Company Name: FBR
Announcement Date: 01/05/2017
Announcement Category: Other
Announcement Content:
Australian robotic technology company Fastbrick Robotics Limited (ASX:FBR) (‘Fastbrick’ or ‘the Company’) is pleased to provide its report for the three months to the end of March, 2017. The Company remains on track to deliver Hadrian X this year, the first commercial bricklaying robot.
Highlights include:
• Development of Hadrian X Commercial Prototype on track for delivery in CY17
• Appointment of Chief Operating Officer, Marcus Gracey, strengthening executive team
• Growing opportunities for potential machine offtake agreements
• Increasing global interest in Hadrian X Commercial Prototype
• Fastbrick is well funded through to 2018
• Relocation to Fit-for-Purpose Facility enabling Hadrian X Commercial Prototype construction and ongoing research and development
Appointment of Chief Operating Officer:
Fastbrick appointed Marcus Gracey as Chief Operating Officer (COO) on April 21, 2017. Mr Gracey brings extensive corporate and commercialisation experience to the executive team and will be integral in delivery the Company’s strategy of commercialising the Hadrian X technology.
Quarterly Cash Balance:
Fastbrick’s closing cash balance at end of March was $9.9 million which included a research and development (R&D) rebate from the Australian Taxation Office (ATO) of $414,000. Fastbrick remains well funded through to 2018 after $8 million was secured through a share placement at $0.081 per share to cornerstone investor Hunter Hall Investment Management Limited in Q2 2017.
Increasing Global Interest in the Hadrian X:
Fastbrick continues to focus on its global marketing strategy to generate interest with potential partners. During the quarter, CEO Mike Pivac attended industry key events including CONEXPO- CON/AGG March 2017, the international trade show for the construction industries held in Las Vegas and is currently at the Hanover Messe industrial technology conference in Germany.
Fastbrick’s digital content continues to attract growing global interest and increasing view counts. The Company’s YouTube page has now surpassed 2 million views, with the digital animation of Hadrian 105 prototype Time Lapse being viewed more than 1 million times. A recent video of Hadrian X compiled by global, multi-platform media and entertainment site Mashable has recorded 12 million views on social media platform Facebook alone.
Relocation to Fit-for-purpose Facility:
Fastbrick’s facility relocated to 122 Sultana Road West, High Wycombe, Western Australia, 6057 on April 18, 2017. The new location will also serve as the registered office and principal place of business. Fastbrick’s new premises represent a significant milestone in the company’s journey to accommodate future expansion. The new facility has been tailored to meet all of Fastbrick’s requirements and includes a two-story office area connected to a large workshop area and ten tonne overhead crane.
The purpose built workshop gives Fastbrick larger space and more capacity to ramp up its operations, resulting in anticipated productivity and efficiency improvements across assembly and construction capabilities, research and development and intellectual property (IP) for different applications. The new facility will also enhance Fastbrick’s strong commitment to IP security.
Announcement URL: http://www.asx.com.au/asxpdf/20170427/pdf/43hsg23sq2558c.pdf
About FBR:
Fastbrick Robotics Limited (ASX:FBR) is an Australian robotic technology company developing and commercialising digital construction technology solutions. Fastbrick Robotics’ revolutionary bricklaying machine Hadrian X represents the first application of the Company’s underlying intellectual property portfolio. Hadrian X is a globally patented 3D robotic bricklaying system and marks the transition to dynamically stabilised robots (DSR) operating outdoors in uncontrolled environments.
Fastbrick is currently advancing its robotics technology through a Memorandum of Understanding (MOU) with Caterpillar Inc. (NYSE:CAT) demonstrating global scalability and a MOU with the Kingdom of Saudi Arabia highlighting customer demand for Fastbrick's technology. Fastbrick is committed to improving the safety, speed, accuracy, cost and waste management in the global construction industry through utilising the world’s latest innovations in mobile robotic technology.
Go to Company Profile for: FBR
Announcement Contact: [email protected]
