Renoworks vision unaltered despite interruption of measurement data supplied to Renoworks platform from Verisk subsidiary
CALGARY, Alberta, October 1, 2019 – Renoworks Software Inc. (TSXV:RW) (“Renoworks”), leading visualization platform for the home remodeling and new home construction industry, announced today that its go-to-market strategy for streamlining the remodeling value chain by combining measurements and home visualization remains unchanged, despite unavailability of measurement data supplied by Geomni, Inc. (“Geomni”) as a result of a recent U.S. court ruling against its parent company, Verisk Analytics, Inc. (“Verisk”).
Under a mutual reseller agreement (the “Reseller Agreement”) with Geomni, the supply of measurement data from Geomni allowed Renoworks to build a complete, all-in-one, design and measurement solution and prove out a market for it with building material manufacturers, distributors, retailers, dealers, contractors and homeowners in the past year.
On September 25, 2019, a New Jersey trial court determined that Xactware Solutions Inc. (“Xactware”) and Verisk infringed on certain patents of Eagleview Technologies, Inc. (“Eagleview”) and temporarily restrained them from providing aerial measurement solutions, including through Geomni, pending a hearing for a permanent injunction scheduled for October 8, 2019. As a result, Geomni is currently unable to provide aerial measurement data under the Reseller Agreement.
“With the interruption of measurement data as a result of this recent court decision, our team continues to build measurement offerings into our platform,” stated Doug Vickerson, CEO of Renoworks. “Our platform infrastructure is not hindered by this ruling as compatibility with other measurement data was very important to our customers, to the industry and our vision. We are committed to streamlining the home remodeling value chain with interactive visualization, measurements, artificial intelligence and other valuable solutions as we have proven that the industry is responding positively. We remain confident with our investment into the platform and look forward to cooperating further with many solutions and services in the future.”
Renoworks Software Inc. develops and sells unique digital visualization software and integration solutions for the remodeling and new home construction industry. Renoworks delivers its technology to manufacturers, contractors, builders, and retailers, offering solutions to one of the home improvement industry’s greatest challenges: enabling homeowners to review their product selections in a true-to-life virtual environment before committing to purchases and construction. Renoworks markets its technologies as innovative engagement tools and generates revenues from five main business lines: Renoworks Enterprise, Renoworks PRO, Renoworks Design Services, Renoworks FastTrack, and Renoworks API (Application Programming Interface). For more information, visit www.renoworks.com and www.renoworkspro.com.
For further information on Renoworks, please contact:
Doug Vickerson, CEO
Renoworks Software Inc.
2721 Hopewell Place NE
Calgary, Alberta, Canada T1Y 7J7
Forward Looking Information
Certain statements in this news release, other than statements of historical fact, are forward looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, the ability of the company to find customers for its 3D model and measurement solutions, the ability of the company to find suppliers of aerial measurement data and its ability to successfully integrate such data into the Renoworks platform, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change.
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