AGM Statement

RNS Number : 8459U

Seeing Machines Limited

21 October 2014

 

2014 Annual General Meeting

Presentation & Address

21 October 2014

Seeing Machines Limited (AIM: SEE), the AIM listed technology company with a focus on operator monitoring and intervention sensing technologies and services, is holding its Annual General Meeting at its head office in Canberra, Australia at 5pm (Australian Eastern Daylight Time) on Tuesday 21 October 2014.  

At the Annual General Meeting the Company's Chairman Terry Winters and CEO Ken Kroeger will give a presentation on the Company's achievements over the 2014 financial year, and strategic outlook for the year ahead. 

In his address to the meeting, Mr Winters will say:

"In the 2014 financial year Seeing Machines achieved record sales, of A$17.7 million, underpinned by strong sales of our DSS™ products and services to the global mining sector. 

We are continuing to build our sales pipeline in mining, through our exclusive alliance with Caterpillar, the world's largest supplier of mining equipment.  We have now signed agreements with 16 Caterpillar dealers for them to distribute our products to their customers.  Our move from a direct sales model, to selling through distributors, will, in time, give us access to far more markets than we could service on our own. 

In parallel, we are broadening our revenue base, to capture additional opportunities and to reduce the strategic risk of relying on business conditions in only one market.  In line with our strategic plan released in June this year, we are diversifying our sources of revenue; away from just mining, to many markets; from direct sales to many sales channels; and from product sales to a mix of product sales, service fees and licence fees or royalties. 

We have successfully delivered several important milestones in that strategic plan, by establishing formal partnerships with industry leaders in automotive safety (Takata), rail (EMD, part of Caterpillar) and consumer electronics (SEMCo, part of the Samsung group).  We believe our agreements with these three partners, all announced in September 2014, can lead to significant future value for the Company.

We are also very excited by opportunities in the commercial road transport market.  We are developing a new product for trucks and buses which we expect to be available by Q2-2015. 

As part of our product development roadmap we are also assessing opportunities to integrate or acquire other technologies which would allow Seeing Machines to offer expanded sensing and reporting capabilities.  Ultimately we intend to complement our Automotive OEM products with an offering of after-market Advanced Driver Assistance Systems (ADAS) for commercial vehicles.

There are many opportunities for Seeing Machines' technology to be deployed in many large global markets.  We have almost doubled our staff numbers over the last year so that we can pursue and capitalise on these opportunities.  We will continue to invest in our own resources - as well as assessing other strategic options - in order to keep building the foundation for future growth and long-term shareholder value.

The Board and Management thank shareholders for their ongoing support and look forward to updating shareholders on the Company's continued progress."

The full presentation to be 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
Ken Kroeger, Managing Director and CEO	[phone] [e-mail]
James Walker, Finance Director	[phone] [e-mail]
finnCap Ltd, Broker for Seeing Machines
Ed Frisby / Ben Thompson Corporate Finance	[phone]
Victoria Bates, Corporate Broking
Newgate Threadneedle, Investment Communications for Seeing Machines
Robyn McConnachie Josh Royston	Tel: [phone] Mob: [phone] [e-mail] Tel: [phone] Mob: [phone] [e-mail]

About Seeing Machines

Seeing Machines, (AIM: SEE), is an AIM-listed technology company that specialises in operator monitoring and intervention technologies and services. Its software and engineering services are used in products and applications that range from devices that improve driver safety and save lives to assessing trainees in simulators and simplifying the relationships between people and technology. 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, Mountain View, and Santiago. The Company counts Caterpillar, Takata, Eye Tracking Inc and Samsung Electro-Mechanics (SEMCo) as its partners and BHP Billiton, Freeport McMoran, Teck, Toll Holdings amongst its customers.

 

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