Powerbridge Technologies Co., Ltd. (NASDAQ: PBTS) watched its shares notch ahead early Wednesday. The provider of multi-industry technology solutions announced that Powerbridge Smart Monitoring Platform was selected by Zhuhai City Science and Technology Innovation Bureau to be the prime choice of procurement for Border Trade Zones, Trade Ports, Free Trade Zones, International Express Courier Centers, and Bonded Warehouses.
The concepts of "Smart Customs, Smart Connectivity and "Embedded Supervision" were proposed by the Chinese Customs to solve the issues of customs management, disconnected information, inefficient operations, and insufficient business coordination.
Powerbridge SMP incorporates the most updated technologies including Beidou Navigation System, AR, IoT and AI, which enables smart monitoring and control, embedded management and automatic clearance of goods at a variety of cross-country borders where highly regulated trading and operations take place. Since deployed at several ports in Guangxi Province, Powerbridge SMP has generated more than $2.4 million U.S. in revenue.
The deployment of Powerbridge SMP has brought significant results for the Company's customers. The recorded duration of vehicle clearance has been reduced by 37% and the volume of imported goods from border areas has increased by 46.7%. Meanwhile, the efficiency of customs inspection has improved by 40% while the labor requirement has reduced by 50%.
As such, reads Wednesday morning’s news release, Powerbridge SMP has gained competitive advantages in the market and generated strong interest in the industry. The Powerbridge SMP is expected to bring additional revenue of more than $15 million U.S. within the next two to three years.
PTMS shares acquired half a cent to 40 cents.
