Company Name: FBR
Announcement Date: 30/08/2017
Announcement Category: Team Update
Announcement Content:
Highlights:
ā¢ Continued investment in research and development of Hadrian X
ā¢ Relocation to a new facility with expanded management team to accommodate growth
ā¢ Memorandum of Understanding (MOU) with Saudi Arabia signed in August 2017
ā¢ Potential project in Saudi Arabia to use Hadrian X robots to build 50,000 new homes by 2022
ā¢ Fastbrick Robotics remains well-funded moving into FY18
Australian robotic technology company Fastbrick Robotics Limited ('Fastbrick' or 'the Company') is pleased to provide its FY17 financial update as part of the Company's Appendix 4E and Preliminary Final results lodged with the ASX today. Fastbrick has had a transformational FY17, and has built strong foundations for the Company's future growth as it moves into FY18.
Fastbrick relocated to a new facility and appointed Marcus Gracey as Chief Operating Officer (COO) in April 2017. The new fit-for-purpose facility has resulted in increased productivity, further development of Hadrian X and improved protection of Fastbrickās intellectual property (IP). The addition of Mr Gracey, an experienced executive with a proven track record, has bolstered Fastbrickās commitment to operational excellence.
Fastbrick invested significant time over Q4 in discussions and negotiations leading to the securing of a Memorandum of Understanding (MOU) agreement with Caterpillar Inc. (NYSE:CAT) (āCaterpillarā) in July 2017. The MOU will develop a framework for potential collaboration between Fastbrick and Caterpillar and result in the establishment of a strategic alliance board made up of representatives from both companies. Fastbrick also welcomed $2 million of investment from Caterpillar via an equity placement, with an option for Caterpillar to invest a further $8 million pending shareholder approval.
The end of FY17 saw Fastbrick enter negotiations with the Kingdom of Saudi Arabia (āKSAā or āSaudi Arabiaā), which concluded in August 2017 with the signing of a non-binding MOU. The MOU positions Saudi Arabia as a first global adopter of Fastbrickās robotic bricklaying technology and contemplates the construction of a minimum of 50,000 new home units by 2022. The combination of the KSA and Caterpillar MOUs highlights Fastbrickās potential global scalability and significant customer demand for its technology.
Fastbrick ended FY17 with a closing cash balance of $8.651 million and remains well funded through 2018.
Fastbrick Robotics CEO Mike Pivac:
"Iām delighted with the progress Fastbrick made during FY17. Scaling up to a new facility, appointing a high calibre COO and the signing of two material MOUs, have given Fastbrick a solid foundation heading into FY18. The Company is now well positioned, as the development of Hadrian X accelerates and as we continue to invest into research and development. Fastbrickās key FY18 objectives include completion and demonstration of the Hadrian X construction robot, advancing the Caterpillar commercial relationship and continuing our customer discovery process with a pre-launch order book. We are confident the milestones of FY17 will ensure Fastbrick is better positioned than ever to deliver upon its strategic objectives."
Announcement URL: http://www.asx.com.au/asxpdf/20170829/pdf/43ltnbx5y1zzfx.pdf
About FBR:
Fastbrick Robotics Limited (ASX:FBR) is an Australian robotic technology company developing and commercialising digital construction technology solutions. Fastbrick Roboticsā revolutionary bricklaying machine Hadrian X represents the first application of the Companyās 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 worldās latest innovations in mobile robotic technology.
Go to Company Profile for: FBR
Announcement Contact: [email protected]
