Issue of Equity

Wednesday, 30 December 2009

Further to SimiGon's announcement of 1 May, 2009 of the implementation of a salary reduction scheme in order to decrease its expenses and in accordance with the said scheme, the Non-Executive Board members have also decided to implement a one year salary reduction of 15 per cent and instead will be issued with an equivalent value of ordinary shares 0.01 NIS par value of the Company ("Ordinary Shares"), which will be issued to the Company's trustee and will vest in 12 equal monthly instalments.

Pursuant to this initiative, the Company intends to issue a trustee, on behalf of Messrs. Alistair Rae, Nevat Simon, Vered Shany and Eitan Cohen, Non-Executive Directors of the Company, 47,727, 24,000, 24,000 and 24,000 Ordinary Shares, respectively, in return for the one year salary reduction. Following this transaction, Alistair Rae, Nevat Simon, Vered Shany and Eitan Cohen shall have a beneficial interest of 0.115%, 0.058%, 0.058% and 0.058%, respectively, of the total issued share capital of the Company; this will represent in aggregate 119,727 Ordinary Shares and 0.288% respectively.

Accordingly, application will be made in due course for a total of 119,727 Ordinary Shares to be admitted to trading on the AIM market of the London Stock Exchange. The new Ordinary Shares will rank pari passu with the Company's existing Ordinary Shares and the Company will confirm in due course when admission is expected to become effective.

Should the holders of at least 1% of the Company's total issued share capital object in writing to shares being issued to the Directors in return for the salary deduction within the next fourteen calendar days, the Company will introduce the matter for shareholder approval at the AGM.

View complete announcement on London Stock Exchange Website


SimiGon signs an agreement with European customer; initial order worth over $2 million

Wednesday, 30 September 2009

SimiGon Limited (LSE: SIM), a global leader in the provision of simulation solutions, announces that it signed an agreement with a European customer to be the Simulation Based Training (SBT) system provider for the development on supply of a new Academic Training Center. The initial order is valued over $2 million and is to be delivered during the next 18 months.

The SBT solution, based on SimiGon's SIMbox simulation and training technology platform, will play an integral role as part of the new advanced, Integrated Training Environment. SIMbox, as the baseline training system, will enable flight cadets to successfully surmount the numerous challenges of operating advanced aircraft. This is in line with the trend for advanced training solutions being included in program requirements for advanced aircraft.

This contract, the first of several training center contracts the Company expects to engage in with this customer, caps an extensive evaluation process the customer made of several types of solutions. SimiGon's advanced, robust and mature SBT system, a PC-based COTS product used daily by air force squadrons across the globe, was selected because of the extensive value and flexibility it provides organizations. SIMbox is the only SBT solution on the market to offer a fully integrated system comprised of high fidelity 3D simulation within a SCORM 2004 Learning Management System, After Action Review, Virtual Instructor and Live Instructor capabilities, trainee monitoring and reporting tools, a scheduling system, and easy-to-use content development tools. 

The contract will have a positive impact on 2009 and 2010 revenue visibility as well as further position SimiGon for similar opportunities globally and as a leading provider of advanced training solutions for air forces and other customers.

SimiGon President and CEO, Ami Vizer said, "We are excited to be chosen as the Simulation Based Training partner for this new academic training center. The well defined criteria of the customer and the selection of SIMbox support our understanding of the market and our vision of providing advanced, cost-effective training systems for a demanding and educated market. SimiGon is fully committed to the success and growth of this important strategic partnership. We see this contract as a first step in a long term, mutually beneficial relationship for both companies."


Interim Results for the six months ended 30 June 2009

Friday, 14 August 2009

SimiGon Ltd (together with its subsidiaries "SimiGon" or the "Company"), a global leader in providing simulation solutions, announces its interim results for the six months to 30 June 2009.

Financial Highlights

Operational Highlights

Ami Vizer, President & Chief Executive Officer of SimiGon stated: "Our business results for the six months ended 30 June 2009 are similar to our expectations given the challenging economic conditions and the period's normal seasonality.

We were able to successfully plan ahead and focus on growing our main markets and primary partners. We are encouraged by the increased level of customer activity in this period. Moreover, existing programs such as the F-35 Lightning II Joint Strike Fighter (JSF) as well as the UK's Military Flying Training System are expected to positively impact SimiGon's revenue in the near future. SimiGon continues to make significant progress in the development of our next generation products while having an effective expense control.

Looking forward to the second half of 2009 and particularly to 2010, the Company expects to increase revenues as a result of our existing programs and other contracts we believe will be awarded shortly and will provide a stronger platform for future growth."

