SimiGon Limited Update on Strategic Contract (7711W)
November 17 2017 - 2:00AM
UK Regulatory
TIDMSIM
RNS Number : 7711W
SimiGon Limited
17 November 2017
Friday, 17 November 2017
SimiGon Ltd
("SimiGon" or the "Company")
Update on Strategic Contract
Regulatory approval received for $2 million contract with
Israeli Air Force
Contract for advanced F-16 maintenance training solution propels
SimiGon into new, lucrative vertical
SimiGon, Ltd. (LSE: SIM), a global leader in modelling,
simulation & training solutions, is pleased to announce that it
has now received final regulatory approval for a $2 million
purchase order received from the Israeli Air Force ("IAF")
(initially announced on 20 June 2016).
As reported in the Company's interim results on 25 September
2017, the approval processes in respect of the contract has been
subject to ongoing procedural delays. Delivery is expected to be
over a 14 month period, with recognition of related revenues
commencing upon delivery of the first contract milestone which is
expected to be before the end of FY 2017.
The contract is for the provision of F-16 maintenance simulation
based training systems to the IAF's technician school in Haifa. The
client-server system will support 60 trainees annually and each
trainee will have a personal workstation allowing them to learn
avionics and front line maintenance with the support of a virtual
instructor for a self-paced syllabus in a fully immersive, virtual
environment.
SimiGon President & CEO, Ami Vizer, commented: "We are
pleased to have concluded the final regulatory hurdles for this
strategic contract, which further solidifies our position as a
leading technology partner to our core market of global military
organizations. This contract, in the maintenance training domain,
is a new, lucrative vertical for SimiGon and will provide us with
the experience and credentials to leverage for similar new business
opportunities in other regions and other sectors. We are proud to
play a major role in the IAF's new maintenance training vision and
we are looking forward to extending our solution and concept to
meet other training needs of the IAF."
Enquiries:
SimiGon Ltd
Ami Vizer, Chief Executive
Officer +1 (407) 951 5548
Efi Manea, Chief Financial
Officer
+44 (0) 207 220
finnCap (NOMAD & Broker) 0500
Henrik Persson/Scott Mathieson
(corporate finance)
Stephen Norcross (corporate
broking)
Alma PR (Public Relations)
Hilary Buchanan/Josh Royston/Helena
Bogle +44(0) 208 004 4217
About SimiGon
SimiGon (AIM: SIM) is a leading developer and supplier of
distributed simulation solutions for defence and civilian
applications. SimiGon is the creator of SIMbox, a leading PC-based
platform for creating, managing and deploying simulation-based
content across multiple domains. Through its off the-shelf training
solutions for demanding high-skill occupations, SimiGon provides
diverse organizations with faster and more cost-effective training.
SimiGon's growing client base includes blue-chip training and
simulation systems providers as well as air forces and commercial
airlines worldwide. Founded in 1998, SimiGon maintains offices in
Israel and the United States.
This information is provided by RNS
The company news service from the London Stock Exchange
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