SimiGon Limited USAF extends SimiGon support contract
04 May 2020 - 4:00PM
RNS Non-Regulatory
TIDMSIM
SimiGon Limited
04 May 2020
4 May 2020
SimiGon Ltd
("SimiGon" or "the Company")
USAF extends SimiGon support contract
SimiGon awarded Contractor Logistics Support (CLS) contract
extension for USAF T-6A training devices
SimiGon, (LSE: SIM), a global leader in modelling, simulation
and training solutions, is pleased to announce that the United
States Air Force (USAF) has awarded the Company a contract
extension to continue its Contractor Logistics Support (CLS) for
SimiGon's SIMbox-based T-6A Level 5 FAA Compliant Flight Training
Devices (the "Contract").
Under the Contract, SimiGon will continue to provides turnkey
onsite and offsite support services (the "Service") for the sixteen
T-6A Level 5 Flight Training Devices (FTD) for a period of 6 months
(the "Initial Extension Period"), with options to extend the
Service period for an additional 12 months (the "Option"), totaling
18 months.
The Initial Extension Period for which the Company will be
entitled to invoice for its Service, is worth up to $0.7 million.
The total potential value, assuming the Option will be exercised by
the USAF, for which the Company will be entitled to invoice for its
Service, is up to $2.1 million for the total 18-month period. The
expected revenue from this Contract was already factored into
management's expectations for year 2020.
SimiGon Chief Executive Officer and Executive Chairman, Ami
Vizer, said: "The CLS contract extension to continue our support of
the URT training programme is very gratifying as it demonstrates
USAF's confidence in our ability to support a programme of great
importance. SimiGon's capabilities have also grown along with the
programme's high training volume, expanding far beyond software and
integration services to also include maintenance and support of the
entire training device, comprised of fully functional cockpits,
projectors and domes, as well the relevant spare parts. We expect
this Contract to generate new business with the USAF and other
Government end users."
Enquiries:
SimiGon Ltd
Ami Vizer, Chief Executive Officer and
Executive Chairman +1 (407) 951 5548
Efi Manea, Chief Financial Officer
finnCap (NOMAD & Broker) +44 (0) 20 7220 0500
Henrik Persson/ Matthew Radley (corporate
finance)
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
NRAKKNBQCBKDDPK
(END) Dow Jones Newswires
May 04, 2020 02:00 ET (06:00 GMT)
Simigon (LSE:SIM)
Historical Stock Chart
From May 2024 to May 2024
Simigon (LSE:SIM)
Historical Stock Chart
From May 2023 to May 2024