Intelligent Monitoring Group has released the following update to the market on its progress.
- Settlement of the acquisition of Tamworth-based Advanced Inland Security Pty Ltd (AIS) occurred on 30 June 2022 and the acquisition of Mammoth Technology Group Pty Ltd occurred on 4 July 2022.
- The appointment of Dennison Hambling as Managing Director effective 1 July 2022 and Robert Hilton as Executive Director (Customer) effective 5 July 2022.
- The appointment of Roy Kelly as Chief Financial Officer effective 1 July 2022. Roy is well known to the Company having been a former owner of IMG’s subsidiary “SAMS” and having consulted to the business in recent years. Roy will bring significant practical experience in growing a monitoring business to the Company’s executive ranks. This appointment comes following the resignation of Raj Tailor.
- The consolidation of its direct-to-market brands from “Threat Protect” and “Onwatch” to “Mammoth Security”.
- With the completion of the capital raise and settlement of the AIS acquisition (with Mammoth cash settlement due at the end of September 2022), IMG has approximately $6.8 million of gross cash in the bank.
- IMG remains on track to deliver the first crossover of its NSW control room to Patriot on 11 July 2022, and its Western Australian control room in early August 2022.
“Over the past 12 months, it has become apparent that the opportunities for the next generation of Smart, High Resolution “Connected” Cameras is far more substantial and wide reaching than was originally anticipated. The Company is working hard to put in place strategies to capture this structural growth and leverage its core strength in 24/7/365 monitoring. Post this period of significant transition for the business (platform, scale and product additions) we look forward to putting our heads down and focusing on organic growth opportunities and working with our customers to solve problems and build solutions during FY2023.” Intelligent Monitoring Group Limited Managing Director, Dennison Hambling, said.