Overview

As a preferred supplier of training and simulation technologies for the world's largest military flight training programmes, SimiGon has established a leading position in the market of PC-based training and simulation solutions. The Company's reconfigurable SIMbox technology platform can be used for all types of training, across all domains. The Company expects to leverage its core product SIMbox to increase market share in its existing markets and create solid foundations in new markets.

Lockheed Martin has selected the SIMbox Learning Management System for the F-35 Lightning II Joint Strike Fighter (JSF) training program. Added to this success, Lockheed Martin has chosen SimiGon to provide simulation training for the UK's Military Flying Training System. These programs are helping SimiGon's development and provide further affirmation of the viability of SimiGon's training solutions. Lockheed Martin continues to expand its cooperation with SimiGon, and the use of its SIMbox technology, leveraging the foundations of the long-term productive relationship between the companies.

SimiGon is leveraging its success with existing blue cheap customers to effectively attract new partners and customers. In the past few months SimiGon have been approached by leading organizations from the training and simulation market worldwide seeking to use SimiGon's technology.

Financial Performance

Revenue for the six months ended 30 June 2009 was $1.82 million (H1 2008: $1.81 million), an increase of 0.5%. Gross profit for the six months ended 30 June 2009 was $1.32 million (H1 2008: $1.43 million).

Total operating expenses for the six months ended 30 June 2009 decreased by 22.3% to $2.65 million (H1 2008: $3.41 million). This decrease is primarily due to the positive impact of the currency exchange rate of the Israeli Shekel on salary expenses and reduction of salary expenses. Research and development expenses decreased to $0.97 million (H1 2008: $1.49 million), marketing expenses decreased to $0.69 million (H1 2008: $1 million) and general and administration expenses increased to $0.99 million (H1 2008: $0.91 million)mainly due to provision for a bad debt.

The operating loss for the six months ended 30 June 2009 has decreased to $1.32 million (H1 2008: $1.98 million loss). The net loss for the period has decreased from $1.96 million in H1 2008 to $1.30 million in H1 2009. This resulted in a net basic and diluted loss per share of $0.03 (H1 2008: $0.05 basic and diluted loss per share).

As of 30 June 2009, SimiGon had cash, cash equivalents and short term deposits in the amount of $2.52 million, and current maturities of a long term bank loan of $0.58 million.

As of 30 June 2009, the Company had 47 employees, compared to 52 employees at 30 June 2008.

Outlook

The Company's outlook is positive due to the increased level of new and existing customers' interest and existing programs such as the F-35 Lightning II Joint Strike Fighter (JSF) as well as the UK's Military Flying Training System. These factors are expected to improve SimiGon's revenue in the near future. The Company is making significant progress in its next generation of products. SimiGon reduced its expenses in order to support an expected positive cash flow in the near future.

Notwithstanding the current challenging economic conditions, the Board is confident in the Company's outlook as it is well positioned for long term growth, following its success in providing PC-based training and simulation systems in various large scale military pilot training programmes.

View complete announcement on London Stock Exchange Website


Issue of Equity

Thursday, 16 July 2009

The Company announces that application has been made for 88,498 ordinary shares of 0.01 NIS each in the Company ("Ordinary Shares") to be admitted to trading on the AIM market of the London Stock Exchange. Of the 88,498 new Ordinary Shares being issued, 39,774 are being issued to certain employees pursuant to the salary reduction scheme as announced on 1 May 2009, and 48,724 are being issued pursuant to the exercise of options by certain employees of the Company.

The new Ordinary Shares rank pari passu with the Company's existing Ordinary Shares and admission is expected to become effective on 23 July 2009.

Following admission, the Company will have 41,522,556 Ordinary Shares in issue.

Enquiries:
SimiGon Ltd
Ami Vizer, Chief Executive Officer
Haim Yatim, Chief Financial Officer +972 9 956 1777

Evolution Securities Ltd
Jeremy Ellis, Chris Clarke +44 (0)20 7071 4300


Result of AGM

Wednesday, 01 July 2009

The Company announces that at the Annual General Meeting on Wednesday 1 July 2009, all the resolutions were duly passed.

Enquiries:
SimiGon Ltd
Ami Vizer, Chief Executive Officer
Haim Yatim, Chief Financial Officer +972 9 956 1777

Evolution Securities Ltd
Jeremy Ellis, Chris Clarke +44 (0)20 7071 4300


Annual Report and Accounts and Notice of AGM

Monday, 08 June 2009

SimiGon today announces that the Annual General Meeting of the Company is to be held at 1600 hrs local Israeli time (1400hrs GMT) on Wednesday 1 July 2009 at 1 Sapir St, Herzlia, Israel.

