TIDMCRDL

RNS Number : 8284Q

Cordel Group PLC

23 February 2023

23 February 2023

Cordel Group PLC

("Cordel" or the "Company" or the "Group")

3 Year Renewal of contract with leading US rail inspection company.

Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for transport corridor analytics, announces the signature of a new long-term Agreement with Holland, LP.

Holland provides geometry, rail wear, and track strength testing services for over 120 freight, transit, short line, and other customers in North America, covering more than 80,000 miles of track.

Following the original partnership announcement of 27 September, 2021, and a number of successful customer engagements, both parties now wish to extend the scope and term of the agreement, in a manner which improves commercial outcomes and expands sales activity.

Nick Wayne, VP Americas, Cordel, said: "This is a big step forward in our partnership with Holland and for our North American business at large. We've taken our learnings from the first phase of our partnership and have updated the product offering, commercial model, and operational components in a way that will make this partnership even more effective going forward."

Ian Buddery, Chairman, Cordel, said: "We are delighted to step up to the next level with Holland LP. This highly valued partnership enables us to reach a large audience of rail customers with a compelling solution, underpinned by the reputation and expertise of Holland and its people. We expect this to result in a deeper pipeline of appropriately qualified opportunities in North America."

Enquiries:

 
 Cordel Group PLC                             c/o Zeus Capital 
 Ian Buddery, Chairman 
  Nick Smith, CEO 
 Zeus Capital Limited Broker                  + 44 (0)20 3829 5000 
 Simon Johnson / Alexandra Campbell-Harris 
  Strand Hanson Limited Nominated Advisor 
  Richard Johnson / James Bellman               +44 (0)20 7409 3494

About Cordel

Cordel produces specialist hardware and software for capturing, analysing and reporting on large datasets within the transport sector, employing sophisticated artificial intelligence algorithms. Further information on the Company is available at: www.cordel.ai

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February 23, 2023 02:30 ET (07:30 GMT)

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