Business
Automotive License Deal
Automotive License Deal.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n \n \n RNS Number : 3222I\n Seeing Machines Limited\n 01 April 2020\n \n \n \n \n Seeing Machines Limited\n \n 1 April 2020\n \n Automotive License Deal\n \n US$5m pre-production fee to be received\n \n \n Seeing Machines Limited (AIM: SEE, \"Seeing Machines\" or the \"Company\"), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, announces a pre-production license deal with a major Automotive Tier 1 partner. This has been entered into under the terms of a pre-exisiting non-exclusive Collaboration Agreement (the \"Agreement\") to provide Seeing Machine's Driver Monitoring System (DMS) technology for an ongoing Automotive program.\n \n \n \n \n \n Seeing Machines will receive a non-refundable pre-production license fee of US$5 million before 30 June 2020, in addition to future volume based royalty payments for the above mentioned Automotive program. The Company will retain all intellectual property rights associated with its DMS technology licensed to the counterparty under the Agreement. \n \n \n \n \n \n \n Paul McGlone, CEO of Seeing Machines\n \n commented: \"We have been working on a range of opportunities to license our DMS technology across each transport sector and are delighted that the first to be completed is in our Automotive business with a key Tier 1 partner.\n \n \n \n \n \n This approach to doing business is key to long-term sustainability and appropriate management of our balance sheet especially in businesses where revenue tends to be longtail in nature.\"\n \n \n \n \n \n \n \n \n Enquiries:\n \n \n \n \n \n \n \n \n Seeing Machines Limited \n \n \n \n \n +61 2 6103 4700\n \n \n \n \n \n \n Paul McGlone - CEO\n \n \n Sophie Nicoll - Corporate Communications\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cenkos Securities plc (Nominated Adviser and Broker)\n Neil McDonald\n Pete Lynch\n \n \n +44 131 220 6939\n \n \n \n \n \n \n \n \n \n \n \n \n Stifel Nicolaus Europe Limited (Joint Broker)\n \n \n +44 20 7710 7600\n \n \n \n \n Alex Price\n Nick Adams\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Antenna Group for Seeing Machines (Media Enquiries)\n \n \n \n \n \n \n \n seeingmachines@antennagroup....