Shareholders are welcome to attend the meeting in person or join via a conference call using the dial-in details below:

International dial-in number: +1 (712) 432 1620

Access code: 888780#

The Annual Report & Accounts for the year ended 31 December 2008 and Notice of AGM have been posted to shareholders. Electronic copies of these documents are available at the Company's website: http://www.simigon.com


Director and Employee Share Dealing

Friday, 01 May 2009

SimiGon announces that, as part of the ongoing initiatives to decrease its expenses where possible, the Board is planning to implement a one year salary reduction of 15 per cent. for senior management and other employees. The individuals will instead be issued ordinary shares of 0.01 NIS in the Company ("Ordinary Shares") with an equivalent value, which will be issued to the Company's trustee and will vest in 12 equal monthly installments.

Pursuant to this initiative, Ami Vizer and Haim Yatim, Directors of the Company, were issued 342,717 and 123,217 Ordinary Shares respectively, in return for the one year salary reduction. Following this transaction, Mr. Vizer has a beneficial interest in 3,437,291 Ordinary Shares, representing 8.30 per cent. of the total issued share capital of the Company, and Haim Yatim has a beneficial interest in 193,217 Ordinary Shares, representing 0.47 per cent of the total issued share capital of the Company.

A further 1,757,675 Ordinary Shares will be issued to other employees of the Company under these arrangements.

Accordingly, application will be made for a total of 2,223,609 Ordinary Shares to be admitted to trading on the AIM market of the London Stock Exchange. The new Ordinary Shares rank pari passu with the Company's existing Ordinary Shares and admission is expected to become effective on 8 May 2009.

Enquiries:
SimiGon Ltd
Ami Vizer, Chief Executive Officer
Haim Yatim, Chief Financial Officer +972 9 956 1777

Evolution Securities Ltd
Jeremy Ellis, Chris Clarke +44 (0)20 7071 4300


Director Share Dealing

Thursday, 23 April 2009

SimiGon was informed on 22 April 2009 that Ami Vizer, a Director of the Company, acquired 50,000 shares in the Company ("Shares") on 21 April 2009 at a price of 8.5p per share. Following this transaction, Mr Vizer is now the beneficial owner of 3,094,574 Shares, representing 7.9 per cent. of the total issued share capital of the Company.

Enquiries:
SimiGon Ltd
Ami Vizer, Chief Executive Officer
Haim Yatim, Chief Financial Officer +972 9 956 1777

Evolution Securities Ltd
Jeremy Ellis, Chris Clarke +44 (0)20 7071 4300


Issue of Equity

Wednesday, 15 April 2009

The Company announces that application has been made for 1,383,733 ordinary shares of 0.01 NIS each in the Company ("Ordinary Shares") to be admitted to trading on the AIM market of the London Stock Exchange. The new Ordinary Shares are being issued pursuant to the exercise of options by Ami Vizer, a director of the Company, as announced on 1 April 2009, as well as share option exercises by certain employees of the Company.

The new Ordinary Shares rank pari passu with the Company's existing Ordinary Shares and admission is expected to become effective on 21 April 2009.

Following admission, the Company will have 39,210,449 Ordinary Shares in issue.

Enquiries:
SimiGon Ltd
Ami Vizer, Chief Executive Officer
Haim Yatim, Chief Financial Officer +972 9 956 1777

Evolution Securities Ltd
Jeremy Ellis, Chris Clarke +44 (0)20 7071 4300


Director and Senior Management Share Dealing

Wednesday, 01 April 2009

SimiGon was informed on 31 March 2009 that Ami Vizer, a Director of the Company, exercised options over 1,322,074 shares in the Company ("Shares") on 30 March 2009. Further, Mr Vizer acquired 60,000 Shares on 1 April 2009 at a price of 5.8p per share. Following these transactions, Mr Vizer is now the beneficial owner of 3,044,574 Shares, representing 8.055 per cent. of the total issued share capital of the Company.

SimiGon was also informed on 31 March 2009 that Haim Yatim, a Director of the Company, acquired 70,000 Shares on 31 March 2009 at a price of 6 p per share. Following this transaction, Mr Yatim is now the beneficial owner of 70,000 Shares, representing 0.185 per cent. of the total issued share capital of the Company.

Finally, SimiGon is pleased to announce that certain senior management of the Company, who are not Directors, have acquired in aggregate a further 183,000 Shares in recent days. A total of 313,000 Shares were bought by Management and Directors.

