Admission to AIM

Seeing Machines Limited 01 December 2005 1st December 2005 Seeing Machines Limited Placing and Admission to AIM Seeing Machines Limited ('Seeing Machines' or 'the Company') announces it has today commenced trading on AIM (TIDM: SEE) following the successful placing of 55 million Placing Shares at 3p to raise approximately £1.65 million gross. Insinger de Beaufort acted as Nominated Adviser and Broker. Key Statistics Placing Price 3p Number of Ordinary Shares in issue immediately prior to Admission 199,999,999 Number of Placing Shares 55,058,328 Number of Ordinary Shares in issue immediately following Admission (including the Placing Shares) 255,058,327 Placing Shares as a percentage of the Enlarged Share Capital 21.59% Market capitalisation of the Company at the Placing Price on Admission £7.65m Estimated net proceeds of the Placing receivable by the Company £1.25m The principal activity of the Company is the development of computer vision processing technologies that allow machines to see and track human faces and moving objects. These technologies are used in the development of new products and applications that range from devices to improve road safety and save lives to those that can detect and manage eye disease and prevent loss of eyesight. The proceeds of the Placing will be used to: • implement product development opportunities in global automotive, transport and healthcare markets; • fund further development of the existing technology portfolio; • investigate and progress the commercialisation of opportunities in new markets such as entertainment, robotics and security; • expand the sales team and establish a European office; and • for general working capital purposes. Seeing Machines is based at the Australian National University Campus in Canberra. It was incorporated in July 2000 and commenced trading in November 2000 in order to commercialise research into vision-based human-machine interfaces that had been jointly undertaken since 1997 by Volvo Technology in Sweden and researchers at the Australian National University. The aim of this research was to develop technologies that enable computers to detect, track and interpret human faces and facial features. The initial goal was to improve driver safety and reduce transport accidents by using real-time tracking of head-pose, gaze direction and eyelid behaviour to monitor driver fatigue, distraction or inattention, and these ambitions were initially realized through the development of the faceLABTM product as a measurement and design tool. The Company's focus today is on deploying its computer vision technologies, predominantly in Europe, the United States and Japan, in: • human performance measurement, using its faceLABTM product; • driver safety products for automotive and other transport markets; • vision-testing devices for healthcare markets, including a new objective method for diagnosing and managing glaucoma; and • new products in sports, entertainment, robotics and security markets. Seeing Machines aims to be the world's leading provider of computer vision processing technologies. The Company's business strategy is to deliver strong revenue streams and profit growth through licensing its vision processing technologies for use in high value products. The Company is prioritising high-volume, global markets with a strong demand for technology-based improvements to achieve better safety or quality of life, particularly in the areas of road and transport safety and the management of eye diseases. Seeing Machines has already worked with leading automotive manufacturers including Volvo, Jaguar, Toyota, Ford, Nissan, Honda and Daimler Chrysler, as well as supplying its faceLABTM product for academic research to, inter alia, New York University, Australian National University and Tokyo Denki University, Seeing Machines has a highly experienced Board, including: • (James) Fulton Muir, non-executive Chairman -- has held senior positions in Australian banks, as well as having a distinguished career in banking, government and international relations; • Nick Cerneaz, Chief Executive Officer - significant experience of developing and commercialising medical software and devices, most recently as Chief Operations Officer and previously Vice-President of Engineering at Mirada Solutions Ltd, a UK-based medical software company spun out of Oxford University; • Alexander Zelinsky, Chief Technology Officer - Co-founder of Seeing Machines and formerly Professor and Head of Department of Systems Engineering at the Australian National University; • Anthony Kinnear, non-executive - former Chief Executive of LexisNexis Australia and Chief Executive of SoftLaw Corporation Limited, an expert systems software and related services supplier; • Trent Victor, non-executive - senior specialist in the Driver Awareness product area at Volvo Technology; • David Gaul, non-executive - co-founder