Harvest Technology Group (HTG.ASX) March 15th Product Release

On Tuesday, Harvest Technology Group (HTG.ASX) announced the release of their Remote Inspection System (RIS) ™ to the global market. Customers can capture and distribute secure, real-time content within a closed network over ultra-low bandwidth, enabling cost-effective and simultaneous review and critical decision-making on the fly, from anywhere to anywhere in the world. This product was  showcased at the Oceanology International show in London from the 15^th to 17^th of March, and will be shown in a virtual format from 22nd to 23rd March.

Harvest’s RiS™ optimises companies existing networks to reduce bandwidth utilisation by up to 80%, enabling crew members to transmit 30 fps HD video, hi-res images, and data in real-time from remote operations anywhere in the world on any connection. Customer value is accrued through improved asset and people safety, reduced environmental impact, and significant operational cost reductions. This technology allows an instant reduction in health and safety exposure because personnel are no longer in danger travelling to and from remote locations or going into zones that may be subject to political unrest.

RiS™ is the ideal product for customers who want a change in how they manage remote operations through live off-site inspection and reporting,” said Paul Guilfoyle, HTG CEO. “RiS™ makes it safer for workers, cuts operational costs by up to 50% and allows multiple offshore projects to be supported simultaneously by one onshore team.”

For the past three years, RiS™ has been successfully deployed and proven in the global offshore sector, exclusively by the world’s leading geo-data specialist, Fugro. With the expiration of this exclusivity period, the system is now available to the worldwide market. There are already a number of large companies, operating in the offshore energy sector, who have expressed interested in deploying Harvest’s technology. Each RIS contract has the potential to make a material difference to the company’s ongoing annual recurring revenue. HTG will initially target RiS™ opportunities in the energy, government, and defence sectors, primarily across the Australian, US, and European regions.