Seeing Machines Regulatory News (SEE)

1 Dec 2005 08:53

Seeing Machines Limited01 December 2005 This announcement replaces the RNS announcement (reference number 9511U)released at 07:00am on 1 December 2005. The number of Ordinary Shares in issueprior to admission should have read 191,212,874. The full amended press releaseis below: 1st December 2005 Seeing Machines Limited Placing and Admission to AIM Seeing Machines Limited ("Seeing Machines" or "the Company") announces it hastoday commenced trading on AIM (TIDM: SEE) following the successful placing of55 million Placing Shares at 3p to raise approximately £1.65 million gross.Insinger de Beaufort acted as Nominated Adviser and Broker. Key Statistics Placing Price 3pNumber of Ordinary Shares in issue immediately prior to Admission 191,212,874Number of Ordinary Shares to be conditionally issued on Admission 8,787,129Number of Placing Shares 55,058,328Number of Ordinary Shares in issue immediately following Admission (including the PlacingShares) 255,058,331Placing Shares as a percentage of the Enlarged Share Capital 21.59%Market capitalisation of the Company at the Placing Price on Admission £7.65mEstimated net proceeds of the Placing receivable by the Company £1.25m The principal activity of the Company is the development of computer visionprocessing technologies that allow machines to see and track human faces andmoving objects. These technologies are used in the development of new productsand applications that range from devices to improve road safety and save livesto those that can detect and manage eye disease and prevent loss of eyesight. The proceeds of the Placing will be used to: • implement product development opportunities in global automotive, transport and healthcare markets; • fund further development of the existing technology portfolio; • investigate and progress the commercialisation of opportunities in new markets such as entertainment, robotics and security; • expand the sales team and establish a European office; and • for general working capital purposes. Seeing Machines is based at the Australian National University Campus inCanberra. It was incorporated in July 2000 and commenced trading in November2000 in order to commercialise research into vision-based human-machineinterfaces that had been jointly undertaken since 1997 by Volvo Technology inSweden and researchers at the Australian National University. The aim of thisresearch was to develop technologies that enable computers to detect, track andinterpret human faces and facial features. The initial goal was to improvedriver safety and reduce transport accidents by using real-time tracking ofhead-pose, gaze direction and eyelid behaviour to monitor driver fatigue,distraction or inattention, and these ambitions were initially realized throughthe development of the faceLABTM product as a measurement and design tool. The Company's focus today is on deploying its computer vision technologies,predominantly in Europe, the United States and Japan, in: • human performance measurement, using its faceLABTM product; • driver safety products for automotive and other transport markets; • vision-testing devices for healthcare markets, including a new objective method for diagnosing and managing glaucoma; and • new products in sports, entertainment, robotics and security markets. Seeing Machines aims to be the world's leading provider of computer visionprocessing technologies. The Company's business strategy is to deliver strongrevenue streams and profit growth through licensing its vision processingtechnologies for use in high value products. The Company is prioritisinghigh-volume, global markets with a strong demand for technology-basedimprovements to achieve better safety or quality of life, particularly in theareas of road and transport safety and the management of eye diseases. SeeingMachines has already worked with leading automotive manufacturers includingVolvo, Jaguar, Toyota, Ford, Nissan, Honda and Daimler Chrysler, as well assupplying its faceLABTM product for academic research to, inter alia, New YorkUniversity, Australian National University and Tokyo Denki University, Seeing Machines has a highly experienced Board, including: • (James) Fulton Muir, non-executive Chairman -- has held seniorpositions in Australian banks, as well as having a distinguished career inbanking, government and international relations; • Nick Cerneaz, Chief Executive Officer - significant experience ofdeveloping and commercialising medical software and devices, most recently asChief Operations Officer and previously Vice-President of Engineering at MiradaSolutions Ltd, a UK-based medical software company spun out of OxfordUniversity; • Alexander Zelinsky, Chief Technology Officer - Co-founder of SeeingMachines and formerly Professor and Head of Department of Systems Engineering atthe Australian National University; • Anthony Kinnear, non-executive - former Chief Executive of LexisNexisAustralia