|NEWS & EVENTS|
|Stratech Aerospace Receives International Headquarters Award from Singapore Economic Development Board|
Singapore, 30 January 2013 – Singapore Exchange Mainboard-listed Stratech Systems Limited today announces that Stratech Aerospace Pte. Ltd. has received the International Headquarters (IHQ) Award presented by the Singapore Economic Development Board (SEDB).
The SEDB is the lead government agency for planning and executing strategies to enhance Singapore’s position as a global business centre. Its Headquarters Programme encourages companies to use Singapore as a base for conducting headquarters management activities to oversee, manage and control their regional and global operations and businesses. The International Headquarters Award recognises the potential significant growth and development of Stratech Aerospace.
“We welcome the set up of Stratech Aerospace Pte Ltd’s IHQ and Centre of Excellence for Video Analytics in Singapore. Maintaining excellent safety standards is a key priority for the fastgrowing aviation industry. To stay ahead of competition, safety and security companies must constantly innovate and create new applications to meet the specific needs of their customers. Singapore's aviation hub coupled with its strong R&D infrastructure will help propel companies like Stratech Aerospace to become global players in this space.” said Mr. Gian Yi-Hsen, Director, Singapore Economic Development Board (SEDB).
Stratech Aerospace is a wholly-owned subsidiary of Stratech Systems Limited. Its objective is to spin out the iFerret™ intelligent Airfield/Runway Surveillance and Foreign Object & Debris (FOD) Detection System in key aviation markets. This is done via licensing, alliances and strategic joint ventures.
Stratech Aerospace, headquartered in Singapore, will address key markets with significant potential for the aerospace industry, particularly in the fast-emerging area of automated FOD detection. Its network, covering important regions driving the aviation industry, will include the U.S., Middle East, China and Europe, which collectively account for a large proportion of the tremendous number of International Air Transport Association (IATA) listed airports globally. The airports in these markets are also consistently ranked among the busiest in the world. The Stratech Aerospace HQ in Singapore will continue to work on other regions not specifically covered in the network, for example the Asia-Pacific region and South America.
Stratech Aerospace also plans to offer leasing through Stratech Finance, which will be established with the objective of promoting the sales of products like iFerret™ by providing long-term and flexible financing for their acquisition. It aims to provide flexible financing arrangements to make iFerret™ affordable to airports, making it more widely-adopted, and consequently further improving the level of safety in aviation.
Stratech is a global leader in intelligent Vision. To strengthen this position, Stratech Aerospace plans to set up a Centre of Excellence for Video Analytics, which will be a Research & Development centre for video analytics to further enhance the leadership. The Centre’s work includes developing enhancements to the FOD detection capabilities of iFerret™ as well as complementary video analytics features which will augment iFerret™’s operations, for example safety and security surveillance in the airport’s airside environment.
Dr. David K.M. Chew, Executive Chairman of the Stratech Group, commented, “We are delighted that SEDB has recognised the potential of Stratech Aerospace. With the SEDB’s support, we are able to go all out in these key markets where the aviation industry is expected to grow very strongly, and where there is great potential for FOD detection. This will also allow us to play our part in boosting Singapore’s economic development.”
“We are proud to be given the opportunity to promote the Singapore brand on the international stage. With the government’s support, Stratech Aerospace is poised to positively contribute to flight safety in more airports internationally. This is an exciting opportunity for Singapore to emerge as a dominant player in aviation safety around the world”, Dr. Chew added.
Approved by the US Federal Aviation Administration (FAA), iFerret™ is the world’s first intelligent Vision-based FOD detection system, providing real-time, automated FOD detection, location, classification and recording. It can be deployed in civil airports as well as military airbases, helping to prevent potential aircraft damage and fatalities caused by FOD. The airports it has been deployed include Changi International Airport in Singapore, Chicago O’Hare International Airport in the US and Düsseldorf International Airport in Germany.
FOD refers to articles or wildlife found on runways, taxiways or aprons that could potentially cause injuries or damage to aircraft. An example of a fatal incident involving FOD was the Air France Concorde jet crash in 2000. During that incident, the aircraft crashed after running over a 17-inch-long metal strip, and 113 lives were lost. FOD also reportedly incurs an estimated US$4 billion in repair and maintenance costs annually, and up to US$13 billion per year including associated costs like flight delays and cancellations; lost productivity and revenues; potential liabilities; and damaged reputations.
iFerret™’s Airside Safety and Security Surveillance capability also allows airport operators to monitor activities in the airside areas—areas where aircraft typically operate, including the runways, taxiways and aprons. iFerret™’s high-definition image quality and superior night vision capabilities offer operators an unprecedented amount of detail of airside activities on their monitoring consoles, even at night.
In October 2000, Singapore Airlines flight SQ006 crashed in Taiwan’s Chiang Kai-shek Airport under low visibility conditions at night. The pilot of the flight had mistakenly attempted a takeoff on a runway that was supposed to have been closed for repair works. With iFerret™, such accidents can be prevented as air traffic controllers would have been able to spot the error and warn the pilot in time.
Stratech Systems Limited