- YPB Group (YPB) inks a three-year contract with Rim-Lock Innovations to support the deployment of its new invention being deployed in the mining and heavy machinery industry
- YPB’s solutions will be deployed to support the deployment, highlighting the value of its IP portfolio
- Executive Chair and CEO John Houston says the contract is an “exciting” opportunity for the company
- The company reports the minimum revenue estimate over the initial three-year term of the contract would be $80,300
- Shares in YPB are up 50 per cent and trading at 0.3 cents at 1:00 pm AEST
YPB Group (YPB) has penned a three-year contract to protect and support Rim-Lock Innovations’ namesake invention being deployed in the mining and heavy machinery industry.
Rim-Lock’s invention is designed to protect against injuries and fatalities in the wheel and tyre change “crush zone” for wheels and tyres weighing more than four tonnes.
YPB announced a number of its solutions would support the deployment of Rim-Lock, highlighting the company’s increasingly capable and mature intellectual property (IP) portfolio.
YBP Executive Chair and CEO John Houston said the contract was an “exciting” opportunity for the company.
“Worker safety is the first-order priority of all companies in dangerous industries globally and Rim-Lock has great potential for rapid growth,” he said.
“YPB’s solutions can help Rim-Lock achieve its potential by ensuring the authenticity and correct maintenance of its products.
“We look forward to working with RimLock in pursuit of worker safety in like deployments around the world,” Mr Houston added.
The new contract also follows the adaptation of YPB’s Tracer to an original equipment manufacturer (OEM) module for fraud prevention in the USA instant lottery ticket market earlier in 2023.
For this contract, five YPB solutions are being integrated, including digital information, physical authentication, supply chain management, inventory, use and maintenance logging and management of the maintenance database.
The company announced the minimum revenue estimate over the initial three-year term of the contract was $80,300.
Shares in YPB were up 50 per cent and trading at 0.3 cents at 1:00 pm AEST.