2015 AGM Presentation & Address

RNS Number : 6936D

Seeing Machines Limited

29 October 2015

 

2015 Annual General Meeting

Presentation & Address

29 October 2015

Seeing Machines Limited (AIM: SEE), the AIM listed technology company with a focus on operator monitoring and intervention sensing technologies and services, held its Annual General Meeting at its head office in Canberra, Australia at 5pm (Australian Eastern Daylight Time) on Thursday 29 October 2015.  

At the Annual General Meeting the Company's Chairman Terry Winters and CEO Ken Kroeger gave a presentation on the Company's achievements over the 2015 financial year, and strategic outlook for the year ahead. 

In his address to the meeting, Mr Winters said:

"Seeing Machines set ambitious goals for the 2015 financial year. Despite the significant downturn in global mining markets, we still shipped a record number of products and achieved record full year revenues.

Strong demand continued for the Company's DSS products and services for the global mining sector. Our DSS sales performance has been aided by our strong relationship with Caterpillar and our growing relationships with the Caterpillar Global Dealer Network and the increased reach these Dealers bring to our distribution capabilities.

Our relationship with Caterpillar was further strengthened in September when we announced a global product development, licensing and distribution agreement.  Under this new agreement, Caterpillar will take over responsibility for manufacturing, marketing and sales of our existing DSS rugged off-road product.  Caterpillar will market DSS and Seeing Machines Fleet products for in-cab operator fatigue and distraction monitoring solutions across all of Caterpillar's industries, not only mining.  We will also work together to develop new innovative products.  This is a milestone agreement for the Company, which Ken Kroeger will talk about in more detail in his presentation. 

During the 2015 financial year we also developed and launched a new lower cost product, Seeing Machines Fleet, for the commercial road transport market.  We are very excited about the level of interest we are receiving from long distance fleet transport operators and note that this market is larger than the mining segment by orders of magnitude.

The company's clear leadership in designing and developing driver monitoring systems (DMS) technology has led to a very significant contract to supply our technology to one of the largest global car manufacturers and substantial interest from other leading global car producers.

We delivered revenue growth on our 2014 results of 20% to A$21.2 million (excluding foreign exchange gains).  With our planned increase in operational costs in order to execute our business plans in several industry sectors, the Company made a net loss of A$10.2 million for the 2015 financial year, compared to a net loss of A$2.7 million for the previous year.

Your Company ended the financial year with a strong balance sheet and a significant pipeline of opportunities that are expected to lead to further revenue growth in the 2016 financial year.

I would like to thank our customers and shareholders for their loyalty and support.  The Board looks forward to reporting to shareholders on our continued progress during the year."

The full presentation given by Mr Winters and Mr Kroeger is available on the Company's website, at www.seeingmachines.com/investors.

Enquiries:

Seeing Machines Limited		www.seeingmachines.com  / [phone]
Ken Kroeger, Managing Director and CEO James Walker, Finance Director		[e-mail] [e-mail]
US media inquiries: Anne Donohoe		[phone] / [e-mail]
	finnCap Ltd, Broker for Seeing Machines
	Ed Frisby / Emily Watts, Corporate Finance	[phone]
	Joanna Weaving, Corporate Broking
	Newgate, Investment Communications for Seeing Machines
	Robyn McConnachie Bob Huxford Adam Lloyd	Mob: [phone] [e-mail] Tel: [phone] / Mob: [phone] [e-mail] Tel: [phone] / Mob: [phone] Adam [e-mail]

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, Mountain View, California and Santiago, Chile. The Company counts Caterpillar, BHP Billiton, Freeport, Electro Motive Diesel, Boeing, Takata, SEMCo and Eye Tracking Inc among its customers or partners. 

 

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