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SimiGon wins US3.1 mln jet training software deal from Lockheed Martin

Last updated: 11:56 29 Jan 2009 GMT, First published: 12:56 29 Jan 2009 GMT

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SimiGon Ltd said it won a US3.1 million software contract with Lockheed Martin Corp for use in the Advanced Jet Training  phase of the UK Military Flying Training System (UKMFTS). The program includes 25 years support with additional phases and could provide other growth opportunities for SimiGon.

Ascent, a joint venture of Lockheed Martin and VT Group, will provide military flight training to the UK Armed Forces for the next 25 years for the Royal Navy, Royal Air Force and Army Air Corps.

SimiGon will provide Lockheed Martin with software licenses, training, support and other services for the UKMFTS program.  Lockheed Martin utilizes SimiGon's SIMbox training and simulation technology platform within its NxTrain personal training systems product.

On trading in the financial year ended December 31 2008, SimiGon said it expects revenues for the year to be similar to 2007.  There were continued delays in the delivery of systems in the initial stages of programmes and the company has been affected by the weakness of the commercial aviation market.

“However, SimiGon's core defence market remains robust and the company ended the financial year strongly, signing a number of new contracts with a broad range of customers around the world. This momentum is continuing into 2009 and the positive UKMFTS development announced today, together with these further contract wins, give the Company confidence about its potential in 2009 and in particular the second half of the financial year,” the group added.

SimiGon's financial position remains sound; at the year end, the company had cash and cash equivalents of US$3.6 million and a bank loan liability of approximately US$1 million.

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