14 Feb 2019 07:00
SimiGon Ltd
("SimiGon" or "the Company")
New $0.85 million contracts with key European customer kicks off a positive start to 2019 for SimiGon
SimiGon Limited (LSE: SIM), a global leader in providing simulation training solutions, is pleased to announce that it has expanded its long term relationship with an existing European customer (the "Customer") and has signed multiple new contracts totalling $0.85 million in aggregate to provide licences, maintenance and support services for the Customer's simulation training centres (the "Contracts").
The Contracts further increase the use of SimiGon's SIMbox product across the Customer's organisation. The Company's SIMbox-based training solutions will be used as the baseline for Simulation Based Trainers ("SBT") in the Customer's new Academic Training Centres being built for its new end users. SIMbox-based SBTs enable users to save time, money and enhance aircrew training with high fidelity 3D simulation, Virtual Instructor guided lessons, measuring individual and group training objectives, reporting and analytical tools and robust content development capabilities.
The Contracts comprise of three year delivery commitments, commencing immediately. The expected revenue from these Contracts has already been factored into management's expectations for the year ended 31 December 2019. In addition, the Contracts are expected to contribute to improved revenue visibility for FY 2020 and 2021.
SimiGon President and CEO, Ami Vizer, said: "These strategic Contracts are highly notable. First, it provides a positive start to 2019. Secondly, this further cements our ongoing strong relationship with this strategic European client.
These three year Contracts are a major win, reflecting the Customer's belief in SimiGon technology as the training systems infrastructure. This also demonstrates to the industry SimiGon's ability to provide cost effective, advanced training solutions which addresses market need. We look forward to continuing our close business relationship with this Customer and building on this positive momentum throughout 2019."
Enquiries:
SimiGon Ltd | |
Ami Vizer, Chief Executive Officer | +1 (407) 951 5548 |
Efi Manea, Chief Financial Officer | |
finnCap (NOMAD & Broker) | +44 (0) 20 7220 0500 |
Scott Mathieson / Matthew Radley (corporate finance) |
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.