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Seeing Machines Ltd (SEE)

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Friday 17 November, 2017

Seeing Machines Ltd

AGM Statement

RNS Number : 7712W
Seeing Machines Limited
17 November 2017
 

Seeing Machines Limited

("Seeing Machines" or the "Company")

 

2017 Annual General Meeting

AGM Statement & Presentation

17 November 2017

 

Seeing Machines Limited (LSE: SEE), an industry leader in computer vision technologies which enable machines to see, understand and assist people, is pleased to announce that at the Company's Annual General Meeting held at its head office in Canberra, Australia at 11:00 am Australian Eastern Daylight Time (AEDT) on Friday 17 November, the Company's Executive Chairman Ken Kroeger gave a presentation on the Company's achievements over the 2017 financial year, and strategic outlook for the year ahead.  

 

In his address to the meeting, Mr Kroeger said:

 

I'd like to formally open the 2017 Seeing Machines annual general meeting and welcome everyone here to the proceedings. Whether here in person or reading this later, on behalf of everyone involved in the Company, I first and foremost, would like to thank you for your support and involvement in the business.

 

In mid-2013 the Board of Directors and management set course on a transport centric business strategy. This decision has proven to be a pivotal and positive turning point for the Company. It's not difficult to think back to a time where our technology required expensive and demanding computer processing power - preventing mass market uptake and limiting it to lower volume markets and high-priced applications.

 

Over the last four years, our incredible founders and their teams of technical experts have leveraged Artificial Intelligence, Machine Learning, the ongoing evolution of digital camera technology and Human Factors sciences to put us in a world leading position.

 

In parallel, our business leaders have established deep commercial relationships with some of the world's highest performing organisations across the automotive sector, commercial road transport, the rail and mining industries and, excitingly, multiple subsets of aviation and aerospace.

 

The last two years have seen significant growth across the entire Company and we're incredibly proud of the international talent that today makes Seeing Machines home - it's wonderful to offer people the opportunity to come to work knowing that, every day, they're saving lives and helping people get home safely to their families and friends.

 

Obviously, our focus and investment has not only been on engineering and the advancements of technology. The management and systems required to power the organisation - human resources, finance, marketing and communications, infrastructure and sales teams have all been built in parallel from the ground up.

 

To ensure that Seeing Machines is able to maintain our hard-earned leadership position and successfully execute the next stages of our strategy, this year, we've made significant changes at the senior management level. Namely, the appointment of globally experienced Mike McAuliffe as CEO, and the recruitment of other managers with proven commercial track records to join the existing team and help lead the Company.

 

Our five-sector transport industry strategy has matured significantly again this year.

 

In rail, we've executed a major commercial agreement with Progress Rail, one of the largest global rail companies, to have us modify our mining technology and bring it to the global railroad market.

 

In mining, with the resource sector starting to come back, Caterpillar is forecasting strong sales of Seeing Machines DSS technology. We continue to supply paid engineering services to Caterpillar and ensure that our joint technologies remain aligned. Early-stage efforts are underway to help Caterpillar expand the application of the technology to other fields of use in which it has global footprints.

 

With the rapid and expected ongoing growth across both civil aviation and the aerospace sectors, Pat Nolan is developing an exciting business. Already, we have formed strong relationships with some of the sectors most recognised brands. Over the coming years, we expect to see face and eye tracking related technologies become essential components in ground based pilot training, air traffic control and in-cockpit capability.

 

Guardian - our commercial fleet brand continues to grow and evolve as we develop a better understanding of industry need, regional variances and the competitive landscape. We expect great long-term outcomes from our nascent relationship with Mix Telematics and other fleet technology and service providers. We expect to have a significant increase in units installed and under subscription agreement by the end of the financial year. Paul Angelatos and his sales, customer support and technical teams all deserve mention.

 

As recently reported by Euro NCAP, it looks as though driver monitoring will become a mandated technology for road vehicles to achieve a five-star safety rating. With this and the expanding driver and occupant monitoring requirements for all level of autonomous vehicles, our expertise remains in high demand from automotive Tier 1s and manufacturers. This past year has seen both the completion, and highly publicised launch of GM's Super Cruise, which incorporates Seeing Machines' FOVIO driver monitoring technology as a key feature, and the announcement of the sourcing of our technology by one of the world's most highly engineered range of road cars. Lead by Nick DiFiore, the automotive teams continue to contribute to shaping the automotive world's understanding of the technology's benefits and capabilities supported by our PC-DMS platform program and our human factors led, externally funded, research endeavours.

 

I strongly believe that our hard work and planning have put Seeing Machines into an enviable position - the Company uniquely intersects vehicle autonomy, artificial intelligence and transport telematics. We look forward to delivering value across all our target sectors and to society as well as to delivering the expectant returns that our broad stakeholders and shareholders deserve.

 

Once again, I'd like to personally thank everyone for your incredible inputs into making the organisation what it is now today and for your ongoing efforts and support.

 

The full presentation is available at the Company's website: https://www.seeingmachines.com/investors/.

 

Enquiries:

 

Seeing Machines Limited

www.seeingmachines.com  / +61 2 6103 4700



Mike McAuliffe, CEO

[email protected]

Media enquiries

 

[email protected]

 

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Alexander Napier






 


 

About Seeing Machines

Seeing Machines, (LSE: SEE) is an industry leader in computer vision technologies which enable machines to see, understand and assist people. The Company deploys its FOVIO machine learning vision platform to deliver real-time understanding of drivers through AI analysis of heads, faces and eyes for Driver Monitoring Systems (DMS), which monitor driver attention state including drowsiness and distraction. DMS is increasingly considered a core automotive safety technology as well as an enabling technology for ADAS/Autonomous Driving. The Company's pioneering commercial fleet solution (Guardian) delivers an after-market, in-cabin safety intervention system with 24/7 monitoring and cloud analytics services delivered on a telematics SaaS basis. The Company also serves Aviation, Rail and Off-Road markets and emerging applications for eye tracking and human sensing solutions. Based in Canberra, Australia with a growing footprint in the USA and Europe, the Company delivers multi-platform solutions from embedded software and processors to aftermarket system and service solutions to industry leaders globally. www.seeingmachines.com.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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