Enquiries:
SimiGon Ltd
Ami Vizer, Chief Executive Officer
Haim Yatim, Chief Financial Officer +972 9 956 1777

Evolution Securities Ltd
Jeremy Ellis, Chris Clarke +44 (0)20 7071 4300


Preliminary Results for the year ended 31 December 2008

Thursday, 26 March 2009

SimiGon Ltd (together with its subsidiaries "SimiGon" or the "Company"), a global leader in providing simulation solutions, announces its preliminary results for the year ended 31 December 2008.

Financial Highlights

Operational Highlights

Ami Vizer, President & Chief Executive Officer of SimiGon stated: "While we are disappointed with the delay in our expected revenue growth and earnings during 2008 and the uncertain outlook for 2009 due to the global economic crisis, we are encouraged as SimiGon won numerous strategic contracts this year that will positively impact the Company's longer term prospects. The UK MFTS contracts and Lockheed Martin's F-35 Lightning II Joint Strike Fighter training demonstrate the market's need and recognition of SIMbox as an integral part of training activities. We will continue to work closely with LM to ensure the training program's success. We successfully engaged in new partnerships with BAE Systems Australia and Cessna due to our advanced technology platform. These achievements are several among many that will provide the Company with significant long term revenue potential. SimiGon is well placed for further growth and is recognised globally for supplying advanced PC-based simulation training technology for the training industry's largest programmes."

Overview

As a provider of advanced PC-based training and simulation technologies for the world's largest military flight training programmes, SimiGon has transformed into a formidable player in the market of PC-based training and simulation solutions. The Company's reconfigurable SIMbox technology platform can be used for all initial, recurrent and operational requirements, across all domains such as air, land and sea, and industrial. The Company will continue to leverage its core product, SIMbox, to compete for more programs in its existing markets, as well as compete in newer markets such as medical, maritime and industrial operations training.

SimiGon is extremely pleased to have been chosen as a partner in the UKMFTS program. This is a significant milestone for the company and it represents a success of its strategic business model as it transitions from primarily six figure contracts to long term multimillion dollar contracts. We are very excited to be part of the team for this program as this further extends the mutually beneficial relationship with Lockheed. The UKMFTS will be using our technology the way it was designed to be - network centric, personal and dynamic hi-fidelity training systems for each trainee. We are confident this program will demonstrate the viability of the SIMbox technology platform and our business model. This and other recent contract wins give us confidence in the growth prospects of SimiGon.

The selection of the SIMbox Learning Management System for the F-35 Lightning II Joint Strike Fighter training program by Lockheed Martin and winning the Contract with Lockheed Martin for the Advanced Jet Training phase of the UKMFTS will continue to impact SimiGon more significantly in the longer term. This success has led to the addition of several significant partners including BAE Systems Australia and Cessna along with several training companies. These new partnerships serve to strengthen SimiGon's foundations, providing further affirmation of the viability of SimiGon's training solutions and will further fuel the Company's expansion.

Financial Performance

Revenues for the year ended 31 December 2008 were $5.14 million, compared to $5.01 million in 2007, an increase of 2.59%. In terms of regional breakdown, 58.55% of SimiGon's revenues came from North America (2007: 29.2%), 31.73% from Europe and the Middle East (2007: 70.7%) and 9.72% from the Far East (2007: 0.1%).

Gross profit for the fiscal year was $4.14 million (2007: $3.96 million).

Research and development expenses for the year decreased by 8.30% to $2.54 million (2007: $2.77 million), primarily due to lower salary expenses. Sales and marketing expenses for the year 2008 decreased by 29.18% to $1.82 million (2007:$2.57 million) mainly due to a decrease in sales commission. General and administration expenses increased by 3.93% to $1.85 million (2007: $1.78 million) mainly due to provision for doubtful debt.

As a result, the total operating expenses for the year decreased by 12.78% to $6.21 million (2007: $7.12 million).

The operating loss therefore is $2.06 million (2007: operating loss $3.16 million) and the net loss is $1.98 million in 2008 compared to a net loss of $2.89 million in 2007. This resulted in a net basic and diluted loss per share of $0.05 (2007: loss per share of $0.08). As at 31 December 2008, SimiGon had cash, cash equivalents and deposits in the amount of $3.64 million.

As at 31 December 2008, the Company had 47 employees, compared to 60 employees on 31 December 2007.

Product Development

During 2008, SimiGon incurred a high level of annual expenditure on research and development as the group sought to further extend its technology lead over its competitors.

