Marine safety company Mobilarm has joined the growing list of companies seeking to list on the stock exchange, today unveiling plans to raise up to $6 million in its initial public offer.
Marine safety company Mobilarm has joined the growing list of companies seeking to list on the stock exchange, today unveiling plans to raise up to $6 million in its initial public offer.
The announcement is below:
Mobilarm Limited, a world leader in marine safety solutions which protect and save lives in the safety- focused commercial marine, defence and oil and gas industries, has today announced it intends to list on the Australian Stock Exchange (ASX).
The offer of 30,000,000 shares at a price of $0.20 per share, to raise up to $6,000,000 is administered by lead Manager and Sponsoring Broker to the issue, Carmichael Corporate Pty Ltd.
Mobilarm CEO, Lindsay Lyon said global demand for the company's life saving solutions has driven the decision to enter the public arena.
"Man overboard (MOB) and in particular undetected MOB events are the single largest cause of death for people making their living working on or near the water.
"There have been 44 deaths in the Western Australian commercial fishing industry alone causing Worksafe to introduce a draft code of practice to make man overboard systems policy.
"Mobilarm solutions enable employers to remove or mitigate these workplace risks and are being adopted by oil and gas, defence and commercial marine markets in Asia, Australia, Europe, and the United States.
"Organisations leading the way in improving marine place work safety using Mobilarm technology include Bhagwan Marine, BHP Billiton Mitsubishi Alliance (BMA), Fortescue Metals Group (FMG), Neptune Marine Services, Mermaid Marine, the NSW Water Police, P&O Maritime Services and the US Navy's Department of Defence," said Mr Lyon.
In March 2009 the US Department of the Navy issued a Sources Sought announcement seeking companies that could provide a very high frequency (VHF) Enabled Personal Location Device for Submarine Escape.
"In July, the Navy confirmed Mobilarm's submission was the only one selected and the US Office of the Secretary Defence has approved Foreign Comparative Testing (FCT) for development of the Mobilarm V100 to meet their requirements for a Personal Location Beacon for submarine escape survival.
"The US Navy's new direction with Mobilarm was announced at the recent NATO Conference in Cape Town and we are presenting to all NATO member countries at the upcoming NATO conference to be held in the UK in January 2010," he said.
In addition, as a result of the tragic helicopter ditchings in the North Sea Oil and Gas fields of Scotland earlier this year trials of the Mobilarm V100 were conducted.
"The trials confirmed the Mobilarm V100 provided superior Search and Rescue information over the previously banned 121.5 Mhz personal locator beacons. In-water tracking of each MOB casualty and real time GPS coordinates via VHF DSC were available at up to 17 nautical miles," said Mr Lyon.