and Chief Executive of SoftLaw Corporation Limited, an expert systemssoftware and related services supplier; • Trent Victor, non-executive - senior specialist in the DriverAwareness product area at Volvo Technology; • David Gaul, non-executive - co-founder and President of CEATechnologies, a company that designs and develops radar and communicationstechnology; and • Rob Sale, non-executive - has a long track-record of success inestablishing and developing technology start-ups and is a member of CSIRO, oneof Australia's largest and most diverse scientific and research organisations. The Company's senior engineering and management personnel has extensiveexperience in computer sciences, robotics, systems engineering, medical devicesand visual sciences. Nick Cerneaz, Chief Executive of Seeing Machines, commented: "The Placing andAdmission to AIM are important steps for our Company. Listing will raise ourprofile and that of our projects, as well as widening the shareholder base. OurLondon listing and the establishment of an enhanced European presence willsignificantly improve our ability to serve our existing and our future customerbase." Copies of the Admission document are available free of charge to the public atoffices of Insinger de Beaufort, 131 Finsbury Pavement, London EC2A 1NT and ofthe Company's UK solicitors, Lawrence Graham LLP, 190 Strand, London WC2R 1JNduring normal business hours on any business day (Saturdays and public holidaysexcepted) from the date of this document for a period of one month followingAdmission. - ends - Enquiries: Seeing Machines Limited Insinger de Beaufort Parkgreen CommunicationsNick Cerneaz, CEO Simon Fox Justine Howarth / Victoria Thomas+44 (0) 20 7493 3713 +44 (0) 20 7190 7018 +44 (0) 20 7493 3713www.seeingmachines.com Notes to editors About Seeing Machines Limited Seeing Machines is an award winning Technology Company which focuses on visionbased human machine interfaces. Formed in 2000 in Canberra, Australia, SeeingMachines' purpose is to commercialise its computer-vision across a range ofindustries and applications. Seeing Machines deliver advanced computer vision solutions for researches anddeveloper in human factors, transportation safety, computer human interaction,robotics, medical research and psychology. The flagship product faceLABTMprovides an automated and contact-free gaze and head tracking technology, itsolves the problem of observing human behaviour naturally, non-intrusively andwith a high degree of accuracy and usability. faceLABTM is a computer vision system that is able to measure the orientationand position of a human head, as well as detect blinks and estimategaze-direction. It achieves all of this completely visually through a stereocamera system connected to advanced image processing software, with noattachments required on the subject. The product is designed to allow humanfactors researchers and designers assess the interaction of an operator in anenvironment and this finds application in designing operator environments, suchas cockpits for cars, trucks, trains, and aeroplanes for instance, and otherindustrial design applications, as well as medical and psychological researchsituations. The technology also has application in monitoring automobiledrivers and if it detects drowsiness or that the driver is distracted and theirattention has been diverted from the road, an alarm can be raised to alert thedriver to either pull over and rest in the case of drowsiness or to pay moreattention to the road. faceLABTM works in real-time, taking 60 measurement samples every second,enabling the behaviour of a subject to be tracked. This technology is pavingthe way in promoting safer driving conditions and works to enhance the drivingexperience and to eliminate accidents caused through driver drowsiness ordistraction. There are many different sectors that can benefit from this revolutionarysoftware, for which it has been developed, including: automotive; academicresearch; medicine/healthcare; defence; autostereoscopy (next generationdisplays); sport; and games. Seeing Machines is currently working with the Australian National University toenable a new objective method for diagnosing and managing glaucoma, a leadingsource of blindness. This technology could complement or replace existingvisual field testing devices used by more than 70,000 ophthalmologists globallyand may have application in detecting other eye and neurological diseases.Seeing Machines is developing a technology based on a completely objectivemethod that uses an involuntary physiological response. This has the potentialto become a 'gold standard' in the diagnosis and management of glaucoma toderive reliable, repeatable results and greater diagnostic accuracy. Board of Directors (James) Fulton Muir, AO (Non-executive Chairman), aged 75, has a distinguishedcareer in banking, government and international relations. He has held seniorpositions in major Australian banks including Westpac and St George. He hasbeen the New South Wales State Government Commissioner for North America, andalso economic adviser to the Chief Minister of Australian Capital TerritoryGovernment. He is a Director of several companies and also holds several roleswith the Australian National University, including Member of the UniversityCouncil and Chair of Finance Committee. Fulton was appointed an Officer of theOrder of Australia (AO) for Services to Commerce and the Community in 1992. Nick Cerneaz, B.Sc., B.E.