SimiGon Limited USAF technician training contract

TIDMSIM

SimiGon Limited

08 May 2018

08 May 2018

SimiGon Ltd

("SimiGon" or "the Company")

SimiGon awarded USAF technician training contract

SimiGon to provide Virtual Reality simulation based training for USAF De-icing technicians

SimiGon (LSE: SIM), a global leader in modelling, simulation and training solutions, is pleased to announce that the United States Air Force (USAF) has contracted the Company to deliver a Virtual Reality (VR) Aircraft De-icing Simulator (the "Contract"). Securing this contract highlights the Company's ability to identify new markets and applications for its traditional customer base.

As part of the Contract, SimiGon will deliver its SIMbox-based VR aircraft de-icing training product. By incorporating fully immersive VR with SimiGon's de-icing simulation product, USAF technicians will receive simulation based training that includes scoring, Playback/After Action Review, feedback reports, as well as a multi-player training capability. The expected revenue from this Contract was already factored into the management's expectations for fiscal year 2018.

Aircraft de-icing is a high skills task requiring annual training of military and commercial personnel working in cold weather aviation. Ice adds significant weight to aircraft and having "clean aircraft" is critical to safe travel. SimiGon understands the importance for operators to undergo adequate training to ensure proper operations, as mistakes can result in significant aircraft damage and flight cancellations. The Company estimates the De-Icing market to include more than 100,000 trainees per year in the civilian market. SimiGon's technology and business model is well suited for rapid product rollout to meet expected market demand and the Company is looking forward to successfully leveraging its aircraft de-icing training product for substantial business growth.

SimiGon President and CEO, Ami Vizer, said: "This Contract award is significant for SimiGon as it further demonstrates the Company's ability to identify new markets and their requirements for a cost effective personal training systems and tailor its training products to meet new demands within a short timeframe. This SIMbox-based training product is the ongoing realization of the Company's strategic plan to utilize the technology in multiple domains. We are excited to receive the VR Aircraft De-icing Simulator award to support USAF technician training and expect to further penetrate the De-Icing market and deliver high quality training products to both the military and civilian aviation in the future".

Enquiries:

 
 SimiGon Ltd 
 Ami Vizer, Chief Executive Officer              [phone] 
 Efi Manea, Chief Financial Officer 
 
 finnCap (NOMAD & Broker)                        [phone] 
 Henrik Persson/Scott Mathieson (corporate 
  finance) 
 Stephen Norcross (corporate broking) 
 

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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May 08, 2018 02:01 ET (06:01 GMT)