Shark Mitigation System to List on Australian Securities Exchange
By Staff Writer
Mar 09, 2016 06:10 AM EST
Mar 09, 2016 06:10 AM EST
On Tuesday, Shark Mitigation Systems revealed its intention to be included on the Australian Securities Exchange. It is an Australian company that manufactures shark repellent technology that aims to remove the fear of surfers and beachgoers from the sea predator.
Shark Mitigation Systems was incorporated in 2011, with Craig Anderson as its executive director and is headquartered in Perth Australia. The company markets technology like the 'Clever Buoy' which detects sharks and alerts beachcombers about its vicinity by use of sonar. The system is being tested at Sydney's Bondi Beach, as reported by Mashable.
Perth is situated on a stretch of coastline which lately experienced the towering incidence of deadly shark attacks in the world with six recorded deaths in the time between August 2010 and July 2012 making it a global focal point for diligent search and innovation in terms of shark science. The company was founded by Hamish Jolly and Craig Anderson who are both passionate on a mission to understand more of shark behavior and to develop non-invasive solutions for swimmers and surfers to alleviate shark attacks, according to the Shark Mitigation System website.
Clever Buoy was developed through partnership with Google and Optus that uses newly developed sonar interrogation software and satellite communications to inform beachgoers of impending danger from shark attack. The company also developed a visual deterrent and a shark detection device which are two technologies that resort to commercialization as the number or shark attacks around the world increases.
Working with the University of Western Australia, the visual deterrent pattern has evolved. It disrupts shark's skill to detect prey or show its wearer as hazardous or an object which is unfit to eat. The chosen pattern can be reproduced on multiple objects such as undersea cabling and diving air tank. The company already secured a licensing agreement in place with Arena, which is a global water sports apparel company, to integrate technology on wetsuits, according to The Australian.
Shark Mitigation System sees significant market chance for its detection technology, encompassing beachside local governments, aquaculture industry and resorts with private beaches. The company seeks $4 million through a placement of 20 million shares, with a value of $0.20 per share.
Last year, the New South Wales government announced that a A$16 million shark master plan that included new technologies such as 4G listening stations and shark tagging. In February of this year, Westpac bank backed the Westpac Life Saver Rescue Helicopter Services and launched 'Little Ripper' a drone shark detector.
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