Appointment of NOMAD and Broker

Friday, 16 December 2011

SimiGon, a global leader in providing simulation solutions, is pleased to announce the appointment of finnCap Ltd as nominated adviser and broker to the Company. This appointment takes immediate effect.

Enquiries:

SimiGon Ltd                                                         +1 (407) 737 7722
Ami Vizer, Chief Executive Officer
Efi Manea, Chief Financial Officer

finnCap (NOMAD & Broker)                             +44 (0) 20 7220 0500
Charlie Cunningham / Henrik Persson

Luther Pendragon (Public Relations)           +44 (0) 207 618 9100
Harry Chathli / Alexis Gore

View the complete announcement on London Stock Exchange Website


Result of AGM

Monday, 28 November 2011

The Company announces that at the Annual General Meeting held on Monday 28 November 2011, all the resolutions were duly passed.

Enquiries:

SimiGon Ltd
Ami Vizer, Chief Executive Officer            +1 (407) 737 7722
Efi Manea, Chief Financial Officer

Evolution Securities Ltd (NOMAD)
Jeremy Ellis                                                +44 (0) 207 071 4300

Luther Pendragon (Public Relations)
Harry Chathli / Alexis Gore                        +44 (0) 207 618 9100

View the complete announcement on London Stock Exchange Website


Notice of AGM

Monday, 24 October 2011

SimiGon today announces that the Annual General Meeting of the Company is to be held at 4:00 p.m. local Israeli time (2:00 p.m. GMT) on Monday 28 November 2011 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 Notice of AGM has been posted to shareholders. An electronic copy of the  Notice of Annual General Meeting document is available at the Company's website.

View the complete announcement on London Stock Exchange Website


SimiGon wins $5.6m contract from Check-6 in exclusive five-year agreement

Wednesday, 12 October 2011

First contract outside aerospace & defence opens up lucrative oil & gas market

SimiGon (LSE: SIM), a global leader in providing simulation solutions, is pleased to announce an exclusive five-year agreement with Check-6 Inc., a leading provider of training solutions to the energy and mining industries, for the delivery of SIMbox based training solution, a unique virtual reality simulator to train oil rig crews worldwide.

Under the terms of the contract, SimiGon will be paid US$5.6m to license its SIMbox software over the five-year period, with a minimum of $1.1m per year starting this year. In addition to this, SimiGon will also receive royalty payments for each individual who trains using the SIMbox software. The revenue contribution from this contract was already factored into management's expectations for the year ended 31 December 2011. It also will contribute to improved revenue visibility for FY 2012 and beyond.

This is the first major contract for SimiGon outside the aerospace and defence industry and the first step in the Company's growth strategy to diversify its product offering and increase its addressable market. Check-6 has worldwide operations and its clients include industry leaders such as Chevron, Diamond Offshore, BP, Hess and others. This agreement underlines SimiGon's potential to access a much larger addressable market and has the potential to enable SimiGon, together with Check-6, to expand further into the energy, alternative energy, and mining industries with similar opportunities.

The SIMbox-based devices will allow oil rig operators to train for their highly skilled, critical positions. The simulator not only allows operators to practice their skills in a safe environment, but also provides automatic assessment, remediation, and documentation of their training.

SimiGon President & CEO, Ami Vizer, said: "This is a significant contract win for SimiGon and an important agreement with Check-6, an established organisation in the oil & gas market, thereby opening up a large new addressable market for the Company. We are excited to be chosen as the exclusive supplier to Check-6 where our SIMbox software will help oil rig crews prepare for highly-skilled but critical operations. More time with a simulator reduces human error on the job site. We look forward to building a strong long term relationship with Check-6 that will benefit both companies."

Check-6 provides safety, leadership, and rig training for clients around the world. Its seasoned experts improve operational efficiency and safety, while minimising risk for those who work in the oil and gas industries.

Check-6 President & CEO, Brian Brurud, said: "Consistent training and oversight have ensured our cadre of former TOPGUN fighter pilots, special operations veterans and astronauts survive some of the most dangerous situations. Simulators have played a huge role in honing our skill level. We are delighted to partner with SimiGon and bring the same level of training to the oil & gas industry because we know it will make a huge difference to our clients by preserving the lives of their workers, and the profitability of their companies."

View complete announcement on London Stock Exchange Website


Interim Results for the six months ended 30 June 2011

Wednesday, 14 September 2011

Revenues increased by 131% to $2.43 million; Net Profit of $0.01 million and EPS of $0.0003

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 ended 30 June 2011.

