Business
Automotive Business Term Sheet Signed
Automotive Business Term Sheet Signed.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n \nRNS Number : 2784Y Seeing Machines Limited 16 May 2016 \n\nSeeing Machines Limited\n(\"Seeing Machines\" or \"the Company\")\n \nAutomotive Business Term Sheet Signed\n16 May 2016\nSeeing Machines Limited, (AIM: SEE), the AIM listed vehicle operator monitoring technology company, is pleased to announce that it has signed a term sheet with a US-based investment firm with extensive experience in automotive technologies, for investment into a separately funded company solely focused on commercialising Seeing Machines' technology in the automotive market. Seeing Machines would retain a significant equity stake in the new company. The term sheet is non-binding, except for customary legal obligations and due diligence. Seeing Machines and its advisors are working with the lead investor and other investors to finalise the investment round. \nKen Kroeger, Seeing Machines CEO commented: \"This continued execution of our multi-sector transport strategy builds on our successful venture with Caterpillar for rugged off-road industries. We believe that spinning out the automotive driver monitoring business will sufficiently resource the automotive business, further develop our automotive industry relationships and maximise the return for Seeing Machines' shareholders.\" \n\"Additionally, the Company continues to develop and deliver driver monitoring systems (DMS) for a global car maker, for their first and second-generation DMS platforms, launching first in early 2018 models. The automotive industry requires the highest levels of reliability and this strong continued support confirms Seeing Machines' ability to deliver the automotive industry's requirement for driver monitoring technology.\" \n \nEnquiries:\n\n\n\n\nSeeing Machines Limited\n\n\nwww.seeingmachines.com / +61 2 6103 4700 \n\n\n\n\nKen Kroeger, Managing Director and CEO\n\n\[email protected]\n\n\n\n\nMedia inquiries: Adrian Dean \n\n\[email protected] \n \n\n\n\n\n \n\n\nfinnCap Ltd, Broker for Seeing Machines\n\n\n\n\n \n\n\nEd Frisby / Emily Watts, Corporate Finance\n\n\n+44 20 7220 0500\n\n\n\n\n \n\n\nJoanna Scott, Corporate Broking\n \n\n\n\n\n\n\n\n \n\n\nNewgate, Investment Communications for Seeing Machines\n\n\n\n\n \n\n\nRobyn McConnachie\n \n \nBob Huxford\n&...