Shark Mitigation Systems Ltd. (ASX:SM8) has officially changed its name to Smart Marine Systems Ltd.
The name change reflects the company’s ongoing diversification of its marine technology products, which include Clever Buoy, Seabin and SAMS visual technology.
Managing Director Craig Anderson says the new name reflects the company’s future direction. “It fits better with where we’re going as a business, it makes a lot of sense and it also opens up a lot of new opportunities,” he said yesterday.
The company’s Clever Buoy shark detection system, which uses sonar technology to create a virtual net to detect sharks and alert authorities and beach users, is now being adapted for environmental monitoring and communication uses. Clever Buoy has also been endorsed by Southern Californian congressmen as part of a $10 million shark management proposal along a number of Orange County beaches. The diversification and global expansion of this technology leads into a promising 2018 and beyond for this division of Smart Marine Systems.
Smart Marine Systems also has a significant interest in the Seabin Project — an autonomous ocean cleaning device that floats in marinas catching plastic, fishing lines and oil, and filtering out clean water. The market-entry of Seabin products has been met with unprecendented global demand for the initial production run of Seabins, which will result in at least 250 tons of marine debris to be diverted away from the ocean in 2018.
The company’s SAMS visual technology has also seen advancements leading into 2018 with the announcement of an online consumer interface, which allows customers to purchase SAMS visual technology products directly from the company website. Wholesale demand has also increased with the rise of ocean-users as the Australian summer sets in, whilst the company expands efforts into a global uptake of licensees and distributors of the board-inlays and wetsuit products.
The name change to Smart Marine Systems allows the company to continually diversify and take up new opportunities for its three separate divisions of technology, as they gear up for marked expansion and global exposure in the new year.
News Article Reference: - The West Australian