Blackline Safety diversifies connected portfolio through acquisition of UK-based Wearable Technologies Ltd.
February 16, 2021
Calgary, Canada — February 16, 2021 — Blackline Safety Corp. (TSX.V: BLN), a global connected worker technology leader, has acquired Wearable Technologies Ltd. (WTL), based in Leicester, in the United Kingdom, and operating under the brand name of Eleksen. Focused on the construction and light industrial safety market, WTL has developed a complete platform comprised of smart safety clothing, a cloud-connected safety wearable, personal area networking, sensor partnerships, user portal, software infrastructure and data analytics.
“The Wearable Technologies safety ecosystem targets the construction and light industrial market, complementing the heavier industrial focus of Blackline’s current G7 cloud-connected wearables and area gas monitoring offerings,” said Cody Slater, CEO and Chair of Blackline Safety. “While WTL is pre-revenue, their trajectory includes a strong customer pipeline with several at-scale opportunities that we will pursue as they enter the Blackline family. With our backing, together we will complete their commercialization, delivering a compelling and highly differentiated connected safety offering to businesses in construction, warehousing, transportation, utilities, renewables and the service industry.”
Blackline estimates that the WTL acquisition accelerates its entry into commercial and light industrial markets with a tailored solution by more than two years. Included with the acquisition is a portfolio of over 40 patents that include protection around a line of washable smart safety garments with built-in wiring harness, the foundation for plug-and-play sensors and LED lighting.
The WTL ecosystem is comprised of a smart safety garment that hosts an Eleksen worker-worn hub device with 4G-connectivity. The Eleksen Hub wirelessly supports a range of sensor partnerships, including sound dosimetry, biometrics, ergonomics, vibration and vehicle proximity. Each wearable hub streams sensor data to the Eleksen cloud that powers data storage, alerting, geofencing, dashboards, data visualizations and trending.
Blackline plans to complete the commercialization of the first Eleksen products and services through FY2021. The cost of the WTL acquisition is not material to Blackline and no purchase price is disclosed. WTL will operate as a wholly owned Blackline subsidiary.
About Blackline Safety: Blackline Safety is a global connected safety leader that helps to ensure every worker gets their job done and returns home safe each day. Blackline provides wearable safety technology, personal and area gas monitoring, cloud-connected software and data analytics to meet demanding safety challenges and increase productivity of organizations in more than 100 countries. Blackline Safety wearables provide a lifeline to tens of thousands of men and women, having reported over 140 billion data-points and initiated over five million emergency responses. Armed with cellular and satellite connectivity, we ensure that help is never too far away. For more information, visit BlacklineSafety.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements, including forward-looking statements within the meaning of "safe harbor" provisions under applicable securities laws (“forward-looking statements”). Statements other than statements of historical fact contained in this news release may be forward-looking statements, including, without limitation Blackline's expectations, intentions and beliefs concerning: that Blackline will pursue WTL's customer pipeline and that Blackline and WTL will complete the commercialization of certain of WTL's products, Blackline's estimate that the WTL acquisition will accelerate its entry into commercial and light industrial markets, and statements with respect to Blackline's intended plans to complete the commercialization of the first Eleksen products and services during the periods set out herein. Many of these statements can be identified by words such as "believe", "expects", "will", "intends", "projects", "anticipates", "estimates", "continues" or similar words or the negative thereof. By their nature, forward-looking statements require Blackline to make assumptions and are subject to inherent risks and uncertainties. Key assumptions include, but are not limited to, the successful integration of WTL into Blackline's business and operations, the ability of Blackline to complete and capitalize on the opportunities described herein and in the manner and timelines described herein. Forward-looking statements are subject to risks, uncertainties and assumptions and should not be read as guarantees or assurances of future performance. The actual results of Blackline could materially differ from those anticipated in the forward-looking statements contained herein as a result of certain risk factors, including, but not limited to: the dependence of WTL and Blackline on key personnel; general economic conditions, including the ongoing impact of COVID-19 on local and global economies; the presence of any unknown liabilities with respect to WTL and its business; and risks relating to intellectual property rights. Readers are cautioned not to place undue reliance on any forward-looking information contained in this news release as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. Statements containing forward-looking information reflect management’s current beliefs and assumptions based on information in its possession on the date of this news release. Although management believes that the assumptions reflected in the forward-looking statements contained herein are reasonable, there can be no assurance that such expectations will prove to be correct.
The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date of this news release and Blackline does not undertake or assume any obligation to update or revise such statements to reflect new events or circumstances except as expressly required by applicable securities legislation.