and President of CEA Technologies, a company that designs and develops radar and communications technology; and • Rob Sale, non-executive - has a long track-record of success in establishing and developing technology start-ups and is a member of CSIRO, one of Australia's largest and most diverse scientific and research organisations. The Company's senior engineering and management personnel has extensive experience in computer sciences, robotics, systems engineering, medical devices and visual sciences. Nick Cerneaz, Chief Executive of Seeing Machines, commented: 'The Placing and Admission to AIM are important steps for our Company. Listing will raise our profile and that of our projects, as well as widening the shareholder base. Our London listing and the establishment of an enhanced European presence will significantly improve our ability to serve our existing and our future customer base.' Copies of the Admission document are available free of charge to the public at offices of Insinger de Beaufort, 131 Finsbury Pavement, London EC2A 1NT and of the Company's UK solicitors, Lawrence Graham LLP, 190 Strand, London WC2R 1JN during normal business hours on any business day (Saturdays and public holidays excepted) from the date of this document for a period of one month following Admission. - ends - Enquiries: Seeing Machines Limited Insinger de Beaufort Parkgreen Communications Nick Cerneaz, CEO Simon Fox Justine Howarth / Victoria Thomas +44 (0) 20 7493 3713 +44 (0) 20 7190 7018 +44 (0) 20 7493 3713 www.seeingmachines.com Notes to editors About Seeing Machines Limited Seeing Machines is an award winning Technology Company which focuses on vision based human machine interfaces. Formed in 2000 in Canberra, Australia, Seeing Machines' purpose is to commercialise its computer-vision across a range of industries and applications. Seeing Machines deliver advanced computer vision solutions for researches and developer in human factors, transportation safety, computer human interaction, robotics, medical research and psychology. The flagship product faceLABTM provides an automated and contact-free gaze and head tracking technology, it solves the problem of observing human behaviour naturally, non-intrusively and with a high degree of accuracy and usability. faceLABTM is a computer vision system that is able to measure the orientation and position of a human head, as well as detect blinks and estimate gaze-direction. It achieves all of this completely visually through a stereo camera system connected to advanced image processing software, with no attachments required on the subject. The product is designed to allow human factors researchers and designers assess the interaction of an operator in an environment and this finds application in designing operator environments, such as cockpits for cars, trucks, trains, and aeroplanes for instance, and other industrial design applications, as well as medical and psychological research situations. The technology also has application in monitoring automobile drivers and if it detects drowsiness or that the driver is distracted and their attention has been diverted from the road, an alarm can be raised to alert the driver to either pull over and rest in the case of drowsiness or to pay more attention to the road. faceLABTM works in real-time, taking 60 measurement samples every second, enabling the behaviour of a subject to be tracked. This technology is paving the way in promoting safer driving conditions and works to enhance the driving experience and to eliminate accidents caused through driver drowsiness or distraction. There are many different sectors that can benefit from this revolutionary software, for which it has been developed, including: automotive; academic research; medicine/healthcare; defence; autostereoscopy (next generation displays); sport; and games. Seeing Machines is currently working with the Australian National University to enable a new objective method for diagnosing and managing glaucoma, a leading source of blindness. This technology could complement or replace existing visual field testing devices used by more than 70,000 ophthalmologists globally and may have application in detecting other eye and neurological diseases. Seeing Machines is developing a technology based on a completely objective method that uses an involuntary physiological response. This has the potential to become a 'gold standard' in the diagnosis and management of glaucoma to derive reliable, repeatable results and greater diagnostic accuracy. Board of Directors (James) Fulton Muir, AO (Non-executive Chairman), aged 75, has a distinguished career in banking, government and international relations. He has held senior positions in major Australian banks including Westpac and St George. He has been the New South Wales State Government Commissioner for North America, and also economic adviser to the Chief Minister of Australian Capital Territory Government. He is a Director of several companies and also holds several roles with the Australian National University, including Member of the University Council and Chair of Finance Committee. Fulton was appointed an Officer of the Order of Australia (AO) for Services to Commerce and the Community in 1992. Nick Cerneaz, B.Sc., B.E.