Financial Highlights

Operational Highlights

Post Period-End events

SimiGon has been chosen as the prime contractor by the U.S. Air Force Air Education Training Command ("AETC") for the delivery of SIMbox based T-6A Modular Training Devices ("MTD"). Under the terms of the contract, SimiGon will be paid $2.6 million for the successful delivery of the MTD

Ami Vizer, Chief Executive Officer of SimiGon, stated: "We are pleased to announce results that confirm our position as leading training and simulation supplier in the world's top pilot training programmes. This is also an affirmation of SimiGon's long term plan to focus on strategic programs and to attract new partners with their own exciting long term growth potential.

"Looking ahead, SimiGon is successfully moving up the supply chain and becoming a prime contractor for training programmes which allows us to have more predictable revenues. Also, SimiGon is successfully expanding into other markets whilst maintaining its market leading position in the aerospace industry. As a result of our long term contracts as well as the recently won contracts, the Board is confident of the Company's return to revenue growth for the full year 2011 compared with full year 2010."

Overview

SimiGon is pleased to report revenue growth of over 100 per cent compared with the equivalent period in 2010. Specifically, the first half of the year is traditionally the Company's weakest half as most of the awards occur in the last quarter of the year. However, in the first half, there was a significant increase in the provision of training programmes for multiple clients delivering significant revenue growth.

This is a reflection of SimiGon's leading position in the market of PC-based training and simulation solutions, being the preferred supplier of training and simulation technologies for four of the world's largest military flight training programmes including the JSF and UK MFTS.

It has been demonstrated that using SimiGon's technology has allowed trainee pilots to learn in a safe environment, resulting in a more effective and efficient training programme and reducing training time and cost while increasing knowledge transfer and trainee success rates.

In addition to being part of the large training programmes, part of the Company's strategy has been to move up the supply chain and be a direct supplier of training programmes. This generally allows for quicker delivery time after being awarded the contract thereby allowing the Company to have better visibility of revenues. Post the period end, SimiGon was pleased to have been chosen as the prime contractor by the U.S. Air Force Air Education Training Command (AETC) for the delivery of SIMbox based T-6A Modular Training Devices (MTD). The SIMbox MTD simulators will be used to train undergraduate, Remotely Piloted Aircraft (RPA) students for Pilot Instrument Qualification training. The contract is expected to have a positive impact on FY 2011 revenues and contribute to improved visibility over FY 2012 revenues. Additionally, it positions SimiGon for similar opportunities globally as the T-6A is also used as a basic trainer by the Canadian Forces, the Luftwaffe of Germany, the Greek Air Force, the Israeli Air Force, and others.

SimiGon constantly surveys the potential to penetrate additional commercial markets, offering other industries learning and training simulations using its advanced technological infrastructure. The Company's success with leading defense and aerospace organisations and high profile training programs continue to draw interest from new partners and customers seeking to license SimiGon's technology, expanding the Company's reach worldwide.

The Company continues to invest in further advanced development of the SIMbox technology infrastructure, as the only company providing a fully integrated, enterprise training system supporting Web-based simulation through Full Mission Simulator capabilities. The improved capabilities and performance of the simulation and Learning Management System platform, position SIMbox as a leading application and serve to increase the Company's market share and attract future customers and program wins.

Financial Performance

Revenues for the six months ended 30 June 2011 were $2.43 million as compared to $1.14 million for the six months ended 30 June 2010. Gross profit for the six months ended 30 June 2011 was $2.02 million as compared to $0.76 million for the six months ended 30 June 2010.

Research and development expenses for the six months ended 30 June 2011 decreased by 4.35% to $0.88 million as compared to $0.92 million for the six months ended 30 June 2010. Marketing expenses for the six months ended 30 June 2011 decreased by 8.45% to $0.65 million as compared to $0.71 million for the six months ended 30 June 2010 and general and administration expenses the six months ended 30 June 2011 decreased by 33.33% to $0.48 million as compared to $0.72 million the six months ended 30 June 2010 mainly due to lower salary expenses and doubtful debt provisions.

As a result, total operating expenses for the six months ended 30 June 2011 were $2.01 million, a decrease of 14.47% as compared to $2.35 million for the six months ended 30 June 2010.

The operating income for the six months ended 30 June 2011 amounted to $0.004 million as compared to $1.59 million loss for the six months ended 30 June 2010.

The financial income for the six months ended 30 June 2011 increased to $0.007 million as compared to $0.09 million loss for the six months ended 30 June 2010 mainly due to the currency exchange rate and decrease in banks loan interest.

The net profit for the six months ended 30 June 2011 amounted to $0.01 million as compared to not losses of $1.68 million for the six months ended 30 June 2010.  This resulted in a net basic and diluted earnings per share for the six months ended 30 June 2011 of $0.0003 as compared to $0.041 basic and diluted loss per share for the six months ended 30 June 2010.

As of 30 June 2011, SimiGon had cash, cash equivalents and deposits in the amount of $4.42 million, and current maturities of short term bank loan of $0.56 million.

