Global leader in training solutions,has received a $1.8 million contract from an international defence electronics company to offer a C-130 virtual maintenance training solution for the Israeli Air Force.
The unnamed defence company will design, develop and implement the training solution for the IAF technician training academy.
The contract for the training system is a new product to compliment SimiGon's current range of VMT solutions, the group revealed, including the F-16 training system which is already used by the IAF.
The period of performance for the contract is approximately 18 months, excluding 12 months warranty and support.
Shares in Alpha Growth were trading 16.13% higher at 1.250p on Monday afternoon.
SimiGon says its expected revenue contribution from the contract has already been factored into management’s expectations for the end of the year and that it also contributes to “improved revenue visibility” for FY 2020 and beyond.
Mr. Ami Vizer, SimiGon's Chief Executive Officer and Chairman said today’s news was “a great achievement”, highlighting that SimiGon will “continue to play a major role” in the IAF’s ongoing maintenance training programme.
On top of its previous contracts, the company emphasised that today’s “further solidifies” its technologies as the IAF's primary training technology platform for aircrew academy members.
“We expect this Contract to lead to additional business opportunities with this large Defense Company, the IAF and the wider aviation maintenance training market,” added Vizer.
This morning’s news follows a strong year for SimiGon after procuring several contracts with the United States Air Force.
SimiGon stated that this award is further evidence for its “growing impact” within the aviation maintenance training area and strengthens the company’s overall position in the market.
Follow News & Updates from SimiGon:
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.
Kiziltepe, which is part of the Red Rabbit joint venture with Proccea Construction, produced 27,985 ounces of gold to exceed its full year production guidance of 25,000 ounces, representing an increase of around 12%.
“This recognition is a testament to the substantial progress the Company has made over the past few years; delivering on strategy, exploration success, strong financial position, and value creation to shareholders,” said Gil Holzman, President and CEO of Eco Atlantic.