16th May 2016 08:00
LONDON (Alliance News) - Vehicle operator monitoring technology company Seeing Machines Ltd on Monday said it has signed a term sheet with a US-based investor to back a separately-funded company which will solely focus on commercialising the UK firm's technology in the US.
Seeing Machines did not provide specific details on the investment but said it will retain a significant equity stake in the new company.
"This continued execution of our multi-sector transport strategy builds on our successful venture with Caterpillar for rugged off-road industries. We believe that spinning out the automotive driver monitoring business will sufficiently resource the automotive business, further develop our automotive industry relationships and maximise the return for Seeing Machines' shareholders," said Seeing Machines Chief Executive Ken Kroeger.
Shares in Seeing Machines were down 0.5% to 3.98 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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