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STRATECH SYSTEMS BUILDS S$60 MILLION FINANCIAL WAR CHEST
Singapore , 17 September 2008 – Mainboard-listed Stratech Systems Limited (“Stratech” or “the Company”) will see an injection of up to S$60 million to its war chest with a financial arrangement with Pacific Capital Investment Management Limited (“PCIM”), which was approved by shareholders at the Company’s Extraordinary General Meeting (EGM) held today.
Under the agreement, PCIM will subscribe to new ordinary shares of Stratech worth up to S$60 million (the “Notes Issue”). The Notes Issue, due in 2011, comprises 60 equal tranches of S$1 million each.
With this Notes Issue, Stratech will have access to an additional source of funding to finance its business expansion and execute its “powered by Stratech” strategy. This “powered by Stratech” strategy is to enable the Company to focus on commercialising its technological innovations through licensing, alliances, joint ventures with strategic partners and spin-outs.
PCIM is a boutique investment fund based in the United Kingdom with investments in the global emerging markets.
Dr David K.M. Chew, Executive Chairman of Stratech Systems Limited, said: “We are extremely pleased that PCIM has confidence in our company in spite of the current economic conditions. We are now well-positioned to capitalise on our strengths in intelligent Vision (for homeland security) and iFerret™ (for aerospace) by commercialising our intellectual properties (IPs) in these fields. With the funds in place, we are confident that our ‘powered by Stratech’ strategy will propel the Company to greater heights and eventually enhance shareholder value in the long term.”
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 currently being deployed for both runways at Changi International Airport . Separately, the Center of Excellence in Airport Technology (CEAT) of FAA is currently working with Stratech to pilot iFerret™ at O’Hare International Airport in Chicago .
Stratech Systems Limited (“Stratech”) was listed on the mainboard 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.
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
Stratech Systems Limited