HVAC Tech Company Adds Two New Partners
Source: Streetwise Reports
October 3, 2023 (Investorideas.com Newswire) Airtest Technologies has announced two new partnerships and the installation of its products in a package delivery facility. Read on to see why analysts like this stock.
ATI Airtest Technologies Inc. (AAT:TSX.V; AATGF:OTC) announced in a press release that it had partnered with alpscontrols.com, an e-commerce website for HVAC systems and utility accessories that distributes products across North and South America.
According to the President of alpscontrols.com, David Meyers, "We are extremely excited to now offer Airtest products in our online marketplace. They've created game-changing technology that I know will really hit the sweet spot for our customers in the HVAC control industry. I recently had the chance to see a demo of their TR2000-DIGI CO sensor for parking garages, and it's a terrific, versatile product with lots of protocol options that will bring excellent value to our customers' projects."
Airtest also announced in a separate press release that it has made additional installments of its products in a package distribution center located in British Columbia. According to Airtest, the installation of its product should reduce the electrical cost of cooling the building.
According to Lorne Steward, the CEO of Airtest, the company "has been installing parking garage ventilation controls for over 20 years, primarily on the West Coast of North America. Our latest version of the sensors provides the ability to communicate with all building management systems . . . or to operate on a stand-alone basis. This installation is the first for a property management group that is one of the largest in North America, which owns and operates hundreds of facilities. We anticipate that this successful install will open a new market for our systems."
Alpscontrols.com has submitted an initial order and is working on several other orders.
In another recent press release, the company announced an additional partnership with Delta Controls Inc., a global leader in building automation controls.
Delta has expressed interest in several of its products, and Airtest expects to see orders from them as well.
According to Ted Konyi, CEO of Airtest, "these two companies have the potential to triple last year's sales over the coming 12 months."
A Growing Market
According to Markets and Markets, the market for HVAC systems is expected to grow by 6.3% to 280.1 billion by 2028.
Markets and Markets predicts that major drivers of the market will be a need for more efficient climate control and ventilation systems, as well as increased construction projects for both business and residential districts, especially in the American South, where air conditioning is in higher demand.
Grand View Research also reports that the HVAC market is likely to experience growth. Grand View Research observed that "the cooling segment dominated the market for HVAC systems and accounted for the largest revenue share of 54.8% in 2022" and that "heating is also a major segment captured over 28.2% share of the market."
Chris Temple of The National Investor reviewed Airtest positively, commenting that "if the company can keep up with what seems likely to be much more brisk demand for its offerings, it seems that the healthy quarter-over-quarter revenue that should ensue will foster a continuation in the share price rebound."
Ron Struthers also weighed in on Airtest earlier this year, commenting that the company appears to be positioned well as governments seek energy-efficient solutions to cut emissions and rising electricity costs: "The market is huge with around 20 million Roof Top Units for heating and cooling with about 80% of them not measuring CO2. Companies need to reduce operating costs and carbon emissions. Airtest's next target market is grocery stores and retail store chains."
Airtest reports that it has a number of catalysts coming up, including further installments of its products that it estimates amount to millions of dollars in orders.
Ownership and Share Structure
Reuters provided a breakdown of the company's ownership and share structure, where management and insiders own 15.26% of the company. According to Reuters, director Robert Bruce Mebruer owns 12.26% of the company with 27.30 million shares, founder George Burton Graham owns 2.55% with 5.67 million shares, and CEO Lorne Stewart owns 0.45% of the company with 1.00 million shares.
Reuters reports no institutions.
According to Reuters, there are 222.67 million shares outstanding, with 188.7 million free-float traded shares. Reuters reports that the company has a market cap of CA$2.48 million, and it trades in the 52-week period between CA$0.01 and CA$0.03.
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