Seeing Machines Limited Automotive Business Term Sheet Signed (2784Y)
May 16 2016 - 1:00AM
UK Regulatory
TIDMSEE
RNS Number : 2784Y
Seeing Machines Limited
16 May 2016
Seeing Machines Limited
("Seeing Machines" or "the Company")
Automotive Business Term Sheet Signed
16 May 2016
Seeing Machines Limited, (AIM: SEE), the AIM listed vehicle
operator monitoring technology company, is pleased to announce that
it has signed a term sheet with a US-based investment firm with
extensive experience in automotive technologies, for investment
into a separately funded company solely focused on commercialising
Seeing Machines' technology in the automotive market. Seeing
Machines would retain a significant equity stake in the new
company. The term sheet is non-binding, except for customary legal
obligations and due diligence. Seeing Machines and its advisors are
working with the lead investor and other investors to finalise the
investment round.
Ken Kroeger, Seeing Machines CEO commented: "This continued
execution of our multi-sector transport strategy builds on our
successful venture with Caterpillar for rugged off-road industries.
We believe that spinning out the automotive driver monitoring
business will sufficiently resource the automotive business,
further develop our automotive industry relationships and maximise
the return for Seeing Machines' shareholders."
"Additionally, the Company continues to develop and deliver
driver monitoring systems (DMS) for a global car maker, for their
first and second-generation DMS platforms, launching first in early
2018 models. The automotive industry requires the highest levels of
reliability and this strong continued support confirms Seeing
Machines' ability to deliver the automotive industry's requirement
for driver monitoring technology."
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, BHP Billiton, Freeport,
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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