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BSM starts shipping security to armoured car company
2005-01-18 08:13 ET - News Release
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Mr. Peter Norman reports
BSM ANNOUNCES $1M ORDER FOR ARMOURED CAR SECURITY SOLUTION TO MAJOR US ARMOURED CAR COMPANY; 200 UNIT ORDER FOR ARMOURED CAR FLEET FEATURES ADVANCED TRACKING, MONITORING AND CONTROL SYSTEM TO PROVIDE INCREASED VEHICLE SECURITY AND DRIVER SAFETY WHILE IMPROVING FLEET MANAGEMENT AND CONTROL
BSM Technologies Inc. has started shipping the first part of a $1-million order for an advanced armoured car fleet management and security solution to a leading United States armoured car company (ACC). For confidential and security reasons, the company does not wish to be named.
The order will equip the ACC's fleet of over 200 armoured cars with BSM's Guardian monitoring and security solution. The contract consists of a hardware component, monitoring services for an initial three-year period, and a continuing service agreement. A quarter of the BSM Guardian units in the order have already been delivered and successfully integrated into the ACC's operations, with balance of delivery expected over the second quarter. At the conclusion of the three-year period, BSM expects the ACC to renew the monitoring and service agreements for additional three-year periods on a continuing basis. Details of the Guardian armoured car system cannot be revealed, but it can be noted that the system includes a number of leading-edge features that have been combined to create a sophisticated tracking, monitoring and control system that provides increased vehicle security and driver safety while improving fleet management and control.
BSM and the ACC collaborated on the project to develop a custom solution to meet the stringent requirements of the armoured car industry. The resulting BSM Guardian system is being made available to other companies in the armoured car and security industries.
Nick Cirella, chief executive officer of BSM Technologies, pointed out the reasons behind the ACC's desire to develop the Guardian system: "With the large number of automated teller machine deliveries armoured car drivers have to make over the course of the day, each one involving a stop in an often busy urban area and the delivery of cash by a driver and his assistant to an ATM machine, a need for a tracking and security system that allowed the ACC to continuously monitor the location and security status of every vehicle in their fleet became mission critical. The monitoring and security solution developed by BSM for the ACC is incomparable in ensuring the security of customer assets being delivered and the safety of drivers delivering them."
Commenting on the impact of this announcement, Mr. Cirella noted that: "The contract represents another significant point in the growth and development of BSM Technologies. First, we established BSM as the No. 1 provider of Bait and Covert surveillance solutions to the North American law enforcement industry with the BSM Stinger. Then we leveraged Stinger technology to develop a fleet management solution in the BSM Sentinel FM. Now, with Guardian, we have combined Bait and Covert capabilities with fleet management features to create a versatile solution for the armored car industry that gives us a significant entry into high security fleet management."
Mr. Cirella added that: "The armoured car industry is a large and growing global market with very specific and critical tracking and security needs. BSM is uniquely qualified to serve this market. The experience and market leadership we gained in developing Stinger for law enforcement was applied to the similarly stringent requirements of the armoured car industry. Even before we had finished development of the Guardian system, we began receiving enquiries from other armoured car companies interested in learning more about integrating Guardian into their operations, so we know there is a big demand out there for this type of product. This is only the beginning. We feel this is going to be a very big market for BSM and we look forward to introducing the product to all armoured car companies who would benefit from the Guardian product."
The Guardian system delivers a number of benefits that provide a quick return on investment for the customer. Among these are: an improvement in driver efficiency by reducing the overall number of personnel involved in deliveries; fleet scheduling and efficiency are improved by knowing exactly where a delivery vehicle is at all times, as well as the length of all stops on the route; and insurance premiums are reduced through being able to show the insurance company that monitoring and control over shipments has been increased, resulting in substantial reduction of risk.
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