2 Dec 2019 09:32
SimiGon Ltd
("SimiGon" or the "Company")
SimiGon awarded $1.8 million contract for C-130 virtual maintenance training
SimiGon, Ltd. (LSE: SIM), a global leader in modelling, simulation & training solutions, is pleased to announce that it has received a $1.8 million contract from a large international defence electronics company ("Defense Company") to design, develop and implement a C-130 virtual maintenance training ("VMT") solution for the Israeli Air Force ("IAF") technician training academy (the "Contract").
The Contract for the C-130 training system is a new product complimenting SimiGon's current range of VMT solutions, including the F-16 training system which is already used by the IAF. This Contract, along with other ground based training systems using SimiGon technologies in the IAF, including T-6A Virtual Reality systems and the M-346 Advanced Jet Trainer, further solidifies SimiGon technologies as the IAF's primary training technology platform for aircrew academy members.
The delivery includes 'H' and 'J' variants maintenance training devices, virtual instructor ("VI") guided lessons for flight line operations and advanced avionics repair and testing. VI lessons reduce the burden and reliance on live instructors. The system also includes a native learning management system to distribute training content, track user performance, add classroom management capabilities, and enable improved reporting. The Simulation Based Training system will be provided on SimiGon's Virtual / Mixed / Augmented reality-capable environment.
The Contract's period of performance (excluding 12 months warranty and support) is approximately eighteen (18) months and the expected revenue contribution has already been factored into management's expectations for the year ending 31 December 2019 and also contributes to improved revenue visibility for FY 2020 and beyond.
This award is further evidence of SimiGon's growing impact on the aviation maintenance training market and strengthens the Company's market leading position.
Mr. Ami Vizer, SimiGon's Chief Executive Officer and Chairman, said: "This Contract is a great achievement for the Company and we are proud to continue to play a major role in the IAF's ongoing maintenance training program. We expect this Contract to lead to additional business opportunities with this large Defense Company, the IAF and the wider aviation maintenance training market."
Enquiries:
SimiGon Ltd | |
Ami Vizer, Chief Executive Officer and Executive Chairman | +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.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon publication of this announcement, this information is now considered to be in the public domain.