TIDMSEE
RNS Number : 9484P
Seeing Machines Limited
24 November 2016
Seeing Machines Limited
2016 Annual General Meeting
AGM Statement & Presentation
24 November 2016
Seeing Machines Limited (AIM: SEE), the AIM listed technology
company with a focus on operator monitoring and intervention
sensing technologies and services, announces that at the Company's
Annual General Meeting held at its head office in Canberra,
Australia at 11 am Australian Eastern Daylight Time (AEDT) on
Thursday 24 November, the Company's Chairman Terry Winters and CEO
Ken Kroeger gave a presentation on the Company's achievements over
the 2016 financial year, and strategic outlook for the year
ahead.
In his address to the meeting, Mr Winters said:
"Our 2016 financial year has been one of the most important in
the history of Seeing Machines; the year when we realised the
benefits from the Company's aggressive investment in research &
development over the last three years and moved closer to the
founding vision of the Company - to help transform the interaction
between humans and machines into a simpler, smarter and more
seamless experience.
Advances employing "Machine Learning" in our core technology
developments have catapulted us to the forefront of the sectors
we're pursuing and into the world of "Artificial Intelligence" (Ai)
and strongly cemented the Company as one of the world leaders in
face, eye and gaze-tracking. The speed with which algorithmic
performance is improving is quite spectacular.
This is enabling us to service the automotive market with
real-life operational tracking percentages above 99% fidelity
across all real-world light levels, performance that most of our
competitors can only emulate in controlled, indoor light
situations.
A pivotal achievement for Seeing Machines has been the
development of its System in Package (SiP) - an unprecedented low
cost, flexible processor and platform available for mass-market
applications that extend far beyond our current focus-sectors.
We successfully licensed Seeing Machines' DSS mining product to
Caterpillar (CAT) - resulting in a significant one-off revenue
boost for the Company in the year ended 30 June 2016. The pipeline
of opportunities they are identifying validate the choice of CAT as
the best channel to market for mining and rugged off-road
applications.
Strong investment in our fleet-focused product, branded
Guardian, is beginning to gain traction, with FY2016 revenue growth
of 29% for the business unit over FY2015. As a result of
significant marketing and sales efforts globally, Q1 FY2017
delivered more units sold than the full FY2016. A key feature of
this business unit is its Safety as a Service (SaaS) recurring
(annuity-type) revenue and the multiplier effect this will generate
for the Company in future years. Our direct sales are being
supplemented by our global value-added reseller (VAR) strategy to
leverage local sales, distribution and relationships.
The Company has cemented itself as a market pioneer and a leader
of advanced driver monitoring system (DMS) technology by securing
follow-on orders from a major US automotive OEM, and has received
strong levels of interest for developing programs with several
major European automotive OEMs as they seek to adopt DMS for their
semi-autonomous capable vehicles.
I am really proud of the way Seeing Machines has matured as a
business with several key business systems being implemented in
2016. ISO 9001 Quality Accreditation, financial processes, HR and
performance management systems, marketing automation and customer
relationships management integration have all been established to
enable the Company to cost effectively scale the business at rates
not possible before. The quality and output from our R&D team
has been multiplied with investments in data truthing teams within
a human factors-led framework.
We delivered revenue growth on our 2015 results of 161% to
A$33.6 million (excluding foreign exchange gains and R&D tax
grant income). Our deliberate planned investment in building our
future capability and capacity to execute our business plans in
several industry sectors, led to the Company making a net loss of
A$1.6 million for the 2016 financial year, compared to a net loss
of A$10.6 million for the previous year.
Your Company continues to invest in developing a significant
pipeline of opportunities in the automotive and fleet markets, and
internally in the increased ability and capacity to execute at high
levels of growth in the 2017 financial year and beyond.
I would like to thank our shareholders, customers and employees
for their loyalty and support. The Board looks forward to reporting
to shareholders on our continued progress during the year."
The full presentation given by Mr Winters and Mr Kroeger is
available on the Company's website, at
www.seeingmachines.com/investors.
Enquiries:
Seeing Machines Limited www.seeingmachines.com /
+61 2 6103 4700
Ken Kroeger, Managing Ken.Kroeger@seeingmachines.com
Director and CEO
Media inquiries marketing@seeingmachines.com
finnCap Ltd, Broker for Seeing Machines
Ed Frisby / Emily Watts,
Corporate Finance +44 20 7220 0500
Joanna Scott, Corporate
Broking
Newgate, Investment Communications for Seeing Machines
Bob Huxford Tel: +44 20 7653 9848 / Mob:
+44 7469 154 806
Adam Lloyd Bob.huxford@newgatecomms.com
Tel: +44 20 7653 9842 / Mob:
+44 7966 609 084
Adam.lloyd@newgatecomms.com
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 and Mountain View,
California. The Company counts Caterpillar, Electro Motive Diesel,
Progress Rail, Boeing, Takata, SEMCo, and Eye Tracking Inc among
its partners.
This information is provided by RNS
The company news service from the London Stock Exchange
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November 24, 2016 02:00 ET (07:00 GMT)