12th Sep 2018 10:59
LONDON (Alliance News) - Shares in FireAngel Safety Technology Group PLC surged on Wednesday as the supplier of home safety products said it penned an exclusive partnering agreement with Mears Ltd.
Shares were trading up 29% at 75.66 pence each on the back of the news, having hit an intraday high of 83.50p.
Under the terms of the agreement, which runs for a minimum of three years, FireAngel will supply Mears with an integrated home management system to connect smoke, heat and carbon monoxide alarms to a cloud-based system.
"FireAngel will charge Mears a monthly subscription fee per connection, giving the company a recurring revenue steam and increased visibility on its future revenues," it said.
Mears Ltd is a subsidiary of Mears Group PLC a provider of support services for the social housing and care sectors.
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