LONDON (ShareCast) - (Sharecast News) - Home safety products company FireAngel Safety Technology announced on Wednesday that its predictive algorithm management platform, 'FireAngel Predict', has been granted a patent by the European Patent Office.
It also announced some board changes in line with its strategic plan to transition to a more technology-led connected home solutions provider.

The AIM-traded firm said the granting of the patent in the European Union followed the successful grant of a patent awarded in both the United States and Australia.

It explained that, following a "thorough examination process" by the European Patent Office, the patent award gave it the exclusive right to exploit the technology in Europe.

The patent protected the key operating system required to deliver the functionality behind FireAngel Predict, which it claimed had the potential to avert domestic fires before they started by automatically analysing large amounts of historical data in the cloud.

"FireAngel Predict pinpoints properties where there is a higher risk of a fire, which provides stakeholders within the housing sector a unique insight into the safety of the occupants and their property portfolio," the board said in its statement.

"This is delivered seamlessly through online notifications, thereby protecting lives and homes and providing a compelling proposition to help fulfil the stakeholders' duty of care."

In addition, the company announced the launch of its 'FireAngel Pro Connected' business-to-consumer platform, through Amazon, Screwfix and Toolstation.

The firm said the FireAngel Pro Connected gateway connected directly to the FireAngel Pro Connected range of domestic safety products, and utilised the data analytics provided by FireAngel Predict.

"FireAngel Predict is a unique capability in this market," said executive chairman John Conoley.

"We are pleased to have been granted the European patent for it which opens a whole new market for us to target.

"Our launch of the FireAngel Pro Connected B2C app, and the B2B trial installations, allied to the sharply growing market awareness of the need proactively to manage fire risks and safety, mean that the company has finally reached the start line of an exciting future."

Looking at its board changes, FireAngel said that in order to accelerate its transition, and to take advantage of a "growing market awareness" of the need to manage fire risks and safety, it was bringing forward its plans to ensure that it had the skills appropriate for a technology-led connected home solutions provider.

Graham Whitworth, executive director, would become a non-executive director with effect from the release of its audited final results for the year ended 31 December, which was expected in late March.

The firm said that under Whitworth's leadership, sales grew by over 20% in 2019, with new customers and channels identified through which it was currently trialling its connected home products technology.

As a non-executive director, he would continue to have business development responsibilities, in particular working to exploit FireAngel's strong intellectual property portfolio, including FireAngel Predict.

Executive chairman John Conoley would then take over line responsibility for sales and customer service.

Nick Rutter, co-founder and chief product officer, was stepping down from the board with immediate effect, continuing in his current role to focus on connected home development.

Finally, Ashley Silverton had decided to step down as a non-executive director at the upcoming annual general meeting, which was expected to be held in late June.

The search was underway for a non-executive director with business-to-business experience of the technology sector to succeed Silverton, the directors confirmed.

"Graham and Nick are two of the most visionary people in the industry, and that vision has given the company the opportunity for long term relevance and profitability through the strong intellectual property and the relationships they have created," said John Conoley.

"Ashley's specific expertise has been invaluable.

"I wish to thank each of them for their commitment and vision in positioning FireAngel at the start line of an exciting future."

At 1241 GMT, shares in FireAngel Safety Technology Group were up 11.85% at 15.38p.

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