5 Oct 2020 08:15
SimiGon Ltd
("SimiGon" or the "Company")
SimiGon continues to capitalize on its investment in Virtual Maintenance Training technology
SimiGon awarded additional $0.5 million for the C-130 Virtual Maintenance Training contract
SimiGon (LSE: SIM), a global leader in providing simulation training solutions, is pleased to announce that it has been awarded with additional $0.5 million extension to its C-130 Virtual Maintenance Training ("VMT") contract previously announced in 2 December 2020 (the "Contract") by a large international defense company (the "Defense Company"). The Contract is for the design, development and implementation of a C-130 VMT solution for the Israeli Air Force ("IAF") technical training academy.
SimiGon's investment in maintenance training technologies together with the recently successful systems delivery of F-16 VMT to the IAF, has contributed to the decision made by the Defense Company to grant SimiGon with the Expansion. The high level of confidence showed by the Defense Company was influenced by SimiGon's maintenance training technology infrastructure and solution that significantly increases training effectiveness over traditional maintenance training methods.
The Contract is an additional "Stamp of Approval" from the Defense Company and the IAF that further justifies the business decision made by management to pursue the maintenance training market and to invest in research and development funds in the maintenance training domain.
The Contract's period of performance (excluding 12 months warranty and support) was expanded to a total expected period of twenty-eight (28) months. The expected revenue contribution has already been factored into management's expectations for the year ending 31 December 2020 and also contributes to improved revenue visibility for FY 2021 and beyond.
Mr. Ami Vizer, SimiGon's Chief Executive Officer and Chairman, said: "This Contract further demonstrates the success of SimiGon's training technologies, methodologies and successful products. We thank the Defense Company for their confidence in SimiGon and we are proud to continue to play a major role in the IAF's ongoing maintenance training programs. We expect this Contract to lead to additional business opportunities with the 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 |
Henrik Persson / 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.