21st Oct 2014 08:44
LONDON (Alliance News) - Seeing Machines Ltd Tuesday pledged further investment in its resources, as well as "assessing other strategic options" to build for future growth and long-term shareholder value.
In a statement ahead of its annual general meeting, the technology company said it is seeing opportunities in "many large global markets", and it has almost doubled its staff numbers over the last year to pursue these opportunities.
Seeing Machines noted that it is shifting its sales model from direct sales to selling through distributors. It said this will give it access to "far more markets" than it could service on its own. It has signed agreements with 16 dealers through its deal with Caterpillar Inc.
It is diversifying its sources of revenue away from just mining, amongst other steps, as part of its strategic plan. It has established partnerships with companies in automotive safety, rail, and consumer electronics, which it believes will lead to "significant future value."
Additionally, it cited opportunities in the commercial road transport market. It is developing a new product for trucks and buses that it expects to be available by the second quarter of 2015. It is also looking at opportunities to integrate or acquire other technologies to expand its sensing and reporting capabilities.
It intends to bolster its Automotive Original Equipment Manufacturer products with after-market Advanced Driver Assistance Systems for commercial vehicles.
Shares in Seeing Machines are trading up 8.7% at 6.25 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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