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STRATECH AND GLOSSET SIGN MEMORANDUM OF UNDERSTANDING
- To Replicate And To Build On Stratech’s Advanced Technologies in South Korea
Singapore , May 2, 2007 – Mainboard-listed Stratech Systems Limited (“ Stratech ”) announced today that it has signed a Memorandum of Under stan ding (MOU) with Glosset Co. Ltd., South Korea (“Glosset”) to establish a joint-venture corporation to replicate and to build on Stratech’s successful advanced technologies in the Korean market, as part of its Commercialisation strategy.
Glosset is a leading financial and real estate development company in South Korea with extensive business contacts and networks in both the public and private sectors in South Korea . Glosset will initially invest US$1 million into the interim business venture to promote Stratech ’s technologies and professional services. The proposed joint venture will draw upon the combined strengths of Stratech and Glosset to provide advanced technology solutions for the Korean market.
Mr. Lim Young-Gi, CEO of Glosset, said: “We see huge potential for Stratech’s products and capabilities in the Korean market especially its Intelligent Vision and e-Government solutions which would be applicable for the military and public sectors. We are excited about this joint venture and are committed to see it succeed.”
Stratech’s Intelligent Vision systems use image and video capturing devices and intelligent software to provide computers with the ability to see, recognise, analyse and understand what is seen – ie. “putting a brain behind machines that see”. In Singapore , Stratech designed and provided the system for the electronic COE (Certificate Of Entitlement) bidding process for the Land Transport Authority.
Dr. David K.M. Chew, Executive Chairman, said: “As part of our ‘powered by Stratech’ strategy to commercialise our technology innovations and exploit the value of our Intellectual Properties, we had been exploring business opportunities in South Korea . Given the high level of proliferation for advanced technologies in Korea , we are proud to work with Glosset to provide further value-add into this high technology market.”
“This MOU with Glosset clearly demonstrates that our concerted efforts to penetrate the global market are paying off and with this partnership in place, our long-term objective is to transfer Stratech ’s capabilities as technology building blocks for new innovative applications in the Korean market,” added Dr. Chew.
The Stratech-Glosset joint-venture was brought about through the efforts of Mr. Hahm Myung Chul, former Ambassador of the Republic of Korea to Singapore . Ambassador Hahm, a prominent figure in the business and industry circles is delighted with this new joint venture, and is confident that the Stratech-Glosset relationship will bring about closer ties between Singapore and the Republic of Korea .
About Stratech Systems Limited (“Stratech”)
Stratech Systems Limited (“Stratech”) was listed on the Main Board 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.
In 2006, Stratech won the Research and Development prize for its intelligent Airfield/Runway Surveillance and Foreign Object and Debris (FOD) Detection System at the Asia Pacific ICT Awards. Stratech’s iFerret™ (a world’s first system to utilise intelligent Vision to detect and classify foreign object, with the ability to pinpoint the location of the foreign objects) was awarded The Enterprise Challenge (TEC) initiative by the Prime Minister’s Office of Singapore in 2006.
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.
For more information, please visit www.stratechsystems.com