Outlook

The continuing macro environment continues to have an impact on the Company as delays to large contracts might postpone associated training programmes. However, as demonstrated by the performance in the first half, the Company is cautiously optimistic about the ramp up of these programmes that should result in continued growth in revenues from these long term contracts.

Also, SimiGon is successfully moving up the supply chain and becoming a prime contractor for training programmes which allows it to have more predictable revenues. In addition, the Company is successfully expanding into other markets whilst maintaining its market leading position in the aerospace and defense industry. As a result of the long term contracts as well as the recently won contracts, the Board is confident of the Company's return to revenue growth for the full year 2011 compared with full year 2010.

View complete announcement on London Stock Exchange Website


US Air Force awards contract to SimiGon

Thursday, 01 September 2011

SimiGon (LSE: SIM), a global leader in modelling, simulation & training solutions, is pleased to announce that it has been chosen as the prime contractor by the U.S. Air Force Air Education Training Command (AETC) for the delivery of SIMbox based T-6A Modular Training Devices (MTD). Under the terms of the contract, SimiGon will be paid $2.6m for the successful delivery of the MTD.

The SIMbox MTD simulators will be used to train undergraduate, Remotely Piloted Aircraft (RPA) students for Pilot Instrument Qualification training. The simulators will be configured as a T-6 Texan II utilising SimiGon's powerful Commercial off the Shelf (COTS) product, SIMbox®. The T-6 Texan II is a single-engine turboprop aircraft and is used by the United States Air Force for basic pilot training and by the United States Navy for Primary and Intermediate Joint Naval Flight Officer (NFO) and Air Force Combat Systems Officer (CSO) training.

SimiGon expects to commence recognising revenues from the contract in the current financial year. As a result, the contract is expected to have a positive impact on FY 2011 revenues and contribute to improved visibility over FY 2012 revenues. Additionally, it positions SimiGon for similar opportunities globally as the T-6A is also used as a basic trainer by the Canadian Forces, the Luftwaffe of Germany, the Greek Air Force, the Israeli Air Force, and others.

SimiGon President & CEO, Ami Vizer, said: "We are excited to be chosen as the prime contractor for the U.S. Air Force RPA undergraduate training as it allows us to move up the supply chain and have a direct relationship with the client. RPA pilot training is a rapidly growing segment and this contract is expected to provide us with numerous growth opportunities with the US Air Force as well as other forces worldwide. We see this contract as a first step in a long term, mutually beneficial relationship for both parties."

View complete announcement on London Stock Exchange Website


Additional Listing

Wednesday, 10 August 2011

The Company announces that application has been made for 47,502 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. Admission is expected to become effective on 16 August 2011. Following Admission, the Company will have 44,134,769 Ordinary Shares in issue.

View complete announcement on London Stock Exchange Website


Issue of Equity

Monday, 04 July 2011

SimiGon announces that, as part of the ongoing initiatives to decrease cash expenses whilst continuing to incentivise and reward certain senior management and employees for meeting performance targets, the Board has approved the grant of 2,444,984 ordinary shares of 0.01 NIS each in the Company ("Ordinary Shares") to certain individuals.

Pursuant to this initiative, Ami Vizer and Efraim Manea, Directors of the Company, were issued 1,984,530 and 103,703 Ordinary Shares respectively. Following the issue of the Ordinary Shares, Mr. Vizer will have a beneficial interest in 5,838,628 Ordinary Shares, representing 13.24 per cent. of the total issued share capital of the Company, and Mr. Manea will have a beneficial interest in 167,155 Ordinary Shares, representing 0.38 per cent of the total issued share capital of the Company.

A further 356,751 Ordinary Shares will be issued to other employees of the Company under these arrangements.

Accordingly, application will be made for a total of 2,444,984 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 admission is expected to become effective on 8 July 2011. The Company will have 44,087,267 Ordinary Shares in issue following Admission.

View complete announcement on London Stock Exchange Website


Annual Report and Accounts

Tuesday, 28 June 2011

SimiGon today announces that the Annual Report & Accounts for the year ended 31 December 2010 has been posted to shareholders. An electronic copy is available here:
SimiGon 2010 Annual Report

View complete announcement on London Stock Exchange Website


Preliminary Results for the Year Ended 31 December 2010

Tuesday, 19 April 2011

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 2010.

Financial Highlights  

Operational Highlights

Ami Vizer, Chief Executive Officer of SimiGon stated: "The results for the year ended 31 December 2010 reflected the industry’s budget uncertainty. Despite these challenging economic conditions, we are still in an excellent position regarding the strategic programs we have been focusing on and are confident that these programs will come to fruition. We have been encouraged by the progress in the first quarter of 2011 in terms of revenue and orders, and expect a much improved first half compared to the first half of 2010. This optimism is based on the understanding of that training and simulation saves governments’ money and, perhaps more importantly, our continuing success in existing programs and proven ability to attract new partners with their own exciting long term growth potential. Programs such as the F-35 Lightning II Joint Strike Fighter, as well as the UK's Military Flying Training System will continue to positively impact SimiGon’s revenue. Our focus on developing new technologies and products for the future is progressing. The Company's market position as a leading training and simulation supplier in the world's largest military aviation training programmes, our partnership-oriented business model, sound technology and the unique product mix offered by our partners provide excellent growth opportunities for SimiGon.” 

