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Seeing Machines Ltd - Distributor Orders 1,000 Guardian units

RNS Number : 3223B
Seeing Machines Limited
16 June 2016
 

Seeing Machines Limited

("Seeing Machines" or the "Company")

 

South-East Asian Distributor Orders 1,000 Guardian units

16 June 2016

Seeing Machines Limited, (AIM: SEE), the AIM listed vehicle operator monitoring technology company, is pleased to announce the appointment of Guardian South East Asia Pte. Ltd. ("Guardian SEA") as a non-exclusive distributor to market, sell and service Seeing Machines' Guardian driver fatigue and distraction intervention solution in Singapore and Malaysia.  As part of the agreement, Guardian SEA has purchased 1,000 Guardian units on normal commercial terms, the Company's single largest sale of Guardian units to date. 

Guardian SEA is wholly owned by V S Industry Berhad ("VSI"), a leading integrated electronics manufacturing services provider, and a strategic investor in Seeing Machines.  Guardian SEA and VSI bring extensive regional knowledge and industry relationships to accelerate market penetration of Seeing Machines' Guardian Solution into the South-East Asian region.  

Seeing Machines and Guardian SEA expect to capitalise on the significant growth in cross-border transportation of goods between Singapore, Malaysia and Thailand, as well as the opportunity to protect passengers using extensive public bus networks in Singapore and other major cities in the region.  Seeing Machines and Guardian SEA have been actively working on opportunities in the public bus market, including by conducting joint product demonstrations with local public transport authorities.

Paul Angelatos, COO of Seeing Machines: "We're very excited to be working with the team at Guardian South-East Asia and formally expand our operations in the region. Their expertise and local relationships will help to protect not only drivers, but also millions of commuters who rely upon safe, efficient public transportation."

For the purposes of the AIM Rules, VSI is a related party of the Company as it holds 12.1 per cent. of the issued share capital of the Company and is therefore a substantial shareholder.  As a result, the purchase of the 1,000 Guardian units by VSI constitutes a related party transaction for the purposes of the AIM Rules. Accordingly, under AIM Rule 13, the Company's directors (with the exception of Mr YK Ng, who is also a director of VSI) confirm that they consider, having consulted with the Company's nominated adviser, that the terms of this transaction are fair and reasonable insofar as the Company's shareholders are concerned. 

 

Enquiries:

Seeing Machines Limited

www.seeingmachines.com  / +61 2 6103 4700

Ken Kroeger, Managing Director and CEO

[email protected]

Media inquiries: Adrian Dean

[email protected]

 

 

finnCap Ltd, Broker for Seeing Machines

 

Ed Frisby / Emily Watts, Corporate Finance

+44 20 7220 0500

 

Joanna Scott, Corporate Broking

 


 

Newgate, Investment Communications for Seeing Machines

 

Robyn McConnachie

 

 

Bob Huxford

 

Adam Lloyd

Tel: +44 20 7653 9852 / Mob: +44 7885 466 559

[email protected]

 

Tel: +44 20 7653 9848 / Mob: +44 7469 154 806

[email protected]

 

Tel: +44 20 7653 9842 / Mob: +44 7966 609 084

[email protected]

 

About Seeing Machines

Seeing Machines, (AIM: SEE) is focused on operator monitoring and intervention sensing technologies and services. With more than 15 years of experience, Seeing Machines uses advanced detection and prevention safety assistance technologies to track eye and facial movement in order to monitor fatigue, drowsiness and distraction events, such as microsleeps, texting and cell phone use as they occur, while providing for a real-time intervention strategy, which improves operator, driver and environmental safety, preserves assets, and reduces risk. Seeing Machines' technology is used worldwide across the automotive, mining, transport and aviation industries; as well as many of the leading academic research groups and transportation authorities. Seeing Machines is headquartered in Australia and has offices in Tucson, Arizona and Mountain View, California. The Company counts Caterpillar, Electro Motive Diesel, Boeing, Takata, SEMCo and Eye Tracking Inc among its customers or partners.  


This information is provided by RNS
The company news service from the London Stock Exchange
 
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