ASX-listed SRJ Technologies has signed a Memorandum of Understanding (MoU) with Australian company Piping Specialty Supply Service Pty Ltd (PSSS) as a rental provider for its Boltex Bolt Exchange Flange Clamps.

PSSS has an existing Australian client base for bolt exchange opportunities, including hot-bolting and cold-bolting opportunities, for which the SRJ product could be used. SRJ has received an initial purchase order from PSSS for a three-month rental period of clamps of various sizes.

SRJ CEO Alexander Wood said the agreement was another important step forward in the Company’s Australian growth strategy.

“PSSS provides a broad range of specialist piping equipment and services across multiple sectors, and has a reputation for solving problems for clients,” Mr Wood said.

“As such, the company has a strong client base and opens the way to new opportunities for SRJ.”

PSSS Director John Wilton said the SRJ products were a valuable addition to his company’s rental product suite.

“The Boltex Bolt Exchange Clamps are an innovative repair and maintenance product that will allow PSSS to provide clients with a fast, safe and effective solution,” Mr Wilton said.

“We are looking forward to introducing the clamps to our rental portfolio and promoting them to our clients across Australia.”

The revenue target for rental income under the MoU for the 2021 calendar year is AU$470,000 to $500,000, with SRJ retaining 75% under a revenue sharing arrangement.