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SimiGon received a Winning Notice for a $2 million contract with the Israeli Air Force for F16 Maintenance Trainers - Simigon

News Details

SimiGon received a Winning Notice for a $2 million contract with the Israeli Air Force for F16 Maintenance Trainers

SIMbox technology expanded into new areas

SimiGon, Ltd. (LSE: SIM), a global leader in modelling, simulation & training solutions, is pleased to announce that it has received a Contract Winning Notice for a $2 million contract from the Israeli Air Force ("IAF") to provide new F16 maintenance trainers to its technician school in Haifa ("the Contract Winning Notice"). By adding a new solution for virtual maintenance training to its product offering, SimiGon can now provide training solutions for both aircrew and technicians. The same training aids and methodology can be utilized by both sets of end users, saving time and money. This comprehensive solution will be marketed worldwide and will contribute to growing SimiGon's market share.

The expected contract with the IAF includes the procurement of SimiGon's SIMbox software technology that will be implemented to train F16 maintenance technicians in a virtual environment. Up to 60 trainees across two classes will have personal stations that will allow them to learn avionic and front line maintenance with a virtual instructor and a self-paced syllabus using hi fidelity simulation. SIMbox is already used by several air forces to train its pilots in the most advanced programs and platforms and the proven technology and concept will now also be used to train the aircrafts' maintenance teams.

Once the expected contract has been signed it is due to be delivered within 18 months and its expected revenue contribution has already been factored into management's expectations for the year ended 31 December 2016. The expected contract should also contribute to improved revenue visibility for FY 2017 and beyond.

The Contract Winning Notice underscores SimiGon's successful entry into the military fixed wing training market and strengthens the Company's market leading offering and positioning which should lead to similar opportunities in the future.

SimiGon President & CEO, Ami Vizer, said: "We are excited to receive this Contract Winning Notice which will lead to new business opportunities and will support our existing revenue channels. This Contract Winning Notice opens a new market for SimiGon in the provision of maintenance simulation training solutions in addition to its advanced training solutions for pilots. The award also indicates the IAF's strong belief in our SIMbox technology capabilities, not only for its pilot training but also for supporting its new vision for technician and maintenance staff training".

View complete announcement on London Stock Exchange Website