SimiGon Limited SimiGon capitalize on investment in technology
October 05 2020 - 2:15AM
RNS Non-Regulatory
TIDMSIM
SimiGon Limited
05 October 2020
SimiGon Ltd
("SimiGon" or the "Company")
SimiGon continues to capitalize on its investment in Virtual
Maintenance Training technology
SimiGon awarded additional $0.5 million for the C-130 Virtual
Maintenance Training contract
SimiGon (LSE: SIM), a global leader in providing simulation
training solutions, is pleased to announce that it has been awarded
with additional $0.5 million extension to its C-130 Virtual
Maintenance Training ("VMT") contract previously announced in 2
December 2020 (the "Contract") by a large international defense
company (the "Defense Company"). The Contract is for the design,
development and implementation of a C-130 VMT solution for the
Israeli Air Force ("IAF") technical training academy.
SimiGon's investment in maintenance training technologies
together with the recently successful systems delivery of F-16 VMT
to the IAF, has contributed to the decision made by the Defense
Company to grant SimiGon with the Expansion. The high level of
confidence showed by the Defense Company was influenced by
SimiGon's maintenance training technology infrastructure and
solution that significantly increases training effectiveness over
traditional maintenance training methods.
The Contract is an additional "Stamp of Approval" from the
Defense Company and the IAF that further justifies the business
decision made by management to pursue the maintenance training
market and to invest in research and development funds in the
maintenance training domain.
The Contract's period of performance (excluding 12 months
warranty and support) was expanded to a total expected period of
twenty-eight (28) months. The expected revenue contribution has
already been factored into management's expectations for the year
ending 31 December 2020 and also contributes to improved revenue
visibility for FY 2021 and beyond.
Mr. Ami Vizer, SimiGon's Chief Executive Officer and Chairman,
said : "This Contract further demonstrates the success of SimiGon's
training technologies, methodologies and successful products. We
thank the Defense Company for their confidence in SimiGon and we
are proud to continue to play a major role in the IAF's ongoing
maintenance training programs. We expect this Contract to lead to
additional business opportunities with the Defense Company, the IAF
and the wider aviation maintenance training market."
Enquiries:
SimiGon Ltd
Ami Vizer, Chief Executive Officer and
Executive Chairman +1 (407) 951 5548
Efi Manea, Chief Financial Officer
finnCap (NOMAD & Broker) +44 (0) 20 7220 0500
Henrik Persson / Matthew Radley (corporate
finance)
About SimiGon
SimiGon (AIM: SIM) is a leading developer and supplier of
distributed simulation solutions for defence and civilian
applications. SimiGon is the creator of SIMbox, a leading PC-based
platform for creating, managing and deploying simulation-based
content across multiple domains. Through its off the-shelf training
solutions for demanding high-skill occupations, SimiGon provides
diverse organizations with faster and more cost-effective training.
SimiGon's growing client base includes blue-chip training and
simulation systems providers as well as air forces and commercial
airlines worldwide. Founded in 1998, SimiGon maintains offices in
Israel and the United States.
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END
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