Road safety technology company Acusensus (ASX:ACE) has extended its Mobile Phone Detection Camera Services Agreement with Transport for New South Wales (TfNSW) for an additional year.
This new agreement brings the total expected revenue from the deal — including that which has already been contracted — to some $4.5 million.
Acusensus, which has a market capitalisation $93.35 million, says this contract variation extends the agreement expiry date to 30 November 2024 and provides that all project orders expiring before 30 November 2024 will now expire then or may be extended up to the following year if TfNSW elects so.
Acusensus Founder and Managing Director Alexander Jannink says the company is glad to be continuing its ‘life-saving’ program, which has contributed to improved road safety outcomes across the state.
“We are proud to further support the New South Wales Government as it continues its good work in improving road safety for the community and look forward to participating in any new road safety initiatives that the government may look to implement in the future.”
“We are proud to further support the New South Wales Government as it continues its good work in improving road safety for the community”
Under the agreement, TfNSW may terminate the agreement at any time with 30 days’ notice to Acusensus at TfNSW’s absolute discretion.
Acusensus is a technology company founded in 2018 focused on designing and developing artificial intelligence-enabled road safety solutions. The company collaborates with governments and commercial stakeholders to tackle distracted driving globally.
Write to Aaliyah Rogan at Mining.com.au