Strategic Alliance with Takata

RNS Number : 4587Q

Seeing Machines Limited

01 September 2014

 



Seeing Machines Teams with TK Holdings Inc. to Deliver Driver-Monitoring Technology into Cars for Major Global Automotive Manufacturer

Monday 1 September 2014

Seeing Machines Limited (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 signing of a 15 year strategic alliance with TK Holdings Inc., the Americas subsidiary of Takata Corporation (Takata) an automotive industry leader in the supply of advanced driver safety systems (ADAS).  The companies have been collaboratively developing driver monitoring technology for two years and Takata has recently secured a contract to deliver its first ever mass-manufactured implementation of a driver-monitoring system that will warn drivers of lapses in attention, reducing the risk of potentially fatal accidents.

The formalisation of the strategic alliance is a result of a joint belief that driver-monitoring systems are one of the next major innovations in automotive safety due to the myriad of in-vehicle infotainment and mobile devices, which all compete for the driver's limited attention. According to the National Highway Traffic Safety Administration, one of every ten fatal crashes in the U.S. involves distraction - this technology underpins the future of intelligent safety systems, allowing a driver to share their attention without compromising safety.

The strategic alliance is responding to potential product opportunities from numerous global automotive manufacturers and the alliance will also pursue opportunities beyond passenger cars, into all forms of road-going vehicles. The alliance is mutually exclusive in passenger and commercial vehicle OEM applications including cars, trucks and buses but excludes aftermarket solutions.  Revenues to Seeing Machines will be a combination of minimum licence fees and royalties. Seeing Machines trading remains in line with management's expectations. The agreement with TK Holdings Inc. is another step in the implementation of Seeing Machines' recently announced business strategy. In 2013, Seeing Machines announced a strategic agreement with Caterpillar Inc. that has resulted in the worldwide roll-out of its Fatigue Monitoring Systems through Caterpillar authorised dealers.

The Seeing Machines' Operator Monitoring System is based on patented eye-tracking technology that uses sensing equipment that requires no re-calibration between different drivers and tracks head alignment for potential distraction of the driver.

"Eye and head tracking technology is the next step in automotive safety, which we expect to play a significant role in the reduction of one of the greatest causes of accidents: driver distraction," said Ken Kroeger, CEO of Seeing Machines. "We strongly believe that the addition of driver monitoring to ADAS will deliver a significant improvement to the safety of drivers, passengers and pedestrians."

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 has strategic alliances with Caterpillar, TK Holdings and Eye Tracking Inc and counts companies such as BHP Billiton, Freeport McMoran, Toll Holdings and Boeing amongst its customers.

About TK Holdings Inc.

TK Holdings Inc. is the Americas subsidiary of Takata Corporation. Takata Corporation is a world leading global innovator and supplier of automotive safety systems; including airbag systems, seat belts, steering wheels, electronics, sensors, interior trim, and child restraint systems, and supplies all major automotive manufacturers in the world. Headquartered in Tokyo, Japan, the organisation operates 56 plants in 20 countries with more than 36,000 global employees worldwide. For the 2015 financial year, Takata is forecasting sales of (USD)$5.3 billion.

 

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