SimiGon is committed to technology innovation and developing new capabilities and products to ensure market relevance and build market share. In 2008, SimiGon R&D efforts focused on the following areas:

Outlook

Despite the global economic crisis and the delays in the expected revenue growth, the Company remains positive in its outlook due to the strategic partnerships and large contracts that have already begun to impact revenues and others that are expected to be closed in the future. The Company is well positioned to compete for upcoming military aviation training contracts as well as for other training contracts in other domains.

The Board believes the Company is well positioned for near term and longer term growth, continuing its success in providing PC-based training and simulation systems for the industry's largest training programmes.

View complete announcement on London Stock Exchange Website


Total Voting Rights Update

Tuesday, 03 March 2009

In conformity with the Transparency Directive, we would like to notify the market of the following:

The Company's issued capital consists of 37,826,716 ordinary shares of ILS 0.01 each ("Ordinary Shares"), all with voting rights. No shares were held in treasury at the date of this announcement. The total number of current voting rights in the Company is therefore 37,826,716.

The above figure (37,826,716 Ordinary Shares) may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the Company under the FSA's Disclosure and Transparency Rules.

View announcement on London Stock Exchange Website


Additional Listing

Friday, 06 February 2009

The Company announces that application has been made for 28,522 ordinary shares of 0.01 NIS each in the Company ("Ordinary Shares") to be admitted to trading on AIM ("Admission"). The new Ordinary Shares are being issued pursuant to the exercise of options by a former employee. Admission is expected to become effective on 11 February 2009. Following Admission, the Company will have 37,826,716 Ordinary Shares in issue.

Enquiries: SimiGon Ltd
Haim Yatim, Chief Financial Officer +972 9 956 1777

Evolution Securities Ltd
Jeremy Ellis / Chris Clarke +44 (0)20 7071 4300

View announcement on London Stock Exchange Website


$3.1 million Contract Win and Trading Update

Thursday, 29 January 2009

SimiGon (LSE: SIM) is pleased to announce it has received an important contract with Lockheed Martin (NYSE: LMT). This initial contract is for the Advanced Jet Training phase of the UK Military Flying Training System ("UKMFTS"). The program includes 25 years support with additional phases and could provide other growth opportunities for SimiGon.

Ascent, a joint venture of Lockheed Martin and VT Group, will provide military flight training to the UK Armed Forces for the next 25 years for the Royal Navy, Royal Air Force and Army Air Corps.

SimiGon will provide Lockheed Martin with software licenses, training, support and other services for the UKMFTS program. Lockheed Martin utilizes SimiGon's SIMbox training and simulation technology platform within its NxTrain™ personal training systems product.

For SimiGon, this contract represents a success of its strategic business model as it transitions from primarily six figure contracts to a long term multimillion dollar contract.

The SIMbox technology platform includes 3D simulation within a SCORM certified Learning Management System, After Action Review, Virtual Instructor and Live Instructor operating stations and easy-to-use content development tools. SIMbox-based training systems are used worldwide including the US, Canada, Australia, Holland, Belgium, Portugal, Singapore,
Turkey and Israel.

SimiGon also provides an update on trading in the financial year ended 31 December 2008. The Company expects revenues for the year to be similar to 2007. There were continued delays in the delivery of systems in the initial stages of programmes and the Company has been affected by the weakness of the commercial aviation market. However, SimiGon's core defence market remains robust and the Company ended the financial year strongly, signing a number of new contracts with a broad range of customers around the world. This momentum is continuing into 2009 and the positive UKMFTS development announced today, together with these further contract wins, give the Company confidence about its potential in 2009 and in particular the second half of the financial year. SimiGon's financial position remains sound; at the year end, the Company had cash and cash equivalents of $3.6 million and a bank loan liability of approximately $1 million. The Company has also taken the opportunity to decrease its expenses where possible.

SimiGon President & CEO, Ami Vizer, said, "SimiGon is extremely pleased to have been chosen as a partner in the UKMFTS program; this is a significant milestone for the company. We are very excited to be part of the team for this program as this further extends the mutually beneficial relationship with Lockheed. The UKMFTS will be using our technology the way it was designed to be - network centric, personal and dynamic hi-fidelity training systems for each trainee. We are confident this program will demonstrate the viability of the SIMbox technology platform and our business model. This and other recent contract wins give us confidence in the growth prospects of SimiGon".

Enquiries: SimiGon Ltd
Ami Vizer, Chief Executive Officer
Haim Yatim, Chief Financial Officer +972 9 956 1777

Evolution Securities Ltd
Jeremy Ellis, Chris Clarke +44 (0)20 7071 4300

View announcement on London Stock Exchange Website

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