(Hons), D.Phil (Chief Executive Officer), aged 39.Nick, A Rhodes Scholar and University Medallist, joined Seeing Machines in 2005to take responsibility for the commmercialisation of the Company's glaucomadiagnostic technology. Nick brings to Seeing Machines significant industryexperience developing and commercializing medical software and devices. Mostrecently Nick was the Chief Operations Officer, and formerly Vice President, ofEngineering at Mirada Solutions Limited ("Mirada") a UK based medical softwarecompany spun out from Oxford University in 1997. Nick was instrumental inbuilding Mirada from its start-up origins through to a trade sale to CTIMolecular Imaging, which was itself recently acquired by Siemens MedicalSystems, Inc. Alexander Zelinsky, Ph.D., Bmath., SMIEEE, FTSE (Non executive), aged 45. Priorto co-founding Seeing Machines, Alex was Professor and Head of Department ofSystems Engineering at the Australian National University. Alex is extensivelypublished and is internationally recognised as a leader in the fields ofrobotics and computer vision. He has worked in the computer industry and hashad extensive international experience as a project leader developing cuttingedge technology. Alex has received numerous international awards andrecognition for his work. In May 2005 Alex received the prestigious AustralianAcademy of Technological Sciences and Engineering Clunies Ross Award foroutstanding personal commitment over an extended period of time to successfulinnovation involving the application of science and technology for the benefitof Australia. Alex is also Chief Technology Officer to the Company. Anthony Kinnear, BA (Hons), LLB (Non executive), aged 40. Anthony has over 10years public company experience in running and growing information andtechnology businesses. Anthony was Chief Executive Officer of SoftLawCorporation Limited ("SoftLaw"), an Australian technology company that providesexpert systems software and related services to government markets. Anthony ledSoftLaw through a major phase in its commercial and corporate development,including its listing on the Australian Stock Exchange in December 2001,successfully establishing international operations in London and WashingtonD.C., and negotiating major technology licensing contracts with governmentagencies in Australia and the UK. Prior to this, Anthony also enjoyed a sevenyear career with Reed Elsevier plc in the Asia Pacific region, ultimately asChief Executive of LexisNexis Australia (formerly known as Butterworths) and,concurrently, Regional Director of the New Zealand and Asian operations of thebusiness. Trent Victor, M.Sc. (Non executive), aged 37. Trent is Product Area Manager forDriver Environment at Volvo Technology. Volvo Technology is a research andinnovation company in the Volvo Group where new technologies, products andbusinesses are developed. Trent is responsible for co-ordination of research,innovation and product integration in the driver's environment. He also hasspecific expertise in driver awareness products, such as drowsiness alert,distraction alert, interaction support (workload management),attention-sensitive driving support, impairment detection and distractionevaluation tools. Trent has been the key person behind Volvo's involvement inSeeing Machines, ever since Volvo's first research contract with the AustralianNational University in the 1990s. David Gaul, (Non executive), aged 59. David is co-founder and President of CEATechnologies, a highly successful technology company that designs and developsradar and communications technology. David was the Australian TechnologyEntrepreneur of the Year in 2003 and has over 20 year experience in high-techcommercialism. David is a founding fellow of the Australian Institute ofCompany Directors. David is the uncle of Seeing Machines co-founder TimEdwards. Rob Sale, (Non executive), aged 38. Rob has a long track record of success inestablishing and developing technology start-ups. He Grew Abacus Data Systems,an Australian IT services and software development company from 20 to over 100staff and contractors, ultimately negotiating the sale of the business in 1999.Rob is a member of the CSIRO Sector Advisory Committee on InformationTechnology, Communications and Services. CSIRO is one of Australia's largestand most diverse scientific and research organizations. This information is provided by RNS The company news service from the London Stock Exchange