Business
Pool Safe Inc. Partners with Commercial Funding Group to Pivot the Business Model to Recurring Revenue
Toronto, Ontario--(Newsfile Corp. - May 17, 2018) - Pool Safe Inc. (TSXV: POOL) ("Pool Safe" ...
About this update from Pool Safe, Inc.
[{"type":"text","content":"Pool Safe Inc. Partners with Commercial Funding Group to Pivot the Business Model to Recurring RevenueLaunches it's IoT PoolSafe Connected Device as a Service (CDaaS); Leverages mCloud's AssetCare Secure Cloud for Device ConnectionToronto, Ontario--(Newsfile Corp. - May 17, 2018) - Pool Safe Inc. (TSXV: POOL) (\"Pool Safe\" or the \"Company\") is pleased to announce that it has signed a financing agreement with Commercial Funding Group (\"CFG\") which will enable the Company to build, deliver and install its Internet of Things (\"IoT\") Connected PoolSafe product with revenue share partners around the world.David Berger, CEO of Pool Safe said, \"With the CFG funding modelled and now in place, the door to the Company's growth has swung wide open.\" He continued, \"the working capital limitations surrounding up-front capital expenditures related to a significantly increasing order build-up are no longer a restriction on the company's exciting revenue share partnerships, world-wide growth and client diversification.\"\"Pool Safe is working with us to solve their need for up-front capital expenditure, and to better manage their technology risk by making the total solution available on an affordable basis over a multi-year arrangement,\" said Shankar Narayanan, VP Finance of CFG. \"We have created a tailor-made and flexible financing program that will suit IoT and Software as a Service (\"SaaS\") based companies.In conjunction with this financing agreement, Universal mCloud (\"mCloud\"), as a strategic partner to Pool Safe, will implement an AssetCareTM program to ensure the PoolSafe's are regularly monitored and that the Company's customers receive all the necessary service support and reporting solutions. The Agreement with CFG allows Pool Safe to leverage the joint synergies of mCloud's AssetCareTM and CFG's financing capabilities to implement Pool Safe's IoT solutions as a CDaaS. \"Pool Safe will immediately benefit from the highly secure connection with a smart location by leveraging AssetCareTM Cloud. Although not an energy device, PoolSafe devices represent a mission critical connected IoT asset within a resort location,\" said mCloud President and CEO Russel McMeekin. \"Connected secure IoT devices is where our expertise lies, and we look forward to having Pool Safe leverage.\"Pool Safe has spent the last few quarters develop...