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    FLN   AU000000FLN2

FREELANCER LIMITED

(FLN)
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Freelancer.com Partners With the Bureau of Reclamation and NASA to Improve Hydropower System Reliability

06/21/2021 | 07:15am EST

Sydney, Australia--(Newsfile Corp. - June 21, 2021) - Freelancer Limited (ASX: FLN), the world's largest freelancing and crowdsourcing marketplace, in partnership with Arrow Electronics, one of the world's largest electronic components distributors, has secured the US$250,000 Automated Maintenance of Protection Systems Challenge, for the Bureau of Reclamation.

The aim of the challenge is to improve the reliability of hydropower plant generation by automating safety equipment testing and reducing plant downtime. Using the Freelancer.com and ArrowPlus platforms are expected to attract a large number of candidates offering a variety of viable solutions.

"We're excited to deliver the Automated Maintenance of Protection Systems Challenge (AMPS Challenge) for the Bureau of Reclamation using the world's largest online talent pool of electronic & electrical engineers in what will be the largest challenge yet by an order of magnitude - a quarter of a million US dollars in prize money. If you have the skills, sign up now to Freelancer.com to participate," said Freelancer Chief Executive, Matt Barrie.

Freelancer has broad expertise in engineering with over 2.5 million freelance engineers on its platform, ~260,000 who specialize in electrical engineering. There are also millions of tangentially skilled experts including software, hardware, and firmware developers. Freelancer.com has sourced over 13,000 product designs from more than 6,000 designers in contests run on behalf of NASA.

Freelancer built and operates ArrowPlus the world's largest electrical and electronic engineering crowdsourcing platform which 175,000 leading technology manufacturers and service providers access to guide innovation.

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Figure 1

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The Bureau of Reclamation's AMPS Challenge will be a two-phase challenge seeking improvements and/or fresh concepts to automate protection system testing at Reclamation hydropower facilities: a White Paper Challenge and a Prototype Challenge.

The White Paper Challenge offers a total prize of $100,000, expecting to award up to 10 prizes of $10,000 each.

In the Prototype Challenge, commencing immediately after the White Paper Challenge ends, the best prototype will be awarded up to $100,000 prize. In addition, $10,000 awards will be presented for teams that excel in individual benchmarks for a total prototype purse of $150,000.

See https://www.freelancer.com/reclamation for more details.

This is the first task order won by Freelancer under the US$25 million NOIS2 joint tender and is valued at US$365,000.

About the Bureau of Reclamation

Established in 1902, the Bureau of Reclamation is best known for the dams, powerplants, and canals it constructed in the 17 western states. These water projects led to homesteading and promoted the economic development of the West. Reclamation has constructed more than 600 dams and reservoirs including Hoover Dam on the Colorado River and Grand Coulee on the Columbia River.

The Bureau of Reclamation is the largest wholesaler of water in the USA. It brings water to more than 31 million people and provides one out of five Western farmers (140,000) with irrigation water for 10 million acres of farmland.

Reclamation is also the second-largest producer of hydroelectric power in the United States. Its 53 power plants annually provide more than 40 billion kilowatt-hours generating nearly a billion dollars in power revenues and produce enough electricity to serve 3.5 million homes.

About Freelancer®

Twelve-time Webby award-winning Freelancer.com is the world's largest freelancing and crowdsourcing marketplace by total number of users and jobs posted. More than 53 million registered users have posted over 20 million jobs and contests to date in over 1,800 areas as diverse as website development, logo design, marketing, copywriting, astrophysics, aerospace engineering and manufacturing.

Freelancer owns StartCon, Australia's largest startup conference, expo and entrepreneur community established in 2009, WarriorForum.com, the world's largest Internet marketing community & marketplace, Escrow.com, the world's largest provider of secure online escrow and online transaction management for consumers and businesses on the Internet, and Freightlancer, a global marketplace for freight, shipping and transportation. Freelancer Limited is listed on the Australian Securities Exchange under the ticker (ASX: FLN), and on the OTCQX, under the ticker (OTCQX: FLNCF).

Contact Details

Freelancer.com
Sebastian Siseles
+1 415-801-2271
sebastian@freelancer.com

Freelancer.com
Helma Kusuma
+19179202356
helma@freelancer.com

Company Website
https://www.freelancer.com


ę Newsfilecorp 2021
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Financials
Sales 2020 58,8 M 42,0 M 42,0 M
Net income 2020 -0,65 M -0,46 M -0,46 M
Net cash 2020 9,33 M 6,67 M 6,67 M
P/E ratio 2020 -338x
Yield 2020 -
Capitalization 272 M 195 M 194 M
EV / Sales 2019 4,43x
EV / Sales 2020 3,58x
Nbr of Employees 419
Free-Float 16,8%
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Managers and Directors
Robert Matthew Barrie Executive Chairman & Chief Executive Officer
Neil Leonard Katz Chief Financial Officer & Secretary
Jun Yao Vice President-Engineering
Yves Sy Associate Vice President-Technical Operations
Thomas George Compliance Director
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