|NEWS & EVENTS|
|Stratech Partners The Garrett Group Asia to Set up Stratech Finance|
Singapore, 10 December 2012 – Singapore Exchange Mainboard-listed Stratech Systems Limited today announces that it has entered into a joint venture with The Garrett Group Asia (TGGA) to establish Stratech Finance Pte. Ltd. Stratech Finance will be incorporated in Singapore with the objective of promoting the sales of Stratech products such as the iFerret™ intelligent Airfield/Runway Surveillance and FOD (Foreign Object & Debris) Detection System by providing clients with long-term and flexible financing for their acquisition.
Stratech Executive Chairman, Dr. David K.M. Chew, explained, “When the first Xerox plain paper copier was introduced, everybody knew it was a revolutionary product, but many people were unable to afford the purchase. When Xerox later offered the copier on a lease basis, it was a gamechanger, and the copier became widely adopted. This is what we are doing with Stratech Finance. We want to provide flexible financing arrangements to make iFerret™ affordable to airports. Stratech Finance will help to accelerate iFerret™’s roll-out in many markets that we are pursuing.”
TGGA is a Singapore-incorporated subsidiary of The Garrett Group (TGG). It is a financial services and advisory firm focused on providing financial solutions to high technology industries. The Garrett Group’s goal is to utilise classic and proprietary financial tools in unique ways to provide operating leverage and flexibility to clients worldwide to lower total equipment ownership costs, to shorten supplier time to market and to improve return on assets and equity to both buyers and sellers.
Stratech Finance will offer financing options for iFerret™, as well as some of the other intelligent Vision technologies developed by Stratech. It aims to reach out to airports who are keen to adopt iFerret™ to improve their operations, but who may not be able to afford the upfront cash outlay.
Dr. Chew added, “We are pleased to work with The Garrett Group, who has more than 25 years of experience in equipment finance and a diverse portfolio of financial tools at their disposal. With The Garrettt Group as our partner, Stratech Finance will offer the best financing solutions to address our clients’ needs. iFerret™ is about public safety and security and we want to limit any impediments to its implementation by maximising clients’ financing options.”
The Garrett Group’s Chairman and CEO, Sanford J. Garrett stated, “After researching the market, we realised that Stratech’s intelligent Vision technologies offer state-of-the-art performance and maximise public safety and security while substantially reducing aircraft damage and resultant maintenance costs of FOD presence on airport runways, taxiways, aprons and ramps. As noted by the US Federal Aviation Administration, FOD poses a significant threat to the safety of air travel and has the potential to damage aircraft during critical phases of flight, which can lead to catastrophic loss of life and airframe and increased maintenance and operating costs.”
Mr. Garrett went on to state, “Stratech Finance, working with sovereign governments, public and private operators of airports, and the global financial community, will have substantial funds and flexibility at its disposal to resolve virtually all financial issues associated with the procurement and operation of the iFerret™ system.” As stated by the US Federal Aviation Administration in its recent approval “iFerret™ is able to detect objects of various shapes, sizes, and materials on runway surfaces, taxiways, and aprons…as small as 0.8 inch…and able to perform satisfactorily in nighttime, daytime, sun, rain, mist, fog, and snow conditions.”
“The Garrett Group is excited to be working closely with Stratech Systems in bringing an unprecedented level of safety and security to the airline industry and it passengers” added Mr. Garrett.
Stratech Systems Limited
The Garrett Group