Business
Global Agreement with Progress Rail
Global Agreement with Progress Rail.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n \nRNS Number : 1548Q Seeing Machines Limited 08 September 2017 \n\nSeeing Machines Limited\n(\"Seeing Machines\", the \"Company\")\n \nSeeing Machines Signs Global Agreement with Progress Rail Corporation\n \n8 September 2017\n \nSeeing Machines (AIM: SEE), an industry leader in computer vision technologies which enable machines to see, understand and assist people, is pleased to confirm it has signed a new extended Partnership Agreement with Progress Rail Services Corporation (Progress Rail).\n \nProgress Rail, a Caterpillar company, is one of the largest integrated and diversified suppliers of railroad and transit system products and services worldwide. Since its acquisition of Electro-Motive Diesel (EMD), Progress Rail is the world's largest builder of diesel-electric locomotives for all commercial railroad applications including freight, intercity passenger, commuter, switching, industrial and mining.\n \nThe Agreement provides exclusive worldwide licence rights to Progress Rail, for core rail applications under specific conditions, on a royalty basis incorporating minimum royalty revenue growth commitments. \n \nUnder the previous agreement, Seeing Machines and Progress Rail worked closely on extensive trials with multiple rail operators, enabling both parties to understand, develop and optimize the application of the Seeing Machines operator monitoring technology for the rail environment as well as to gain a deeper understanding of the significant challenges that rail operators face in terms of fatigue and distraction.\n \nPaul Angelatos, SVP & GM Fleet, Rail and Off-Road, Seeing Machines commented: \"We are delighted to be moving our partnership with global leaders Progress Rail into the commercial phase now. Having worked closely over the past few years to understand and develop a robust solution for the rail industry through trials, it's very pleasing that both parties share the same vision and see large market opportunity to enter the commercial ramp phase, which will deliver significant benefits in safety and productivity across the rail sector.\"\n \nEnquiries:\n \n\n\n\n\nSeeing Machines Limited\n\n\nwww.seeingmachines.com / +61 2 6103 4700\n\n\n\n\nMike McAuliffe, CEO\n\n\[email protected] \n\n\n\n\nMedia enquiries\n \n\n\nSophie....