Perth-based AIM listed Structural Monitoring Systems plc has received a $2.98 million Commercial Ready grant to further develop and commercialise their Comparative Vacuum Monitoring technology.
Perth-based AIM listed Structural Monitoring Systems plc has received a $2.98 million Commercial Ready grant to further develop and commercialise their Comparative Vacuum Monitoring technology.
In September the company made a share placement worth $2.38 million to Bermuda-based investment advisory firm Orbis Capital for the ongoing development and commercialisation of the company's CVM technology.
In August the company entered into a commercial licence agreement with US aircraft manufacturer Boeing.
The full announcement can be seen below:
Australian Government Commercial Ready Grant
The Directors of Structural Monitoring Systems plc (ASX: SMN) are pleased to
announce that the Company has been offered a grant of $2,983,537 under the
Australian Government's Commercial Ready program.
The grant is to be provided for the development of the Company's Comparative
Vacuum Monitoring (CVMTM) technology, for an in-flight structural health monitoring system.
The grant funds will be used by SMS to further develop and commercialise CVMTM sensor and instrumentation systems technology, to be capable of the in-flight monitoring of commercial and military aircraft structures, with the aim of improving aviation safety, reducing maintenance costs, increasing aircraft availability and improving aircraft design.
The period of the grant has been timed to coincide with program of work being
conducted under the Airbus joint development agreement, which is planned to be
concluded by the end of 2007.
In addition to supporting the medium term objectives of the Airbus joint development agreement, the grant funds will also assist the Company to accelerate it's near term commercialisation activities with Boeing civil aircraft and military aircraft operators, to
bring its innovative structural integrity monitoring technology, invented and developed
in Western Australia, to the global civil and military aircraft markets.
Managing Director of Structural Monitoring Systems, Mark Vellacott said "the offer of
this Commercial Ready grant provides a huge boost to SMS's well-established
commercialisation program, and will greatly assist the introduction of CVM
technology into the civil and military aerospace sector, as well as enabling the
company to cement its position as a leading SHM systems technology provider."
He also recognised the high degree of professional advice and support that had been
provided by Ernst & Young in assisting the development of the grant application.
Enquires regarding the above announcement or any aspect of the Company's
commercialisation program can be directed to Mark Vellacott, Managing Director on
(08) 9204 4844.
