Joint venture agreement for Latin America

RNS Number : 5884O

Seeing Machines Limited

08 August 2014

 



Seeing Machines Limited

Joint venture agreement for Latin America

8 August 2014

Seeing Machines, (AIM: SEE) ("Seeing Machines" or the "Company") the AIM listed technology company with a focus on operator monitoring and intervention sensing technologies and services, is proud to announce the formalisation of a strategic joint venture with Chilean company GTD Ingenieria de Sistemas ("GTD"). The jointly owned entity (with Seeing Machines taking a 55% equity stake) will form Seeing Machines Latin America and be integrated into Seeing Machines' global operations. The combination of Seeing Machines' technology with GTD's product knowledge, mining and transport safety experience and extensive regional knowledge and industry relationships will allow the joint venture to provide the highest levels of service to both mining and road transport customers and to Seeing Machines' newly partnered Latin American Caterpillar dealers.

GTD is a Chilean company that has provided road and transport safety systems to the mining market since 2005. The strong demand for a driver fatigue and distraction risk mitigation technology led GTD to select Seeing Machines' real-time operator monitoring solution DSS.

In 2011, GTD became an exclusive DSS distributor for the Chilean, Argentinian and Peruvian markets and to-date, have sold over 300 DSS units, including 180 units to one of the world's largest copper mines, BHP Billiton's Escondida. The Latin American region ("LATAM"), with over 6,000 haul trucks, is a large potential market for DSS.

Pablo Plá, Executive Director of GTD said: "GTD has been working with Seeing Machines' DSS operator safety technology to save lives in the Chilean, Argentinian and Peruvian mining markets for a number of years. We are immensely proud and committed to extending this mission throughout Latin America with our long term partners by the creation of Seeing Machines Latin America."

Ken Kroeger, CEO of Seeing Machines said: "Our company is entirely built upon successful relationships with the best companies in our target industries and customer markets, like the relationships developed with GTD and Caterpillar Global Mining. Our mission 'to save lives' is not limited to industry or geography; the formalising of this relationship will bring a whole new level of support to our efforts in the thriving markets of LATAM and is an exciting milestone in the growth of Seeing Machines at a global level. I welcome Pablo and his fantastic team to Seeing Machines."

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, Arizona and Mountain View, California. The Company counts Caterpillar and Eye Tracking Inc. as its partners and BHP Billiton, Freeport McMoran, Teck and, Toll Holdings amongst its customers.

About GTD

GTD Ingenieria de Sistemas, is a Chilean company founded in 1994 and has been a technology & services provider to the mining sector since 2005. Headquartered in Santiago de Chile, GTD also has offices in the city of Antofagasta, the Chilean capital for mining. Since it's foundation, the company has had a major focus on technologies for safety, security, and efficiency. 

 

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