FOR IMMEDIATE RELEASE: January 3, 2018
LETTER OF INTENT SIGNED FOR 1,000 iLEVEL® SYSTEMS FROM POEM TECHNOLOGY
Enables production ramp up for advanced, internet-based oil tank monitoring solution
PLAINVIEW, NY: A major Long Island oil delivery service has signed a letter of intent to acquire 1000 iLevel systems from POEM Technology. iLevel is an innovative, internet-based tank monitoring system with proprietary gauges designed to be retrofitted to virtually any residential or commercial oil tank, and connect to the web in as little as 10 minutes. The cloud-based system includes a delivery dashboard that integrates with distributors’ back-office systems, letting them see real-time oil levels and precise ullage (deliverable amounts) for all tanks in their customer base. By eliminating guesswork and “K-factor” estimates, iLevel helps distributors reduce oil deliveries by 35% — at an average cost of $125 per delivery.
POEM CEO and founder Arnold Stillman notes that the economic benefits of installing iLevel across a distributor’s customer base are “absolutely impossible to ignore.” And due to iLevel’s potential to drive change in the heating oil industry, in 2017 POEM was selected to participate in the prestigious Cleantech Open Northeast, a competition for innovative start-ups. Stillman, a former Brookhaven Labs engineer, goes on to note that the order is significant, but not unexpected: “While this puts POEM on an accelerated growth path, it also represents the start of the production scale-up reflected in our business plan.” POEM’s current business model projects investor returns of 61% in fours years, and 103% after five years.
About POEM Technology: Founded in 2013 by former Brookhaven Labs engineer Arnold Stillman, POEM Technology invents, produces and sells cost-effective, easily-deployed monitoring devices for the internet of things. Based in Plainview, Long Island, the iLevel tank monitoring system is POEM’s first product to come to market. For more details on POEM Technology, current sales, predictions for growth, or for general information on investing in POEM, please contact email@example.com