Seeing Machines Limited SEE & Caterpillar Sign Global Agreement (8967Y)

TIDMSEE

RNS Number : 8967Y

Seeing Machines Limited

14 September 2015

Seeing Machines and Caterpillar sign global agreement for product development, licensing and distribution

Caterpillar to take over manufacturing and sales of Seeing Machines' DSS product, plus award of Fleet product distribution rights

14 September 2015

Seeing Machines (AIM: SEE), the AIM-listed company with a focus on operator monitoring and intervention sensing technologies and services, is pleased to announce that it has signed a global product development, licensing and distribution agreement with Caterpillar Inc., as the final phase of the alliance between the two companies announced in May 2013. Under this new agreement, Caterpillar will take over responsibility for manufacturing, marketing and sales of Seeing Machines' existing DSS rugged off-road product. In addition, Seeing Machines and Caterpillar will work together to develop new innovative products. Caterpillar will market DSS and Seeing Machines Fleet products for in-cab operator fatigue and distraction monitoring solutions in the agreed Caterpillar industries. Finally, Caterpillar will also have distribution rights for Seeing Machines Fleet product, exclusive within agreed Caterpillar industries and nonexclusive outside these industries.

Global Agreement

Seeing Machines' DSS rugged off-road product, under license to Caterpillar, will be available exclusively through Cat(R) Dealers across Caterpillar's broader industries; including mining, construction, quarry, aggregates, cement, and forestry.

Caterpillar will pay Seeing Machines US$17.5M over four years as well as royalty fees for DSS hardware, software licensing, monitoring and analytics services. Caterpillar will also purchase existing inventory of DSS units from Seeing Machines. Current DSS customer agreements will be transitioned to Caterpillar and supported by Caterpillar dealers. Additional consulting services, system monitoring and data analysis will be offered by Caterpillar Safety Services.

Seeing Machines CEO, Ken Kroeger said: "This is a pivotal moment in the history of Seeing Machines; the realisation of several years of hard work for both companies. Caterpillar is capable of maximising the return on the DSS technology; their reputation, reach, capability and commitment will deliver great outcomes for both companies and for the world's mining and construction related companies."

Seeing Machines Fleet Distribution Rights

In addition to the rugged off-road DSS product, Caterpillar will also distribute Seeing Machines' Fleet product, exclusively within agreed Caterpillar industries and nonexclusive outside these industries. Seeing Machines and its other distribution partners will continue to market and sell the Fleet product into the broader commercial road transport market.

Transition of CAT Alliance

In May 2013, following early commercialisation activities and years of intensive development of the DSS and DSSi product suite, Seeing Machines and Caterpillar Global Mining entered into a four-phased alliance agreement to deliver and support DSS operator fatigue monitoring technology through global Cat(R) Dealers. In parallel with this agreement Seeing Machines will continue to work with Caterpillar's wholly owned subsidiary, Electro Motive Diesel, to assess and develop operator monitoring technology solutions for the rail industry, under the alliance agreement with EMD announced in September 2014.

Enquiries:

 
 
   Seeing Machines Limited 
 Ken Kroeger, Managing        [phone] 
  Director and CEO             [e-mail] 
 James Walker, Finance        [phone] 
  Director                     [e-mail] 
 US media inquiries:          [phone] 
  Anne Donohoe                 [e-mail] 
 finnCap Ltd, Broker for Seeing Machines 
 Ed Frisby / Emily Watts 
  Corporate Finance           [phone] 
 Joanna Weaving, Corporate 
  Broking 
 Newgate, Investment Communications for Seeing 
  Machines 
 Robyn McConnachie            Tel: [phone] / 
                               Mob: [phone] 
  Tim Thompson                 [e-mail] 
 
  Lois Engstrand               Tel: [phone] / 
                               Mob: [phone] 
                               [e-mail] 
 
                               Tel: [phone] / 
                               Mob: [phone] 
                               [e-mail] 
 
 

About Seeing Machines

Seeing Machines, (AIM: SEE) is focused on operator monitoring and intervention sensing technologies and services. With more than 15 years of experience, Seeing Machines uses advanced detection and prevention safety assistance technologies to track eye and facial movement in order to monitor fatigue, drowsiness and distraction events, such as microsleeps, texting and cell phone use as they occur, while providing for a real-time intervention strategy, which improves operator, driver and environmental safety, preserves assets, and reduces risk. 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, Mountain View, California and Santiago, Chile. The Company has strategic alliances or supply agreements with Caterpillar, Electro Motive Diesel, Boeing, Takata, SEMCo and Eye Tracking Inc.

This information is provided by RNS

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September 14, 2015 02:00 ET (06:00 GMT)