Cordel Group PLC New USA Major Contract Announcement (9796S)

TIDMCRDL

RNS Number : 9796S

Cordel Group PLC

15 March 2023

Cordel Group PLC

("Cordel" or the "Company" or the "Group")

New USA Major Contract Announcement

Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for transport corridor analytics, announces it has been awarded a contract by Amtrak to supply a fully automated software suite for survey and clearance management.

Amtrak is the main provider of intercity passenger rail service in the United States, with a 21,000 mile network that connects 46 states, the District of Columbia, and three Canadian Provinces.

The new contract is valued at over US$6.7million, with an 18-month configuration and reporting phase followed by a 5-year software-as-a-service phase. Cordel will deliver an automated clearance system that leverages Artificial Intelligence ("AI") and automated LiDAR data capture (laser scanning) , working with its UK clearance assessment partner, DGauge Ltd, to manage and optimise the clearance data.

Nick Wayne, VP Americas, Cordel, said: "Cordel is a world leader in automated clearance management solutions. Clearance programs ensure safe transit of trains, they protect infrastructure from damage, and they assure the safety of railway passengers. We have a proven record in utilizing third party LiDAR point clouds as well as LiDAR and video data captured by our own in-house-developed hardware. Our web-based AI solutions are continuously delivering and updating, enabling railroads to optimize infrastructure inspection and maintenance."

Rich Scheiring, Director, Inspection and Testing , Amtrak, said: "The Cordel solution will uplift Amtrak to the latest best practices in survey handling and clearance technology, enabling our clearance team to confidently move vehicles in the face of historic levels of investment and changes to our network infrastructure. The system also supports the assessment of new vehicles being introduced to the Amtrak network, as well as aid with track design decisions, construction planning, and moving high and wide loads across the network."

Ian Buddery, Chairman, Cordel, said: "This contract validates our investment in the US Railroad market and its recognition of our advanced capabilities. Running on almost 140,000 route miles, the U.S. rail network is widely considered the largest, safest, and most cost-efficient freight system in the world *. We will continue to invest and expand in the US, reaching out to operators as demand for our advanced technology grows."

* https://railroads.dot.gov/rail-network-development/freight-rail-overview

Enquiries:

 
 Cordel Group PLC                              c/o Zeus Capital 
  Ian Buddery, Chairman 
  John Davis, Interim CEO 
 Zeus Capital Limited Broker 
  Simon Johnson / Alexandra Campbell-Harris    + 44 (0)20 3829 5000 
 Strand Hanson Limited Nominated Advisor 
  Richard Johnson / James Bellman              +44 (0)20 7409 3494

About Cordel

Cordel offers a patented cloud-based platform for master data management and business analytics, together with specialist hardware and software for capturing, analysing and reporting on large datasets within the transport sector, employing sophisticated artificial intelligence algorithms.

Further information on the Company is available at: www.cordel.ai

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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March 15, 2023 03:00 ET (07:00 GMT)

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