GeckoSystems International Corp. (PINK: GOSY)
, a developer of innovative robotic technology for more than fourteen years, is currently reviewing the scope and size of the European market for its SafePath Enabled™ wheelchair technology.
GOSY, which is a dynamic leader in the emerging mobile robotics industry, on Monday, provided per year sale in each of the markets in Europe. The total number of wheelchairs per year projected for sale in the European market is 870,000.
GeckoSystems noted that if only 10% of the European market needs and can afford its SafePath Enabled chair upgrade, the annual market projections for Europe would be 87,000. GOSY said that this could result in annual revenue of nearly $8,700,000, assuming the company earns $100 per wheelchair. However, this is on the lower side. The more realistic figure, according to GOSY, would run $250 per unit and 25% of chairs sold would have the SafePath upgrade. This translates into annual revenue of $54,375,000.
GOSY also expects to market automatically calibrated SafePath retrofit kits. The company expects sales of the kits to be 87,000 units for the first few years. The kits would require software licensed exclusively from GOSY and this could translate into additional revenues of $8.7-$54.3 million per year for the company.
R. Martin Spencer, President and CEO of GeckoSystems International, said that GOSY has worked for nearly fifteen years developing Mobile Robot Solutions for Safety, Security and Services and is very pleased that its first commercial robotic application will be the SafePath Enabled wheelchair for markets such as Japan, China and Europe.
Spencer said that GOSY feels privileged to have an opportunity to help disabled persons in Europe to live with greater independence and dignity despite their confinement to a wheelchair.