(Hons), D.Phil (Chief Executive Officer), aged 39. Nick, A Rhodes Scholar and University Medallist, joined Seeing Machines in 2005 to take responsibility for the commmercialisation of the Company's glaucoma diagnostic technology. Nick brings to Seeing Machines significant industry experience developing and commercializing medical software and devices. Most recently Nick was the Chief Operations Officer, and formerly Vice President, of Engineering at Mirada Solutions Limited ('Mirada') a UK based medical software company spun out from Oxford University in 1997. Nick was instrumental in building Mirada from its start-up origins through to a trade sale to CTI Molecular Imaging, which was itself recently acquired by Siemens Medical Systems, Inc. Alexander Zelinsky, Ph.D., Bmath., SMIEEE, FTSE (Non executive), aged 45. Prior to co-founding Seeing Machines, Alex was Professor and Head of Department of Systems Engineering at the Australian National University. Alex is extensively published and is internationally recognised as a leader in the fields of robotics and computer vision. He has worked in the computer industry and has had extensive international experience as a project leader developing cutting edge technology. Alex has received numerous international awards and recognition for his work. In May 2005 Alex received the prestigious Australian Academy of Technological Sciences and Engineering Clunies Ross Award for outstanding personal commitment over an extended period of time to successful innovation involving the application of science and technology for the benefit of Australia. Alex is also Chief Technology Officer to the Company. Anthony Kinnear, BA (Hons), LLB (Non executive), aged 40. Anthony has over 10 years public company experience in running and growing information and technology businesses. Anthony was Chief Executive Officer of SoftLaw Corporation Limited ('SoftLaw'), an Australian technology company that provides expert systems software and related services to government markets. Anthony led SoftLaw through a major phase in its commercial and corporate development, including its listing on the Australian Stock Exchange in December 2001, successfully establishing international operations in London and Washington D.C., and negotiating major technology licensing contracts with government agencies in Australia and the UK. Prior to this, Anthony also enjoyed a seven year career with Reed Elsevier plc in the Asia Pacific region, ultimately as Chief Executive of LexisNexis Australia (formerly known as Butterworths) and, concurrently, Regional Director of the New Zealand and Asian operations of the business. Trent Victor, M.Sc. (Non executive), aged 37. Trent is Product Area Manager for Driver Environment at Volvo Technology. Volvo Technology is a research and innovation company in the Volvo Group where new technologies, products and businesses are developed. Trent is responsible for co-ordination of research, innovation and product integration in the driver's environment. He also has specific expertise in driver awareness products, such as drowsiness alert, distraction alert, interaction support (workload management), attention-sensitive driving support, impairment detection and distraction evaluation tools. Trent has been the key person behind Volvo's involvement in Seeing Machines, ever since Volvo's first research contract with the Australian National University in the 1990s. David Gaul, (Non executive), aged 59. David is co-founder and President of CEA Technologies, a highly successful technology company that designs and develops radar and communications technology. David was the Australian Technology Entrepreneur of the Year in 2003 and has over 20 year experience in high-tech commercialism. David is a founding fellow of the Australian Institute of Company Directors. David is the uncle of Seeing Machines co-founder Tim Edwards. Rob Sale, (Non executive), aged 38. Rob has a long track record of success in establishing and developing technology start-ups. He Grew Abacus Data Systems, an Australian IT services and software development company from 20 to over 100 staff and contractors, ultimately negotiating the sale of the business in 1999. Rob is a member of the CSIRO Sector Advisory Committee on Information Technology, Communications and Services. CSIRO is one of Australia's largest and most diverse scientific and research organizations. This information is provided by RNS The company news service from the London Stock Exchange
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