24
11.17.2024
Dear Shareholder,
I wanted to provide a quick update on our lot business. I know after announcing ASM global it is hard to have much of an encore after we just announced the biggest deal that we could have gotten in North America, but I will try.
Exciting and Timely New Patent Issuance!
Last week we received notice from the U.S. Patent Office of the issuance of our latest, and perhaps most important, patent (US 12,142,085 B2) related to automated monitoring and enforcement in parking lots and garages.
This issuance comes at an opportune time, strengthening our intellectual property portfolio in several keyways:
1. Enhanced Patent Claims: This new patent broadens the scope of our patent claims, further fortifying our portfolio and bolstering the protection of the significant investments we’ve made in research, development, and intellectual property.
2. Extended Claims on Vehicle Identification: Our claims now include the detection and classification of vehicles entering parking facilities. This enables our solution to uniquely identify vehicles with special parking rights (e.g., monthly permit holders, VIPs, handicap, employees, tenants, or other parker classes).
3. Relevance to Prior Art: This provides additional validation of our patent's strength and reinforces our case against Clancy and others.
This development is a significant milestone in the protection of our proprietary technology and the continued success of our solutions in the market. This also dovetails nicely with the release of our parking lot enforcement whitepaper.
Simply put, there are no practical ways for competitors to automate enforcement using fixed cameras in parking lots, without infringing on our patents.
So what does that mean for us? How big is this market? Well we have just finished completing a white paper to answer those questions. This white paper only addresses the parking lot opportunity in the US and highlights the substantial new market opportunities that our patented technology unlocks - equating to $25+ billion over the next 5-10 years. The largest incremental market opportunity comes from Microlots. As a reminder, these are small baby parking lot that can hold 10-50 cars that currently has free parking only because there is no practical way to bring enforcement to them until now with our patented technology. Please see the attached white paper. .
Speaking of Microlots, here is one we just finished last month. Our latest Microlot installation is in Austin. This 30-space lot, servicing a couple small businesses and retailers, was previously highly abused by patrons of nearby restaurants and didn’t earn a dime for the owner. Fast forward….. the lot has grossed nearly $9,500 in the first 45 days, or about $211 per space on a monthly run-rate.
Let’s just skip to punch line
Our technology and only our patented technology unlocks a incredible value by triple to quadrupling the current market size.
Enjoy the whitepaper. If you have any questions, as always, just give me a call.
Hold on to your Hat!!
Joe