CES Las Vegas and Result of Offers

RNS Number : 1267C

Seeing Machines Limited

14 January 2015

 

Seeing Machines Limited

("Seeing Machines" or the "Company")

Results of Australian and Overseas Offers

Demonstration of next generation driver system at
 Consumer Electronics Show (CES) in Las Vegas

·      Offers raise £570,600, to supplement £5.7 million raised in December 2014 placing.

·      Next generation driver monitoring system demonstrated with Jaguar at CES in Las Vegas.

14 January 2015

Results of Australian Offer and Overseas Offer

Seeing Machines Limited (AIM: SEE), the AIM listed technology company with a focus on operator monitoring and intervention sensing technologies and services, announces that, further to its announcement on 4 December 2014, it has finalised the Australian and Overseas Offers (the "Offer") and raised £570,600 (approximately $1.05 million) through the issue of 10,378,188 new Ordinary Shares (the "Offer Shares") at a price of 5.5 pence (or 10 Australian cents) per Ordinary Share to eligible Seeing Machines Shareholders and Depositary Interest holders.  The Offer follows an earlier successful raising of £5.7 million from new and existing institutional investors, as announced on 4 December 2014.

The net proceeds of the Offer will provide the Company with working capital and further flexibility to pursue its six-sector business strategy, in particular to accelerate its engagement with a growing list of global car makers as well as launching a new product for the commercial transport market.

Demonstration at Consumer Electronics Show

At the International Consumer Electronics Show (CES), held last week in Las Vegas, Seeing Machines demonstrated its next-generation driver monitoring system (DMS) in a modified Jaguar F-TYPE on the Intel stand.  The prototype DMS was jointly developed with Takata and Jaguar Land Rover.  The DMS uses attention-monitoring sensors to detect eye and facial movements so it can identify if the driver has become inattentive, either due to drowsiness or distraction.  The interactive demonstration of the Company's technology at CES generated extremely positive responses from the automotive and silicon industries as well as the broader technology sector. 

As previously announced, Seeing Machines is working with its partner Takata to develop driving monitoring system technology for automotive OEMs, with one OEM contracted and others in various stages of technology assessment and commercial discussions.  The Company will make further announcements if and when it secures contracts, through Takata, for additional OEMs. 

Further information on the CES demonstration can be found at http://www.seeingmachines.com/investors.  

Admission of Offer Shares

Application has been made for the Offer Shares to be admitted to trading on AIM and admission is expected to take place on or about 15 January 2015. 

Following the admission of the Offer Shares, the Company will have 940,978,309 Ordinary Shares on issue, all of which will carry voting rights. This figure may be used by shareholders of the Company as the denominator for calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the ordinary share capital of the Company.

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 / Christopher Raggett Corporate Finance	[phone]
Victoria Bates, Corporate Broking
Newgate Threadneedle, Investment Communications for Seeing Machines
Robyn McConnachie Tim Thompson	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 and Toll Holdings amongst its customers.

 

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