Seeing Machines Limited Distributor Orders 1,000 Guardian units (3223B)
June 16 2016 - 2:00AM
UK Regulatory
TIDMSEE
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 Ken.Kroeger@seeingmachines.com
Director and CEO
Media inquiries: Adrian Adrian.dean@seeingmachines.com
Dean
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 Tel: +44 20 7653 9852 / Mob:
+44 7885 466 559
Robyn.mcconnachie@newgatecomms.com
Bob Huxford
Tel: +44 20 7653 9848 / Mob:
Adam Lloyd +44 7469 154 806
Bob.huxford@newgatecomms.com
Tel: +44 20 7653 9842 / Mob:
+44 7966 609 084
Adam.lloyd@newgatecomms.com
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
END
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