("SimiGon" or the "Company")
Update on Strategic Contract
Regulatory approval received for $2 million contract with Israeli Air Force
Contract for advanced F-16 maintenance training solution propels SimiGon into new, lucrative vertical
SimiGon, Ltd. (LSE: SIM), a global leader in modelling, simulation & training solutions, is pleased to announce that it has now received final regulatory approval for a $2 million purchase order received from the Israeli Air Force (“IAF”) (initially announced on 20 June 2016).
As reported in the Company’s interim results on 25 September 2017, the approval processes in respect of the contract has been subject to ongoing procedural delays. Delivery is expected to be over a 14 month period, with recognition of related revenues commencing upon delivery of the first contract milestone which is expected to be before the end of FY 2017.
The contract is for the provision of F-16 maintenance simulation based training systems to the IAF’s technician school in Haifa. The client-server system will support 60 trainees annually and each trainee will have a personal workstation allowing them to learn avionics and front line maintenance with the support of a virtual instructor for a self-paced syllabus in a fully immersive, virtual environment.
SimiGon President & CEO, Ami Vizer, commented: "We are pleased to have concluded the final regulatory hurdles for this strategic contract, which further solidifies our position as a leading technology partner to our core market of global military organizations. This contract, in the maintenance training domain, is a new, lucrative vertical for SimiGon and will provide us with the experience and credentials to leverage for similar new business opportunities in other regions and other sectors. We are proud to play a major role in the IAF's new maintenance training vision and we are looking forward to extending our solution and concept to meet other training needs of the IAF."
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Posted on 11/17/2017 at 03:48 AM