Structural Monitoring Systems (ASX:SMN) restructures to grow CVM technology

• Structural Monitoring Systems (SMN) restructures its business to accelerate its path towards full commercialisation of its aircraft structural cracks sensor technology, CVM
• The changes will include a board revamp and integration of CVM with its subsidiary, Anodyne Electronics Manufacturing (AEM)
• The new board aims to improve cost expenditure, drive sales of CVM, rebrand the business, and plan a roadmap towards profitability
• However, its main goal will be to leverage the growth from AEM to drive production and sales of CVM sensors
• Shares are trading 7.39 per cent higher today at 47.3 cents each at 11:14 am AEST

Structural Monitoring Systems (SMN) have restructured its business to accelerate its path towards full commercialisation of its aircraft structural cracks sensor technology, CVM.

The changes will include a board revamp and integration of CVM with its subsidiary, Anodyne Electronics Manufacturing (AEM).

The company said the new board will consist of more aerospace, manufacturing, financial, governance, and ASX expertise. This includes CEO of AEM, Brian Wall joining the board to facilitate the integration of CVM under AEM. 

In addition, experienced aerospace executive, Rick Deurloo will also join the board with more than 20 years experience in the industry.

Meanwhile, Will Rouse, Toby Chandler, and Stephen Forman have resigned, but will assist SMN if needed in the future.

The new board aims to improve cost expenditure, drive sales of CVM, rebrand the business, and plan a roadmap towards profitability.

However, its main goal will be to leverage the growth from AEM to drive production and sales of CVM sensors.

To support this, the company is now conducting realistic pricing and cost scenarios to ensure the product is adequately valued ahead of full commercialisation.

It believes this process will enable it to properly convey the technology’s economic benefits to airlines.

This understanding will be useful at the end of this month, with SMN planing to visit maintenance facilities of a major top five US airline.

Shares were trading 7.39 per cent higher today at 47.3 cents each at 11:14 am AEST.