Business
Distributor Orders 1,000 Guardian units
Distributor Orders 1,000 Guardian units.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n \nRNS Number : 3223B Seeing Machines Limited 16 June 2016 \n\nSeeing Machines Limited\n(\"Seeing Machines\" or the \"Company\")\n \nSouth-East Asian Distributor Orders 1,000 Guardian units\n16 June 2016\nSeeing Machines Limited, (AIM: SEE), the AIM listed vehicle operator monitoring technology company, is pleased to announce the appointment of Guardian South East Asia Pte. Ltd. (\"Guardian SEA\") as a non-exclusive distributor to market, sell and service Seeing Machines' Guardian driver fatigue and distraction intervention solution in Singapore and Malaysia. As part of the agreement, Guardian SEA has purchased 1,000 Guardian units on normal commercial terms, the Company's single largest sale of Guardian units to date. \nGuardian SEA is wholly owned by V S Industry Berhad (\"VSI\"), a leading integrated electronics manufacturing services provider, and a strategic investor in Seeing Machines. Guardian SEA and VSI bring extensive regional knowledge and industry relationships to accelerate market penetration of Seeing Machines' Guardian Solution into the South-East Asian region. \nSeeing Machines and Guardian SEA expect to capitalise on the significant growth in cross-border transportation of goods between Singapore, Malaysia and Thailand, as well as the opportunity to protect passengers using extensive public bus networks in Singapore and other major cities in the region. Seeing Machines and Guardian SEA have been actively working on opportunities in the public bus market, including by conducting joint product demonstrations with local public transport authorities. \nPaul Angelatos, COO of Seeing Machines: \"We're very excited to be working with the team at Guardian South-East Asia and formally expand our operations in the region. Their expertise and local relationships will help to protect not only drivers, but also millions of commuters who rely upon safe, efficient public transportation.\"\nFor the purposes of the AIM Rules, VSI is a related party of the Company as it holds 12.1 per cent. of the issued share capital of the Company and is therefore a substantial shareholder. As a result, the purchase of the 1,000 Guardian units by VSI constitutes a related party transaction for the purposes of the AIM Rules. Accordingly, under AIM Rule 13, the Company's directors (with the excepti...