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STRATECH SYSTEMS UNVEILS PLANS AND STRATEGIES FOR GROWTH
Stratech’s Intellectual Property (IP) portfolio comprises technological innovations such as:
To execute the “powered by Stratech” strategy, the Company today announced plans to undertake a notes issue to Pacific Capital Investment Management Limited (“PCIM”) of unsecured non-interest bearing notes due 2011 in aggregate principal amount of up to S$60 million (the “Notes Issue”).
The Notes Issue is subject to the in-principle approval from the Singapore Exchange Securities Trading Limited (“SGX-ST”) for the listing and quotation for the new shares to be issued upon conversion of the Notes on the Official List of the SGX-ST. In view of this proposed fund raising exercise, the Company intends to terminate the initial notes issue to PCIM wherein it has agreed to issue unsecured non-interest bearing notes due 2011 in aggregate principal amount of up to S$20 million. To date, PCIM has subscribed for S$10 million of the notes and has converted the notes into an aggregate number of 174,225,000 new shares.
The proceeds from the Notes Issue will be used to fund product and market development for intelligent Vision components (which include iFerretTM) of the Company’s IP portfolio, and as working capital. For example, during the Singapore Airshow last month, Stratech announced a S$12 million contract to deploy iFerret™ at Changi Airport.
PCIM is a boutique investment fund based in the United Kingdom with investments in the global emerging markets. The subscribers of PCIM are pension funds and private equity funds. The shareholders of PCIM comprise individual investors investing in proprietary funds. None of the shareholders of PCIM is related to or associated with any of the Directors or substantial shareholders. Also, none of the Directors or substantial or controlling shareholders of Stratech have any interest, direct or indirect, in the above Notes Issue.
Dr David K.M. Chew, Executive Chairman of Stratech Systems, said: “We are pleased that PCIM has reaffirmed its confidence in the Company and further endorsed our ‘powered by Stratech’ strategy. Stratech intends to capitalise on our strengths in homeland security and aerospace by commercialising IPs in these fields. We are confident that the ‘powered by Stratech’ strategy will propel the Company to greater heights.”
intelligent Vision uses image and video capturing devices and intelligent software to provide computers with the ability to see, recognise, analyse and understand what is seen.
iFerret™ is an intelligent Vision-based system that detects, identifies, tracks and displays foreign objects and debris in real time. The system is scalable for airport runways of any length and can also be deployed at hangars, aprons, taxiways and aircraft carriers. In 2006, the system was awarded the Research and Development prize at the Asia Pacific Information and Communications Technology Awards in Macau.
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