Wi2Wi Bluetooth Product in Thousands of Cars at Leading Global Fleet Management Company
Wednesday, August 14, 2013
Connectivity everywhere. That’s where this world is heading, with consumers, business and machines linked together to constantly convey information through a massive digital ecosystem. Machine-to-machine, or M2M, technology is an especially interesting proposition for the next great breakthrough technology that will dominate how people and machines interact. Where the Internet as we know it now serves to connect people, M2M has been dubbed “The Internet of Things,” because it is designed to keep machines “talking” to each other, relaying a constant stream of information.
The M2M space is still in its infancy, even though people have been talking about its revolutionary nature for many years. With headquarters in Toronto, Canada and San Jose, California, Wi2Wi Inc. (TSX-Venture:YTY) has their hands in the M2M industry and portable device markets as a supplier of Wireless System-in-Package (SIP), module, and subsystems for embedded applications including WiFi, Bluetooth, and GPS.
The company’s roots date back to the beginning of the tech boom. Wi2Wi was formed in 2005 as a buyout of the OEM division products of Actiontec Electronics, the company that was the first to design and manufacture built-in notebook modems for companies like Dell (Nasdaq:DELL) and Gateway. Actiontec also led the world as the first to design and manufacture 802.11b modules and Bluetooth for Tier 1 computer manufacturers, including International Business Machines (NYSE:IBM) and Hewlett-Packard (NYSE:HPQ).
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Following that innovative trend, Wi2Wi said that it has been experiencing significant demand build-up in its Industrial-Class GPS business recently.
Revenue during the quarter ended March 31 rose to $1.25 million, compared to $801,000 in the year prior quarter. Gross profit was $494,000 versus $287,000. After reverse takeover transactions, it was the first quarter reporting as an amalgamated company. Over $3 million in costs associated with the RTO weighed on earnings, dragging the company to a net loss of $4.3 million, compared to $691,000 in the same quarter a year earlier.
The company said on Tuesday that a leading global fleet management company with a presence at all major airports worldwide is in full production with Wi2Wi’s Bluetooth product. The Wi2Wi units are embedded as part of an in-dash communications equipment and in-car technology. More than 120,000 units have been shipped to date to the company’s fleet as part of a multi-year project that has the potential to put up to one million units in the company’s cars globally.
“WiFi and Bluetooth will be the main means of in-car networking communications and infotainment, combined with mobile wireless such as 3G & 4G connecting the car to the network,” said Dr. Reza Ahy, chief executive at Wi2Wi. Ahy added that in-car technologies represents a multi-billion dollar opportunity.
In-car WiFi systems are expected to increase significantly by 2017, rising to 7.2 million units, as automakers increasingly view wireless connectivity as a key competitive differentiator, according to research firm iSuppli Corp. iSuppli also forecasts that the global Telematics market will exceed $18 billion in 2017 with gains in WiFi & WiFi-Bluetooth in the markets in SiP form.
Shares of YTY are down as a combined entity in 2013, falling from around 60 cents to as low as 13 cents in April. Since those lows, shares have rebounded to near 30 cents, closing Monday at 29 cents and remaining at those levels in Tuesday trading.
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