NEWARK, N.J., April 12, 2017 (GLOBE NEWSWIRE) -- Arkados Group, Inc. (OTC:AKDS), a global provider of scalable and interoperable Internet of Things (IoT) solutions focused on industrial automation and energy management, today is pleased to announce the signing of a beta site agreement with Yuma Way LLC, a Colorado-based cannabis grower, to utilize the Arktic™ Smart Building solution to help to optimize conditions in their greenhouse facility in order to increase revenues and reduce operating expenses.
Leveraging the benefits of the Arktic Energy Measurement and Verification solution, cannabis growers are able to continually monitor and measure energy consumption from their greenhouses and facilitate the implementation of energy conservation measures, such as efficient LED lighting, renewable energy and others, which can lower energy costs by up to 50%. In addition, Arkados plans to expand the solution during the pilot to include additional environmental sensing, such as CO2, humidity, temperature, ventilation and soil moisture, which growers can analyze to optimize for enhanced yield results. Lastly, Arkados plans to implement a predictive maintenance capability during the pilot for detecting potential mechanical issues with heating and ventilation equipment and irrigation systems, which can result in significant savings on operating and maintenance costs and major capital expenses in the case of breakdowns.
Additionally, we believe Arkados Energy Solutions can bring great value to cannabis growers from its energy services, such as LED lighting and solar PV systems.
“We are very excited to enter into this beta site agreement and demonstrate the value that the Arktic Smart Building solutions can bring to the cannabis growing industry,” stated Terrence DeFranco, CEO of Arkados Group, Inc. “We are working with a highly reputable organization that understands the benefits of how businesses can leverage the Internet of Things to improve productivity and efficiency in highly competitive markets. We believe this pilot is just the beginning of a significant long-term opportunity for Arkados in the cannabis and specialty agriculture industries and we are fortunate to have a great partner.”
According to ArcView Market Research, the legal cannabis market grew to $6.7 billion in 2016 and is expected to grow to $22.6 billion by 2021, a compound annual growth rate of 27%. At the same time, a study by Lawrence Berkley National Laboratory found that 1% of all electricity consumption in the US is from indoor marijuana growing operations, or about $6 billion annually and energy costs are among the most challenging issues for indoor growing facilities. The combination of the Arktic IoT solutions and energy conservation services can potentially bring great value to this market in the form of cost savings and sustainability.
The Company’s Quarterly Report on Form 10-Q for the three month period ended November 30, 2016 is on file with Securities and Exchange Commission. To access the report, click here.
About Arkados Group, Inc.
Arkados Group, Inc., through its subsidiaries, is a global provider of scalable and interoperable Internet of Things solutions focused on industrial automation and energy management. We execute our business as a software developer and energy services firm focused on developing unique, cutting-edge solutions that enable machine to machine communications with specific applications for building and machine automation. Arkados, Inc., our technology subsidiary, has developed the Arktic™ software platform, a scalable and interoperable cloud-based system for sensing, gathering, storing, analyzing data as well as reporting critical information and implementing command and control. Our applications currently focus on measurement and verification and predictive analytics and are expanding to include building and city automation. Arkados Energy Solutions, our services subsidiary, is a general contractor providing energy conservation services to commercial building owners and managers. These services include energy assessments, LED lighting retrofits, oil-to-natural gas boiler conversions and solar PV system installations. The companies combine to provide solutions to building owners that increase return on investment, reduce operational cost and save energy. Arkados® is a registered trademark of Arkados Group, Inc. For more information about Arkados, please visit: http://www.arkadosgroup.com.
Forward-Looking Statements
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, insufficient working capital, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulations, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by this cautionary statement and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.