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Stratech Appoints Lim Soon Hock As Deputy Chairman & Executive Director



SINGAPORE, 06 August 2010 – Singapore Exchange Mainboard-listed Stratech Systems Limited (“Stratech” or “the Group”) today announced the appointment of Mr. Lim Soon Hock as its Deputy Chairman and Executive Director, with effect from August 10, 2010, for two years.

Prior to his appointment as Deputy Chairman and Executive Director, Mr. Lim was a Non-Executive and Independent Director of the Company, since 16 September 2004. He was the Chairman of the Nominating Committee and also served as a member of both the Audit Committee as well as the Remuneration Committee.

“Mr. Lim is a veteran in the industry. As the Company embarks on its next lap of growth, it intends to tap on Mr. Lim’s long years of experience in management and business as well as his domain expertise in the industry to unlock the full potential of the Company’s intellectual properties (IP). Mr. Lim has proven experience in taking a company from start-up to phenomenal success as with his tenure in Compaq Computer Asia Pacific and in business turn-around as well as business acceleration with Digital Equipment Singapore and SITA INC Asia Pacific.” said Dr. David K.M. Chew, Executive Chairman of Stratech.

In the last decade, Mr. Lim has been involved with taking three companies public, one each on SGX-ST, ASX and AIM as well as four mergers and acquisitions. About a year ago, he was appointed by a consortium of banks and a public auditing firm to oversee the restructuring and reverse take-over for a public-listed company, which he completed successfully recently.

“One of Mr. Lim’s key tasks is to streamline the Company’s operations, raise productivity, oversee corporate governance and risk management, given the complex nature of the business, which is largely project based, and to prepare the Company for the next phase of growth. The Company has a proven track record of designing, developing and implementing complex IT systems for complex and demanding operating environments, such as its iFerret™, Super BullsEye® II and OCOE System,“ said Mr. Sajjad Akhtar, Chairman of the Audit Committee.

Mr. Lim will be remunerated in equities, drawing a nominal cash salary of $8.00 per year. He will be allotted and issued 28,818,443 new ordinary shares in the Company and be awarded options to subscribe to 12,500,000 new ordinary shares.

Mr. Lim said: “There are very few companies in Singapore with the kind of Intellectual Properties which Stratech has developed and accumulated over the years. This is the Company’s most valuable asset, apart from human capital. The IP and patents offer a company more latitude to grow exponentially and to be more profitable, as has been shown by the phenomenal success of many top Fortune 500 companies in the USA.

Stratech has now evolved to be a large company in its formative stage. I am delighted to be offered the rare opportunity to join the board and the management, at this crucial turning point in its history, to take the Company to its next stage of growth, by unlocking the potential of the Company’s IP to the fullest.”

Dr. David K.M. Chew said: “The fact that Mr. Lim is prepared to be remunerated in equities is a big vote of confidence in our Company, our capabilities and potential. In the Company’s next lap, the sky is NOT the limit, as we continue to work hard to maximize  shareholders’ value.”

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About Stratech Systems Limited (“Stratech”)

Stratech Systems Limited ("Stratech") was listed on the mainboard of the Singapore Exchange in 2000. It is principally engaged in the design, development, integration, implementation, maintenance and project management of information technology and advanced technology systems. The Group delivers large-scale complex, real-time, mission-critical systems in the areas of intelligent Vision, intelligent Transport Systems and e-Systems for governments and businesses.

Founded in 1989, the Group has established an impressive track record serving industries such as aerospace and defence, financial services, government, healthcare, homeland security and transportation (air, sea and land). The Group develops and implements advanced technology solutions that achieve significant business transformation and competitive advantage for its clients.

About iFerret
Intelligent Airfield/Runway Surveillance and Foreign Object and Debris (FOD) Detection System

Stratech’s award-winning iFerret™ is the world’s first intelligent Vision-based Foreign Object and Debris (FOD) detection system capable of real-time automated FOD detection. It is user-friendly and pinpoints the FOD’s location to the accuracy of better than 1 meter. It provides clear, enhanced zoom-in visual images, which enable airport personnel to assess airfield/runway safety conditions under all circumstances. iFerret™ can be scaled for taxiways, aprons and military air bases with additional functions such as battle damage surveillance and incusion/wildlife/bird-strike detection.

About Super BullsEye® II
Advanced Weapons Scoring System

Super BullsEye® II is an advanced Weapons Scoring System capable of accurately scoring weapons impact day and night for air, sea and land forces and weapons development agencies. It revolutionizes weapons training by fully automating the scoring, recording and management of firing results over land or water to the accuracy of better than 1 meter. Other distinctive advantages include fast impact point measurement, comprehensive scoring, as well as the ability to integrate with electronic warfare training systems (EWTS) and air combat maneuvering instrumentation (ACMI) systems for scoring air-to-ground weapons delivery.

About Dynamic Pricing & Secure Payment System

Stratech’s Dynamic Pricing & Secure Payment System is a mega auction and payment engine which provides a greater degree of transparency to the open bidding exercise. It offers all bidders access to information on the prevailing bid situation to allow them to make informed decisions on the bid amounts. All bids and payment transactions are managed securely and electronically through multiple channels such as Automated Teller Machines (ATMs), Internet/Intranet and phone banking facilities.

The system is designed for high performance and reliability to suit all applications and industries. Capable of handling billions of dollars in annual transactions. Stratech’s Dynamic Pricing & Secure Payment System is ranked amongst the top e-commerce platforms globally. Stratech currently one of the largest payment engines in the world – the Online Certificate of Entitlement (OCOE) Open Bidding System. The OCOE system is deployed in Singapore to regulate vehicle registration.

For more information, please visit www.stratechsystems.com

 

Press Contacts

Stratech Systems Limited
Chew-Leong Sook Ching
DID: (65) 6799-6688
Email:   LEONG_Sook_Ching@StratechSystems.com