales grew by over 20% in 2019 and new customers and channels have been identified through which the Company is currently trialing its connected home products technology.  As a Non-Executive Director, Graham will continue to have Business Development responsibilities, in particular working to exploit FireAngel's strong IP portfolio globally, including FireAngel PredictTM.  John Conoley, Executive Chairman, will then take over line responsibility for sales and customer service.

Nick Rutter, co-founder and Chief Product Officer, will step down from the Board with immediate effect continuing in his current role to focus on connected home development.  The Company's unique technological advantage at this exciting time is due, in particular, to Nick's foresight and vision

Finally, Ashley Silverton has decided to step down as a Non-Executive Director at the Company's forthcoming Annual General Meeting which is expected to be held in late June 2020.  Ashley, who joined the Board in 2011, has provided wise and experienced counsel through his corporate experience and financial expertise.  The search is underway for a non-executive Director with business-to-business experience of the technology sector to succeed Ashley.  

John Conoley, Executive Chairman of FireAngel, commented: 

"Graham and Nick are two of the most visionary people in the industry, and that vision has given the Company the opportunity for long term relevance and profitability through the strong IP and the relationships they have created.  Ashley's specific expertise has been invaluable.  I wish to thank each of them for their commitment and vision in positioning FireAngel at the start line of an exciting future.  I look forward to continuing to work with Graham and Nick to realise the investment made in getting the business to this unique position."