Seeing Machines Limited
("Seeing Machines", the "Company")
Seeing Machines Signs Global Agreement with Progress Rail Corporation
8 September 2017
Seeing Machines (AIM: SEE), an industry leader in computer vision technologies which enable machines to see, understand and assist people, is pleased to confirm it has signed a new extended Partnership Agreement with Progress Rail Services Corporation (Progress Rail).
Progress Rail, a Caterpillar company, is one of the largest integrated and diversified suppliers of railroad and transit system products and services worldwide. Since its acquisition of Electro-Motive Diesel (EMD), Progress Rail is the world's largest builder of diesel-electric locomotives for all commercial railroad applications including freight, intercity passenger, commuter, switching, industrial and mining.
The Agreement provides exclusive worldwide licence rights to Progress Rail, for core rail applications under specific conditions, on a royalty basis incorporating minimum royalty revenue growth commitments.
Under the previous agreement, Seeing Machines and Progress Rail worked closely on extensive trials with multiple rail operators, enabling both parties to understand, develop and optimize the application of the Seeing Machines operator monitoring technology for the rail environment as well as to gain a deeper understanding of the significant challenges that rail operators face in terms of fatigue and distraction.
Paul Angelatos, SVP & GM Fleet, Rail and Off-Road, Seeing Machines commented: "We are delighted to be moving our partnership with global leaders Progress Rail into the commercial phase now. Having worked closely over the past few years to understand and develop a robust solution for the rail industry through trials, it's very pleasing that both parties share the same vision and see large market opportunity to enter the commercial ramp phase, which will deliver significant benefits in safety and productivity across the rail sector."
Enquiries:
Seeing Machines Limited |
www.seeingmachines.com / +61 2 6103 4700 |
Mike McAuliffe, CEO |
[email protected] |
Media enquiries |
[email protected] |
finnCap Ltd |
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Ed Frisby / Emily Watts, Corporate Finance |
+44 20 7220 0500 |
Tim Redfern / Richard Chambers, Corporate Broking |
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Canaccord Genuity Limited |
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Simon Bridges |
+44 20 7423 8000 |
Richard Andrews Alexander Napier |
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The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
About Seeing Machines
Seeing Machines, (AIM: SEE) is an industry leader in computer vision technologies which enable machines to see, understand and assist people. The Company deploys its machine learning vision platform to deliver real-time understanding of drivers through AI analysis of heads, faces and eyes, for Driver Monitoring Systems (DMS) in most Transport sectors. DMS detects and manages drowsiness, distraction and cognitive state of Drivers which is key enabling technology for automotive ADAS/Autonomous Driving as well as for Guardian, the Company's pioneering aftermarket commercial fleet solution. The Guardian solution combines an in-cabin safety intervention system with 24/7 telematics monitoring and cloud analytics services delivered on a SaaS basis which prevents accidents, saves costs, and lives. The Company also serves Aviation, Rail, Off-Road markets and is enabling next generation applications for precision eye tracking, offering solutions from embedded software and FOVIO processors to aftermarket system and service solutions. Based in Canberra, Australia with offices and people in USA and Europe, the Company's products have been adopted by global industry leaders in its markets. www.seeingmachines.com.