SimiGon Ltd
Ami Vizer, Chief Executive Officer            +972 (9) 956 1777
Efraim Manea, Chief Financial Officer

Evolution Securities Ltd (NOMAD)
Jeremy Ellis/Chris Clarke                        +44 (0)207 071 4300

Overview

SimiGon’s leading position in the market of PC-based training and simulation solutions, being the preferred supplier of training and simulation technologies for the world’s largest military flight training programmes including the JSF and UK MFTS. The SIMbox technology platform serves as a baseline training solution for all types of training, including air, land and sea 3D environments. SimiGon’s flexible business model revolving around development partnerships and direct sales of the SIMbox high technology solution position it to rapidly expand market share in new and existing markets globally.

Selected by Lockheed Martin as a Learning Management System for the F-35 Lightning II Joint Strike Fighter training program, SIMbox has exceptional commercial potential and is already being used to train JSF pilots. SimiGon is also providing Lockheed Martin with its training and simulation system for the UK's Military Flying Training System, where all UK military pilots are trained with the advanced SIMbox solution. These programs propel SimiGon's development efforts, demonstrating the viability of SimiGon’s training and simulation technology.

SimiGon constantly surveys the potential to penetrate additional commercial markets, offering other industries learning and training simulations using its advanced technological infrastructure. The Company’s success with leading defense and aerospace organizations and high profile training programs continue to draw new partners and customers seeking to license SimiGon’s technology, expanding the Company’s reach worldwide.

Financial Performance

Revenues for the year ended December 31, 2010 were $5.21 million as compared to $6.06 million for the year ended December 31, 2009. Gross profit for the year ended December 31, 2010 was $4.40 million as compared to $5.08 million for the year ended December 31, 2009.

In terms of regional breakdown, 67.39% of SimiGon’s revenues for the year ended December 31, 2010 were generated from North America, as compared to 52.85% for the year ended December 31, 2009. Total revenues of 26.65% for the year ended December 31, 2010 were generated from Europe and the Middle East as compared to 44.46% for the year ended December 31, 2009.  Total revenues of 5.96% for the year ended December 31, 2010 were generated from the Far East, as compared to 2.69% for the year ended December 31, 2009.

Research and development expenses for the year ended December 31, 2010 decreased by 3.83% to $1.76 million, as compared to $1.83 million for the year ended December 31, 2009. Sales and marketing expenses for the year ended December 31, 2010 increased by 6.21% to $1.71 million, as compared to $1.61 million for the year ended December 31, 2009. The Sales and marketing expenses for the year ended December 31, 2010 include share based compensation totaling $0.22 million, as compared to $0.07 million for the year ended December 31, 2009. General and administration expenses for the year ended December 31, 2010 decreased by 5.73% to $1.48 million, as compared to $1.57 million for the year ended December 31, 2009. The decrease was mainly due to lower salary expenses, and provisions.

As a result, the total operating expenses for the year ended December 31, 2010 decreased by 1.2% to $4.95 million, as compared to $5.01 million for the year ended December 31, 2009.

The operating loss for the year ended December 31, 2010 was $0.55 million, as compared to operating profit of $0.07 million for the year ended December 31, 2009. Net loss for the year ended December 31, 2010 amounted to $0.68 million, as compared to total profit of $0.07 million for the year ended December 31, 2009.  That resulted net basic and diluted loss per share of $0.017 for the year ended December 31, 2010, as compared to net basic and diluted earnings per share of $0.002 for the year ended December 31, 2009.

As at 31 December 2010, SimiGon had cash, cash equivalents and deposits in the amount of $2.62 million, and current maturities of short term bank loan of $0.56 million.

Product Development

SimiGon is committed to technology innovation and developing new capabilities and products to ensure market relevance and build market share. In 2010, SimiGon R&D efforts focused on the following areas:

Outlook

The Directors have a positive outlook due to the Company’s success in delivering advanced PC-based training and simulation systems to various large scale military aviation training programmes such as the F-35 Lightning II Joint Strike Fighter and the UK Military Flying Training System. Building on the track record of its existing contracts, SimiGon expects to close additional high profile projects that will continue generate revenue for the Company. The Company continues to make substantial advancements in product development and will maintain its strict budgetary discipline to ensure positive cash flow.

View complete announcement on London Stock Exchange Website

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