ICOR to Provide Investor Update on Trucking Fleet Contract Last Updated: Feb. 18, 2014 - 7:00am EST
(NEW YORK)--InterCore, Inc. (OTC:ICOR), a public company focused on the commercialization and deployment of their driver alert system, will provide an update interview to discuss the implementation of their insurance contract worth potentially up to $96 million annually later today.
James F. Groelinger, the President and CEO of InterCore, Inc, is expected to provide an investor update in an online interview to discuss their current roll-out of their trucking fleet insurance mandate contract in Canada. The interview is expected to be posted here later in the afternoon Tuesday, Feb. 18, 2014.
Insurance Mandates for Technology
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.
$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. In a recent release the Company announced that 1,500 apps for their truck driver alertness app had been activated.
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 once all 80,000 vehicles are online and in the system. For the 1,500 trucks potentially in the system now that would equate to $150,000 per month in revenues currently.
iPhone Launch to Boast Roll-out Dramatically
The Company is currently finalizing its iPhone app version of its driver alertness software, which once launched could see a dramatic increase in trucks utilizing its technology. Since Apple iPhone is much more popular then the Blackberry app currently in use with these trucks, once launched ICOR could see the number of trucks in the ICOR alertness system jump dramatically to well over 10,000 trucks, or $1 million in net revenue per month.
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