Tiny aged and disability care technology company Homestay expects to get a boost from a royal commission into aged care as it examines the most effective uses of technology.
Homestay, which listed on the ASX last November through a reverse takeover of Antilles Oil & Gas, sells internet-of-things products such as personal alarms and wellness monitors for the elderly in the hopes of allowing them to stay in their own homes for longer.
Homestay chairman Wayne Cahill told shareholders at the company’s annual general meeting on Tuesday that the company was installing “intelligent home” technology for aged care in up to 1,000 homes through a partnership with Enrich Living Services.
The Sydney company, which has a market capitalisation of $7.3 million, could earn up to $2 million in revenue from the rollout, he said.
Homestay will also next month launch a purpose-built “smart home” for people with intellectual disabilities.
The home is being built in the Melbourne suburb of East Brighton with St John of God Health Care for five residents, and Mr Cahill said the technology provided by Homestay and its partners will allow them to be more independent and less reliant on carers.
It “highlights the ability for our technology to make real difference to people living with complex needs,” he said.
Homestay also signed interim chief executive Philippa Lewis to a 12-month contract on Monday, at a base salary of $280,000 plus bonuses of up to $100,000 a year in cash and shares.
Homestay shares were down 0.2 cents, or 10.53 per cent, to 1.7 cents on Tuesday.