ICOR Begins Executing $96 Million Truck Insurance Contract Last Updated: Nov. 12, 2013 - 6:00am EST
(NEW YORK)--InterCore Energy, Inc. (OTC:ICOR), a public company focused on the commercialization and deployment of their driver alert system, has begun its execution and implementation of their insurance contract worth up to $96 million annually.
$96 Million Insurance Contract
In Sept. 2013, the Company announced it had began implementation of the first 1,000 trucks for their driver alert detection system. This initial roll-out, which started in September, is the first part of their previously-announced arrangement with a major insurance company to implement a program that could involve up to 80,000 vehicles.
Based on $100 a month, per vehicle, this roll-out from this one Canadian insurance company alone could mean nearly $96 million in annual revenues for ICOR.
(80,000 trucks x $100 = $8 million per month x 12 months = $96 million annually)
The Company could be set to announce its second phase roll-out which would result in a ramp-up to 5,000 to 10,000+ trucks before the end of the year.
Insurance Mandates
ICOR's driver alert system helps reduce on road accidents by alerting drivers of upcoming fatigue and need for road side rest breaks. With driver alertness one of the main factors for on road accidents insurance companies are now mandating such driver alertness systems to shipping fleets as way to reduce premiums and insurance costs.
ICOR chart has been showing bullish signals as the stock continues to trade above its 200-day moving average, and looks to re-test its $0.04 high from earlier this summer. With an ever decreasing float, and strong news updates expected on their continued truck fleet roll-out, ICOR may be well positioned for a run to $0.05 to $0.10 in the very near future.
Major news updates expected shortly after company regains fully reporting status.
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