Business
Joint venture agreement for Latin America
Joint venture agreement for Latin America.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n \nRNS Number : 5884O Seeing Machines Limited 08 August 2014 \n \n\nSeeing Machines Limited\n \nJoint venture agreement for Latin America\n \n8 August 2014\n\nSeeing Machines, (AIM: SEE) (\"Seeing Machines\" or the \"Company\") the AIM listed technology company with a focus on operator monitoring and intervention sensing technologies and services, is proud to announce the formalisation of a strategic joint venture with Chilean company GTD Ingenieria de Sistemas (\"GTD\"). The jointly owned entity (with Seeing Machines taking a 55% equity stake) will form Seeing Machines Latin America and be integrated into Seeing Machines' global operations. The combination of Seeing Machines' technology with GTD's product knowledge, mining and transport safety experience and extensive regional knowledge and industry relationships will allow the joint venture to provide the highest levels of service to both mining and road transport customers and to Seeing Machines' newly partnered Latin American Caterpillar dealers. \n \nGTD is a Chilean company that has provided road and transport safety systems to the mining market since 2005. The strong demand for a driver fatigue and distraction risk mitigation technology led GTD to select Seeing Machines' real-time operator monitoring solution DSS.\n \nIn 2011, GTD became an exclusive DSS distributor for the Chilean, Argentinian and Peruvian markets and to-date, have sold over 300 DSS units, including 180 units to one of the world's largest copper mines, BHP Billiton's Escondida. The Latin American region (\"LATAM\"), with over 6,000 haul trucks, is a large potential market for DSS.\n \nPablo Plá, Executive Director of GTD said: \"GTD has been working with Seeing Machines' DSS operator safety technology to save lives in the Chilean, Argentinian and Peruvian mining markets for a number of years. We are immensely proud and committed to extending this mission throughout Latin America with our long term partners by the creation of Seeing Machines Latin America.\"\n \nKen Kroeger, CEO of Seeing Machines said: \"Our company is entirely built upon successful relationships with the best companies in our target industries and customer markets, like the relationships developed with GTD and Caterpillar Global Mining. Our mission 'to sa...