HONG
KONG, Oct. 1, 2024 /PRNewswire/ -- SU Group
Holdings Limited (Nasdaq: SUGP) ("SU Group" or the "Company"), an
integrated security-related engineering services company in
Hong Kong, today announced a
milestone agreement to install a Smart Site Safety System ("4S") at
a major Hong Kong hospital. This
represents the Company's entrance into a new emerging, high
priority government mandated market that seeks to use artificial
intelligence (AI) and Internet of Things (IoT) technologies to
create safer and more efficient working environments. Financial
terms were not disclosed but the Company noted it expects this to
have a positive impact on its full year sales growth.
The Hong Kong Government is prioritizing integrating artificial
intelligence (AI) and Internet of Things (IoT) technologies in
Smart Site Safety Systems or 4S to enhance safety management
systems and increase further excellence on the safety performance
in public works contracts. To accelerate the rate of adoption, 4S
became mandatory on July 1, 2024 in
Hong Kong. The Hong Kong
Government's Works Branch Development Bureau previously noted that
in reviewing construction accidents that occurred in public works
contracts in recent years, quite a number of them, especially the
serious ones, could have been possibly avoided if prior alerts
could be timely issued to the site personnel concerned.
4S systems are designed to leverage a network of IoT sensors
placed throughout work sites to continuously monitor a variety of
important areas including structural stability, environmental
conditions, and worker movements. This can help improve the site
safety performance through early identification of potentially
dangerous incidents or dangers and taking immediate follow-up
mitigation actions. In addition, by using AI to analyze real-time
data collected by a 4S system, safety problems can be determined
and the system can help prevent accidents before they occur by
providing immediate insights into site conditions and potential
hazards.
SU Group's Chairman and CEO, Dave
Chan, commented, "We applaud the Hong Kong Government for
its leadership in embracing the latest AI and IoT technologies
through the implementation of 4S to reduce accidents and promote a
safer, more efficient working environment. There are extensive
opportunities at virtually every work site, which are critical
given the potential hazards and the number of avoidable deaths each
year. It was natural for us to actively pursue this emerging market
opportunity given its size, government incentives and our long
track record of experience developing industry leading security
solutions."
SU Group's 4S system integrates AI and IoT to
provide:
- Safety Monitoring System using AI to detect any
non-compliance through sensors and AI-based cameras;
- Centralized Management using a real-time dashboard
showing the safety related index and live videos;
- Digitized Tracking System tracking site plants, power
tools and more on a real-time basis through a mobile network;
- Digitalized Permit-to-Work System for High Risk
Activities combining security checks, site and weather
condition display, labor records and more;
- Hazardous Areas Access Control by Electronic Lock and Key
System alerting all customer parties whenever non-compliance
detected;
- Tailored Real-Time Alerts for unsafe acts or dangerous
situations for mobile plant operation danger zones, with vehicle
anti-collision alerts using RFID;
- Non-Compliance Alerts when unsafe acts or dangerous
situations are detected in specified zones;
- Smart Monitoring Devices for workers and frontline site
personnel to provide real time monitoring;
- Confined Spaces Monitoring System providing real time
monitoring of O₂, CO, CO₂, H₂S, CH₄, temperature, PM2.5 levels and
more;
- Enhanced Safety Training both onsite and remote using
virtual reality headsets.
About SU Group Holdings Limited
SU Group (Nasdaq: SUGP) is an integrated security-related
services company that primarily provides security-related
engineering services, security guarding and screening services, and
related vocational training services in Hong Kong. Through its
subsidiaries, SU Group has been providing turnkey services to the
existing infrastructure or planned development of its customers
through the design, supply, installation, and maintenance of
security systems for over two decades. The security systems that SU
Group provides services include threat detection systems, traffic
and pedestrian control systems, and extra-low voltage systems in
private and public sectors, including commercial properties, public
facilities, and residential properties in Hong Kong. For more information visit
www.sugroup.com.hk.
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements as defined by the Private Securities Litigation Reform
Act of 1995. These forward-looking statements involve known and
unknown risks and uncertainties and are based on the Company's
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs. Investors can
identify these forward-looking statements by words or phrases such
as "anticipate," "estimate," "plan," "project," "continuing,"
"ongoing," "expect," "we believe," "we intend," "may," "should,"
"will," "could" and similar expressions. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company's ability to renew contracts with
recurring customers; the Company's ability to secure new contracts;
the Company's ability to accurately estimate risks and costs and
perform contracts based on the Company's estimates; the Company's
relationship with the Company's suppliers and ability to manage
quality issues of the systems; the Company's ability to obtain or
renew the Company's registrations, licenses, and certificates; the
Company's ability to manage the Company's subcontractors; the labor
costs and the general condition of the labor market; the Company's
ability to effectively manage inventories; the Company's ability to
compete effectively; the Company's dependence on a small number of
suppliers for a substantial portion of the Company's supplies; the
Company's ability to successfully manage the Company's capacity
expansion and allocation in response to changing industry and
market conditions; implementation of the Company's expansion plans
and the Company's ability to obtain capital resources for planned
growth; the Company's ability to acquire sufficient products and
obtain equipment and services from the Company's suppliers in
suitable quantity and quality; the Company's dependence on key
personnel; the Company's ability to expand into new businesses,
industries, or internationally and to undertake mergers,
acquisitions, investments, or divestments; changes in technology
and competing products; general economic and political conditions,
including those related to the security-related engineering
services industry; possible disruptions in commercial activities
caused by events such as natural disasters, terrorist activities,
political, economic, and social instability, and fluctuations in
foreign currency exchange rates, and assumptions underlying or
related to any of the foregoing and other risks contained in
reports filed by the Company with the Securities and Exchange
Commission (the "SEC"), including the Company's most recently filed
Annual Report on Form 20-F and its subsequent filings. The Company
undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and other
filings with the SEC.
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SOURCE SU Group Holdings Limited