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Stratech announces investment in Vislog - solutions provider for intelligent computer vision systems
SINGAPORE, August 1, 2002 – Mainboard-listed advanced IT systems and technology developer, Stratech Systems Limited (the "Company") is pleased to announce that the Company has entered into an agreement (“Subscription Agreement”) to acquire an interest in Vislog Technology Pte Ltd (“Vislog”) by way of subscribing 2,800,000 convertible preference shares of par value $0.01 (“CPS”) in the share capital (the “Share Capital”) of Vislog. These CPSs will initially be convertible into ordinary shares of par value $0.01 in the Share Capital at the ratio of one CPS to one Ordinary Share. Initially holding 19.6% of the Share Capital, the Company will enlarge its shareholding to become majority shareholder over the next 12 months.
Vislog was formed in May 2001 by a group of professors and scientists from R&D institutions and entrepreneurs with MNC backgrounds. Its technical team is backed by more than 10 years of R&D experience in video and image processing from the former Kent Ridge Digital Labs ("KRDL"), a leading IT research institute in Asia. The company has successfully applied its patented technologies to many industry applications, such as pattern recognition in licence plate recognition, clear face detection for Automated Teller Machines and people estimation at taxi queues.
"The investment into Vislog is a strategic move for Stratech to build up our computer vision capabilities and enhance our current portfolio in security solutions and intelligent transport systems," said Dr. David K. M. Chew, Executive Chairman of Stratech. "Both companies share a common focus on developing intelligent solutions for the security and transportation markets using computer vision technologies. With Stratech's strengths in developing large-scale, end-to-end systems and Vislog's capabilities in research and development, we anticipate tremendous scope where both companies can collaborate to capture the security and transportation markets."
Welcoming Stratech's investment, Mr. Tang Juel Hoi, CEO of Vislog said, "We are gratified by the confidence Stratech is showing in the company's future. This investment will significantly strengthen the company and provide the necessary resources and opportunity as we proceed with the next phase of expansion. We look forward to great synergies to take place that will benefit both companies through this partnership."
This acquisition is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of the Company for the current financial year.
None of the Directors of the Company has any interest, direct or indirect in the above transactions. As far as the Directors are aware, no substantial shareholder of the Company has an interest, direct or indirect, in the above transaction. They have also not received any notification of any interest in the above transaction from any substantial shareholders.
About Stratech Systems Limited
Stratech Systems Limited ("Stratech") is a fast growing advanced technology and e-Business developer. We deliver mega real-time mission critical systems in the areas of Computer Vision, intelligent Transport Systems and E-Government. Stratech brings together world-class expertise, software and resources to help its clients meet operational challenges and New Economy opportunities.
Formed in 1989, we have since established an impressive track record serving industries such as Transportation, Healthcare, Government, Defence, and Financial Services. Over the years, we are recognised as a technology expert and innovator, as we continuously develop and implement solutions that achieve significant business transformation and competitive advantage for its clients.
Listed on the Mainboard of the Singapore Stock Exchange, Stratech is headquartered in Singapore and also operates in Hong Kong, China and Australia.
For more information, please contact:
Corporate Communications Division
Tel: +65 6799 6650
Fax: +65 6323 2177