EDY Eddy Smart Home Solutions Ltd

TORONTO, July 27, 2022 /CNW/ - Eddy Smart Home Solutions Ltd.'s (Eddy Solutions) (TSXV: EDY) is pleased to announce an ongoing partnership with Southern Ontario progressive developer Edenshaw.

The partnership started during the early days of the construction of Edenshaw's Port Credit-based luxury mid-rise development, TANU, built by PCL Construction.  The first full-scale deployment through Eddy's partnership with PCL, the project aligned all stakeholders including the mechanical and electrical design consultants from construction through to operations, protecting the property from the builder's risk period to turnover and beyond.

Given the success of this project, Edenshaw has extended Eddy's system into two more buildings to their portfolio. Based on Eddy's existing contracts of a similar nature, the incremental contracted value opportunity is approximately 1.7M.

"Water is one of the biggest concerns we have in building condominiums. It's an obvious necessity, but leaking water causes horrific damage to our buildings, and we need to take precautions," said David Scott, Managing Director of Edenshaw. "We're extremely happy with Eddy and the services they provide, and we look forward to working with them in the future."

Eddy's holistic system encompasses use of sensors, flow monitoring, and automated shutoff valves, reducing the risk of water-related issues. Connecting to a mobile App and property management dashboard and backed by 24/7 monitoring, the system significantly reduces the risk of water damage and overall water waste.

With an on-valve remote shut-off installed within every main water riser zone including the incoming water main working in conjunction with the leak sensors throughout the building, the project team was alerted to shut off a valve whenever a leak was detected. In the finished building, Eddy's system is now a feature for residents, who receive not only overall protection against water damage, but individual insurance discounts as well.

"This was a collaborative effort to bring Eddy Solutions here at TANU, and we're thrilled with the success of the deployment," added Mark Bryant, Chief Information Officer for PCL. "Edenshaw chose to implement the system as part of their ongoing strategy for water control and leak protection.  The project aligns with PCL's digital construction strategy to bring in new technologies to learn from and implement on future projects for clients across our entire portfolio."

TANU has been a pilot project for a number of technology initiatives, as part of PCL's ongoing digital transformation strategy and core construction offering. From a full suite of Eddy Solutions to Internet of Things (IoT) single point sensors, to artificial intelligence and machine learning, TANU is a case study for the benefits of technology in construction.

"As one of our first completed projects with PCL, TANU represents so much for us here at Eddy," said Travis Allan, CEO and President of Eddy Solutions. "Edenshaw represents a developer that is not only committed to creating incredible living spaces for residents, but implementing technology that protects as well as conserves water, providing sustainability practices for their building's approach to water."   

Watch this video for an inside look at how Eddy Solutions was used at TANU, and the benefits it provides here. 

Eddy Solutions is a North American provider and developer of residential and commercial smart water metering products and monitoring services, helping property owners protect, control, and conserve water usage by combining water sensing devices with behavioural learning software. For more details on Eddy's products or company information, please visit eddysolutions.com.

PCL is a group of independent construction companies that carries out work across Canada, the United States, the Caribbean and in Australia. These diverse operations in the civil infrastructure, heavy industrial, and buildings markets are supported by a strategic presence in more than 30 major centers. Together, these companies have an annual construction volume of more than $8 billion, making PCL the largest contracting organization in Canada and one of the largest in North America. Watch us build at PCL.com.

This news release contains forward-looking statements within the meaning of applicable securities laws including, among others, statements concerning our objectives, our strategies to achieve those objectives, our performance, as well as statements with respect to management's beliefs, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance, or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intent", "estimate", "anticipate", "believe", "should", "plans", or "continue", or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management.

These statements are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in our current MD&A under "Risk and Uncertainties" (a copy of which can be obtained at www.sedar.com), which could cause our actual results and performance to differ materially from the forward-looking statements contained in this news release.

All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, Eddy undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Eddy Smart Home Solutions Ltd.