17 Nov 2017 07:00
Friday, 17 November 2017
SimiGon Ltd
("SimiGon" or the "Company")
Update on Strategic Contract
Regulatory approval received for $2 million contract with Israeli Air Force
Contract for advanced F-16 maintenance training solution propels SimiGon into new, lucrative vertical
SimiGon, Ltd. (LSE: SIM), a global leader in modelling, simulation & training solutions, is pleased to announce that it has now received final regulatory approval for a $2 million purchase order received from the Israeli Air Force ("IAF") (initially announced on 20 June 2016).
As reported in the Company's interim results on 25 September 2017, the approval processes in respect of the contract has been subject to ongoing procedural delays. Delivery is expected to be over a 14 month period, with recognition of related revenues commencing upon delivery of the first contract milestone which is expected to be before the end of FY 2017.
The contract is for the provision of F-16 maintenance simulation based training systems to the IAF's technician school in Haifa. The client-server system will support 60 trainees annually and each trainee will have a personal workstation allowing them to learn avionics and front line maintenance with the support of a virtual instructor for a self-paced syllabus in a fully immersive, virtual environment.
SimiGon President & CEO, Ami Vizer, commented: "We are pleased to have concluded the final regulatory hurdles for this strategic contract, which further solidifies our position as a leading technology partner to our core market of global military organizations. This contract, in the maintenance training domain, is a new, lucrative vertical for SimiGon and will provide us with the experience and credentials to leverage for similar new business opportunities in other regions and other sectors. We are proud to play a major role in the IAF's new maintenance training vision and we are looking forward to extending our solution and concept to meet other training needs of the IAF."
Enquiries:
SimiGon Ltd | |
Ami Vizer, Chief Executive Officer | +1 (407) 951 5548 |
Efi Manea, Chief Financial Officer | |
finnCap (NOMAD & Broker) | +44 (0) 207 220 0500 |
Henrik Persson/Scott Mathieson (corporate finance) | |
Stephen Norcross (corporate broking) | |
Alma PR (Public Relations) | |
Hilary Buchanan/Josh Royston/Helena Bogle | +44(0) 208 004 4217 |
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.