News Details

SimiGon signs industrial offset contract to support leading Latin American training and simulation group

SimiGon (LSE: SIM), a global leader in providing simulation training solutions, is pleased to announce that is has signed a new technical support agreement to provide Corporacion de Alta Tecnologia para la Defensa (Codaltec), a leading Colombian high technology corporation. This is an additional endorsement of SimiGon's capabilities and technological ecosystem.

Codaltec was formed in August 2012 by the Colombian government to meet the defense sector's needs, including training and simulation. SimiGon provided the new corporation with its SIMbox training and simulation technology platform. Subsequent to the successful delivery and performance of SimiGon's systems and additional SimiGon software licenses purchases announced September 2014, SimiGon will deliver under this contract, additional technical support services, as part of an industrial offset agreement. The value of this contract was already factored into management's expectations for the year ended 31 December 2015.

Codaltec is partially owned by the Colombian Government and provides advanced training and simulation systems for their armed forces, among other high-tech projects it is currently working on. Codaltec is one of the largest and most successful groups utilizing SimiGon's SIMbox training and simulation software platform.

Julio Gonzalez, Codaltec's Chief Executive Officer, stated: "This support contract will help us achieve our mission to deliver the most advanced training systems for our armed forces. SimiGon's team working closely with our engineers will ensure our short term and long term success."

SimiGon President and CEO, Ami Vizer, said, "We are proud to continue our partnership with Codaltec to support project development and end user deliveries of SIMbox-based training systems. It is another endorsement and milestone from a highly valued strategic partner that SimiGon looks forward to continuing to work with for many years."

View complete announcement on London Stock Exchange Website