|NEWS & EVENTS|
Stratech Systems restructures and relists as The Stratech Group
Singapore, 6 April 2015 – Today marks the re-listing of the Stratech Systems Limited group of companies (Stratech Systems) as The Stratech Group Limited ("Stratech" or "the Group") after its scheme of arrangement (the Scheme) under Section 210 (Chapter 50) of the Companies Act of Singapore was approved by all its shareholders at the Court Meeting and Extraordinary General Meeting on 2 February 2015.
Under the Scheme, Stratech Systems and its subsidiaries are now held under a newly formed intermediary holding company that is wholly-owned by Stratech, whose 1,567,183,371 issued ordinary shares are now listed on the Main Board of the Singapore Exchange Securities Trading Limited ("SGX-ST").
The Group, founded by Executive Chairman Dr. David K.M. Chew (周健謀), is best known for its proprietary real-time video and image-based intelligent Vision technology. First developed in the 1990s, intelligent Vision combines cutting edge video analytics with advanced electro-optics sensor technology to provide surveillance and security solutions for the aerospace, land transport and maritime surveillance and security industries.
Dr. Chew said: "Stratech is one of the few Singapore technology innovation companies that have been able to make inroads into the world's rapidly growing surveillance and security industry."
"We plan to further streamline our key product groups into distinct operating subsidiaries to capture the vast opportunities unfolding for the products we have developed using our very own intelligent Vision technology."
Two of the Group's flagship products are the iFerret™ intelligent Airfield/Runway Surveillance and Foreign Object & Debris (FOD) Detection System and the iVACS® intelligent Vehicle Access Control System. Stratech's other products include Super BullsEye® Advance Weapons Scoring System for defence exercises, the VIPS® Vessel Identification and Positioning System and the VHSS (powered by VIPS®) Vessel Height Surveillance System.
iFerret™, which was certified by the United States Federal Aviation Administration (FAA) in March 2012, is swiftly gaining acceptance in the global aerospace industry. In February 2015, Stratech and its local Hong Kong partner were awarded the HK$280 million (or about USD$36.88 million) automated FOD detection system contract for the Hong Kong International Airport. Other global hubs that iFerret™ secured include Changi International Airport in Singapore which has been monitoring both its runways for almost 6 years, Dubai International Airport in the United Arab Emirates and O'Hare International Airport in Chicago in the United States of America which is for the FAA performance assessment. Moreover, this now-acclaimed system was also recently successfully installed at an air base under one of the world’s top air forces, opening up a largely untapped market.
The Group estimates that there are more than 7,400 International Air Transport Association registered commercial international airports around the world with an approximate market value of at least US$67 billion for FOD detection systems.
Meanwhile, iVACS® has made inroads into the Middle Eastern markets. One is for a prominent Smart City Project there. iVACS® screens vehicle undercarriages for potential security threats from devices such as explosives and gives alerts when suspicious foreign objects or modifications are detected. The system also screens the identities of vehicle drivers and passengers.
iVACS® protects critical infrastructure globally across six continents – Asia, Africa, Australia, Europe, North America and South America – and is in service, among others, with the Interpol Headquarters in Europe; the United Nations; two US Government Agencies' Headquarters in Washington, DC; an overseas facility of a US Government Department; a US Government Agency secure facility in Detroit; and a US Government Agency secure facility in Kansas City.
Commenting on Stratech's prospects, Dr. Chew said: "Our intelligent Vision technology is an advanced platform that enables Stratech to provide our clients with customised surveillance and security products such as the iFerret™ RADAS (Rapid Airfield Damage Assessment System)."
"Based on the keen interest we have seen and as our products gain market share, we are optimistic about achieving a sustained earnings turnaround, as well as growing a recurrent income stream and unlocking value for our shareholders."
Stratech Systems Limited