Maestrano Group (AIM: MNO) has today announced that its subsidiary, Nextcore, has appointed US manufacturing firm MODUS, as its first North American distributor.
Nextcore designs and manufactures a lightweight UAV (‘drone’) based LiDAR (Light Direction and Ranging) units under the model name RN50, which is used by digital survey companies worldwide and is sold via a network of specialist distributors, this morning statement said.
Nextcore's distribution network has expanded significantly in 2020, with new agreements with Marvel Geo-spatial in India, Intec in Malaysia, Skymec in Russia and D1 Store in Australia.
"We have focused on growing the Nextcore distributor base around the world, to increase sales,” said Ashley Cox, Chief Operating Officer for Maestrano.
She added, “The UAV based Lidar unit, the RN Series, is gaining a reputation as a high performance, reliable and low-cost system.”
Shares in Maestrano Group were trading 8.57% higher at 7.6p on Monday morning.
In separate news, Maestrano's subsidiary, Corridor Technology, has now successfully completed Phase 1 and 2 of the Meitetsu paid pilot project announced on 15 January 2020.
The customer has approved progression to a new Phase 3 with an increased scope and term.
It said the requirements definition has been refined and Corridor Technology will create an additional four Machine Learning models and deploy these during Phase 3 of the project.
"We are making excellent progress working with Meitetsu and the evolution of our Machine Learning platform in the Japanese rail network environment,” said Nick Smith, VP Sales for Maestrano.
He added, “It has been particularly pleasing to see the applicability of developments from Australia and the UK in Japan and vice versa."
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