Seeing Machines Regulatory News (SEE)

24 Sep 2007 13:00

Seeing Machines Limited24 September 2007 24 September 2007 Seeing Machines Limited ("Seeing Machines" or the "Company") Fund raising, issue of shares, general meeting, and change in shareholding Seeing Machines (AIM: SEE), a leading developer of advanced computer basedimaging software systems, is pleased to announce that it has raised up to£1,287,130 million before expenses via the issue of 51,485,206 new ordinaryshares at 2.5p per share through a placing (the "Placing"). The Placing is to beconducted in two tranches as follows: • tranche 1 of 8,348,000 Ordinary Shares • tranche 2 of 43,137,206 Ordinary Shares conditional on shareholder approval Tranche 1 has been concluded today providing additional working capital to theCompany of A$500,000 (£208,700). 8,348,000 new Ordinary Shares were issued andallotted on 24 September 2007. Application has been made for these 8,348,000 newOrdinary Shares to be admitted to trading on AIM and dealings are expected tocommence on 27 September 2007. Following the issue of these 8,348,000 newOrdinary Shares the issued share capital of the Company is 264,512,929 OrdinaryShares. A group of investors has agreed to subscribe for Tranche 2 of 43,137,206Ordinary Shares, conditional on shareholder approval which will be sought at aGeneral Meeting of the Company in Acton, ACT, Australia on 26 October 2007. A further tranche of up to 4,514,794 Ordinary Shares, is expected to concludeshortly and a separate announcement will be made when the details are available.If all three tranches are successfully completed, the final outcome will resultin a total raising of up to £1.4 million before expenses, via the issue of up to56,000,000 new ordinary shares at the 2.5p per share placing price. A circular containing a Notice of Meeting convening a General Meeting of theCompany for the purpose of seeking the required shareholder approval has beenposted to shareholders and will be available from the Company's web site todaywww.seeingmachines.com. The proceeds of the placing will be used to commercialise the Company'sproducts, including: the TrueField Analyzer ("TFA"), a medical device that helpsclinicians diagnose glaucoma and other eye diseases, and has recently receivedFDA approval; the Driver State Sensor ("DSS") system, which monitors driverfatigue and distraction; and the faceTRACKING API ("API"), a software libraryoffering the Company's core technology to third party system developers on alicensing model. A presentation by the Company provided to potential investors in the Placing isavailable from the Company's website at www.seeingmachines.com. The Tranche 1 shares were issued to the Australian National University.Following the issue of these 8,348,000 new ordinary shares, the Company is awareof the following relevant changes in substantial/significant shareholdings asdefined in the AIM Rules for Companies: +--------------+-----------------------------+-----------------------------+| | To 23 September 2007 | 24 September 2007 |+--------------+--------------+--------------+--------------+--------------+|Shareholder | No. of shares|% shareholding| No. of shares|% shareholding|| | held| | held| |+--------------+--------------+--------------+--------------+--------------+|JATS | 85,594,176| 33.41| 85,594,176| 32.36||Technology Pty| | | | ||Limited | | | | |+--------------+--------------+--------------+--------------+--------------+|Australian | 28,114,687| 10.98| 36,462,687| 13.78||National | | | | ||University | | | | |+--------------+--------------+--------------+--------------+--------------+|Volvo | 23,226,073| 9.07| 23,226,073| 8.78||Technological | | | | ||Development | | | | |+--------------+--------------+--------------+--------------+--------------+ --- ENDS --- Enquiries: Seeing Machines Limited Insinger de Beaufort Parkgreen Communications Nick Cerneaz, CEO Peter Ward Ben Knowles Erica Nelson +61 (0) 2 6125 6501 +44 (0) 20 7190 7015 +44 (0) 20 7851 7480 www.seeingmachines.com Notes to editors: About Seeing Machines Seeing Machines is an award winning Technology Company which focuses on visionbased human machine interfaces. Formed in 2000 in Canberra, Australia, SeeingMachines' purpose is to commercialise its computer-vision across a range ofindustries and applications. Seeing Machines deliver advanced computer vision solutions for researches anddevelopers in human factors, transportation safety, computer human interaction,robotics, medical research and psychology. The flagship product faceLAB(R)provides an automated and contact-free gaze and head tracking technology, itsolves the problem of observing human behaviour naturally, non-intrusively andwith a high degree of accuracy and usability. Building on these unique facetracking and pupil measurement and monitoring capabilities, the TrueFieldAnalyzer(R) is new medical device to assist clinicians detect and manage eyediseases such as glaucoma. The TrueField Analyzer(R) offers a new objective method to help doctors diagnoseand manage a range of eye diseases including glaucoma, age related maculardegeneration and diabetic retinopathy. Glaucoma affects about 2-3% of thepopulation over 40 years of age and is a leading source of blindness. Unlikemost other devices available to the clinician the TrueField Analyzer is acompletely objective test and it is quick and easy for patients and techniciansalike. The device measures both eyes concurrently and due to the reliabilitythat arises from the objective nature of the test, it has the potential tobecome a new standard in the measurement of visual field defects and thus in thediagnosis and management of disease such as glaucoma. More generally Seeing Machines' computer vision systems are able to measure theorientation and position of a human head, estimate eye-gaze direction, detecteye blinks and track other facial features. This functionality is achievedentirely though visual means, using video cameras connected to advanced imageprocessing software, with no attachments required on the subject. Products suchas faceLAB(R) are designed to allow human factors researchers and designers toassess the interaction of an operator in an environment and this findsapplication in designing operator environments, such as cockpits for cars,trucks, trains, and aeroplanes for instance, and other industrial designapplications, as well as medical and psychological research situations. Thetechnology has been developed into the Driver State Sensor (DSS2) product forapplication in monitoring vehicle drivers and if it detects drowsiness (fatigue)or that the driver is distracted and their attention has been diverted from theroad, alarms are raised to alert the driver to these events. In largerdeployments, such as in fleet and mining equipment operations, the data isavailable in both real-time and off-line modes for fleet management, drivertraining and awareness programs The systems work in real-time, enabling the behaviour of subjects to be trackedin real-time. This technology is paving the way in promoting safer drivingconditions and works to enhance the driving experience and to eliminateaccidents caused through driver drowsiness or distraction. There are many different sectors that can benefit from this revolutionarysoftware, for which it has been developed, including: automotive; academicresearch; medicine/healthcare; defence; autostereoscopy (next generationdisplays); sport; and games. This information is provided by RNS The company news service from the London Stock Exchange