VANCOUVER, British Columbia, July 19, 2018 (GLOBE NEWSWIRE) -- Torino Power Solutions Inc. (CSE:TPS) (Frankfurt:A143TE) (the “Company” or “Torino”) is pleased to announce that it has entered into a Memorandum of Understanding (“MOU”) with SICAME (“SICAME”), a French-based world leader in the manufacturing of components, equipment and services for transmission and distribution electrical networks.

Highlights: 

  • Torino and SICAME will collaborate in Internet of Things (IOT) technology sensor development, attracting utility clients and advancing Power Line Monitoring (“PLM”) product;

  • Upon successful outcomes of testing and review over the course of this summer, the MOU contemplates the parties entering into a definitive agreement for a mutually beneficial business transaction that could involve technology licensing, equity purchase/investment or some other transaction;

  • One of the largest independent entities in its sector with products approved and installed globally, SICAME has a proven a track record of developing and discovering innovative products for the utility market. 

Rav Mlait, CEO of Torino, stated: “This emerging relationship with SICAME is an important and major step in the development and growth of our business.  It has been a core belief of Torino that sensors are at the heart of IOT strategies. SICAME is developing an impressive IOT technology platform for utilities and smart grid adoption across Europe and elsewhere. We are very pleased to work with SICAME on several fronts to eventually capture business opportunities globally.”

Working Together

The MOU establishes objectives of both parties to a) Determine robustness of the PLM and begin to discuss how such technology could be introduced to SICAME’s clientele network and be built into SICAME’s innovative pipeline of new products; b) Review existing IOT capabilities and examine future requirements for the potential integration of the PLM into SICAME’s IOT platform including database and communications management; and c) Explore marketing and distribution channels.

Since early 2017, Torino and SICAME have been developing their relationship primarily with the technical evaluation and testing of Torino’s PLM, Internet of Things (“IOT”) sensors for overhead powerlines. Torino has been testing its PLM at SICAME’s Dervaux laboratory since the fall of 2017.

Torino looks forward to providing further updates to shareholders with regard to its emerging relationship with SICAME. 

Torino Ready to Meet Needs of Changing Utility Industry

Torino CEO Mlait added, “The utility industry is undergoing a major transformation as utilities seek to improve power quality and reliability, reduce downtime, energy waste, and minimize customer costs. Torino is delivering a unique solution to the utility sector that is cost effective and can provide significant return on investment.”

Please visit www.torinopower.com for more information.

We seek Safe Harbor.  

On behalf of the Board of Directors

“Rav Mlait”

CEO and Director
Torino Power Solutions Inc.

For further information, contact at info@torinopower.com

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Phone: (604) 551-7831
Fax: 604-676-2767

info@torinopower.com
torinopower.com