SU Group Enters New Government Sponsored Market with Milestone Agreement
HONG KONG, Oct. 1, 2024 /PRNewswire/ -- SU Group Holdings Limited (NASDAQ:SUGP) ("SU Group" or the "Company"), an integrated security-related engineering services company in Hong Kong, today announced a milestone agreement to install a Smart Site Safety System ("4S") at a major Hong Kong hospital. This represents the Company's entrance into a new emerging, high priority government mandated market that seeks to use artificial intelligence (AI) and Internet of Things (IoT) technologies to create safer and more efficient working environments. Financial terms were not disclosed but the Company noted it expects this to have a positive impact on its full year sales growth.
The Hong Kong Government is prioritizing integrating artificial intelligence (AI) and Internet of Things (IoT) technologies in Smart Site Safety Systems or 4S to enhance safety management systems and increase further excellence on the safety performance in public works contracts. To accelerate the rate of adoption, 4S became mandatory on July 1, 2024 in Hong Kong. The Hong Kong Government's Works Branch Development Bureau previously noted that in reviewing construction accidents that occurred in public works contracts in recent years, quite a number of them, especially the serious ones, could have been possibly avoided if prior alerts could be timely issued to the site personnel concerned.
4S systems are designed to leverage a network of IoT sensors placed throughout work sites to continuously monitor a variety of important areas including structural stability, environmental conditions, and worker movements. This can help improve the site safety performance through early identification of potentially dangerous incidents or dangers and taking immediate follow-up mitigation actions. In addition, by using AI to analyze real-time data collected by a 4S system, safety problems can be determined and the system can help prevent accidents before they occur by providing immediate insights into site conditions and potential hazards.
SU Group's Chairman and CEO, Dave Chan, commented, "We applaud the Hong Kong Government for its leadership in embracing the latest AI and IoT technologies through the implementation of 4S to reduce accidents and promote a safer, more efficient working environment. There are extensive opportunities at virtually every work site, which are critical given the potential hazards and the number of avoidable deaths each year. It was natural for us to actively pursue this emerging market opportunity given its size, government incentives and our long track record of experience developing industry leading security solutions."
SU Group's 4S system integrates AI and IoT to provide:
- Safety Monitoring System using AI to detect any non-compliance through sensors and AI-based cameras;
- Centralized Management using a real-time dashboard showing the safety related index and live videos;
- Digitized Tracking System tracking site plants, power tools and more on a real-time basis through a mobile network;
- Digitalized Permit-to-Work System for High Risk Activities combining security checks, site and weather condition display, labor records and more;
- Hazardous Areas Access Control by Electronic Lock and Key System alerting all customer parties whenever non-compliance detected;
- Tailored Real-Time Alerts for unsafe acts or dangerous situations for mobile plant operation danger zones, with vehicle anti-collision alerts using RFID;
- Non-Compliance Alerts when unsafe acts or dangerous situations are detected in specified zones;
- Smart Monitoring Devices for workers and frontline site personnel to provide real time monitoring;
- Confined Spaces Monitoring System providing real time monitoring of O₂, CO, CO₂, H₂S, CH₄, temperature, PM2.5 levels and more;
- Enhanced Safety Training both onsite and remote using virtual reality headsets.
About SU Group Holdings Limited
SU Group (NASDAQ:SUGP) is an integrated security-related services company that primarily provides security-related engineering services, security guarding and screening services, and related vocational training services in Hong Kong. Through its subsidiaries, SU Group has been providing turnkey services to the existing infrastructure or planned development of its customers through the design, supply, installation, and maintenance of security systems for over two decades. The security systems that SU Group provides services include threat detection systems, traffic and pedestrian control systems, and extra-low voltage systems in private and public sectors, including commercial properties, public facilities, and residential properties in Hong Kong. For more information visit www.sugroup.com.hk.
Forward-Looking Statements
Certain statements in this press release are forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "we believe," "we intend," "may," "should," "will," "could" and similar expressions. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's ability to renew contracts with recurring customers; the Company's ability to secure new contracts; the Company's ability to accurately estimate risks and costs and perform contracts based on the Company's estimates; the Company's relationship with the Company's suppliers and ability to manage quality issues of the systems; the Company's ability to obtain or renew the Company's registrations, licenses, and certificates; the Company's ability to manage the Company's subcontractors; the labor costs and the general condition of the labor market; the Company's ability to effectively manage inventories; the Company's ability to compete effectively; the Company's dependence on a small number of suppliers for a substantial portion of the Company's supplies; the Company's ability to successfully manage the Company's capacity expansion and allocation in response to changing industry and market conditions; implementation of the Company's expansion plans and the Company's ability to obtain capital resources for planned growth; the Company's ability to acquire sufficient products and obtain equipment and services from the Company's suppliers in suitable quantity and quality; the Company's dependence on key personnel; the Company's ability to expand into new businesses, industries, or internationally and to undertake mergers, acquisitions, investments, or divestments; changes in technology and competing products; general economic and political conditions, including those related to the security-related engineering services industry; possible disruptions in commercial activities caused by events such as natural disasters, terrorist activities, political, economic, and social instability, and fluctuations in foreign currency exchange rates, and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission (the "SEC"), including the Company's most recently filed Annual Report on Form 20-F and its subsequent filings. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC.
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SOURCE SU Group Holdings Limited