Seeing Machines (LON:SEE) , the AIM listed company behind technology that tracks human faces, has been awarded two contracts to install its DSS driver monitoring equipment in the haul truck fleets at two North American open-pit mines. The DSS – or Driver State Solution – is a system that directly monitors the driver of a vehicle and in the event of distraction or fatigue will generate instant alarms in order to prevent accidents. The news sent the value of shares in the company up by 12.5% to 3.38p.
The contract includes the fit-out of 43 haul trucks at two mine sites for an existing client. Seeing Machines said it was unable to announce details of the mining company nor the particulars of the site involved due to the confidentiality provisions agreed as part of the contract.
Nick Cerneaz, the chief executive of Seeing Machines, said: “We are very pleased to be announcing these two new DSS contracts in North America. Our DSS pipeline continues to grow and includes opportunities in a number of countries across North and South America, Africa and Asia-Pacific and we will announce further deals at the appropriate time.”
In the year to June 30, 2010, Seeing machines slashed it net losses to A£1.76m from A$5.6m a year earlier, although the 2009 figure was skewed by a A$5.0m write-down. Total revenue for the year fell by A$0.8m to A$4.46m mainly due to a delay in the receipt of orders for the DSS from the road-transport sector. In June and July 2010 the company received DSS orders from the mining and resource sectors totalling in excess of US$1.2m all of which will be recognised during the first half of the 2011 financial year.
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