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Visual Defence Inc: IPO Raises Approximately GBP 18.4
Million; Publication of Admission Document
RA'ANANA, Israel, Apr 29, 2005 - Visual Defence Inc.
(the "Company" or "Visual Defence")
Visual Defence (LSE:VDI), a company which provides integrated software and
hardware solutions for digital audio-visual security systems over wireless
and physical IP networks announces that it will publish its prospectus and
today submit its application for the admission ("Admission") of its common
shares ("common shares") to trading on the Alternative Investment Market of
London Stock Exchange plc ("AIM"). Admission is expected to become
effective, and trading in the Company's common shares is expected to
commence, on 6 May 2005.
The Company also announces that it has raised approximately GBP 18.4 million
before expenses, in a placing (the "Placing") with UK institutional
investors by KBC Peel Hunt Ltd, of 33,492,823 new common shares at a price
of 55 pence per share (the "Placing Price"). On Admission, the Company will
have 82,086,487 common shares in issue and a market capitalisation at the
Placing Price of approximately GBP 45.1 million.
Rationale for the IPO:
The directors believe that the placing will provide it with the financial
flexibility necessary for it to build upon its established position as a
leader in the digital audio-visual (AV) security technology and services
market and to capitalise on the predicted growth of the market as a whole.
Furthermore, the directors of Visual Defence believe that admission to AIM
will increase the Company's credibility amongst its customers and partners
and provide the Company with an appropriate platform from which to
accelerate the provision of its services.
Visual Defence provides solutions that enable digital AV data to be captured
from a variety of sources, such as fixed or mobile cameras, microphones,
infra-red sensors, access controls and burglar alarms and delivered to local
or remote locations where it can be managed and monitored. The Company's
solutions are primarily targeted at government establishments, the military,
mass transport centres such as airports, seaports, underground trains and
large commercial enterprises.
A key strength of the Visual Defence's systems is that they integrate with
legacy analogue equipment, overcoming problems of compatibility and
replacement costs that potential clients face in the process of migrating
from analogue to digital technologies.
KBC Peel Hunt Ltd is the Company's Nominated Adviser and broker.
Commenting on the Placing, Oved Tal, Chief Executive Officer of Visual
Defence said: "We are delighted with the response from institutional
investors. The proceeds of the Placing will enhance our profile with both
current and future customers and give us the resources to materially
increase our sales and marketing effort to take full advantage of the
forecast growth in the sector."
NOTES TO EDITORS
Company Overview
Visual Defence is a provider of security systems using digital audio-visual
(AV) signals transmitted over wireless and physical IP networks, enabling
digital AV and data to be captured from a variety of sources, such as fixed
or mobile cameras, microphones, infra-red sensors, access controls and
burglar alarms and delivered to local or remote locations where it can be
managed and monitored.
As a consequence, Visual Defence has placed emphasis on its ability to
integrate digital AV solutions with existing legacy analogue networks,
enabling them to operate seamlessly as a single system without compromising
the scope and quality of the advanced digital security applications. The
Directors believe that convergence and integration of both analogue and
digital technologies is a natural transition for the market.
The Company was established in February 2005 as a holding company for the
Emblaze Defence Business and the Girit/AV Logic Business, which have been
operating on a joint basis since February 2004.
-- In January 2004, Emblaze initiated a new division comprising the Emblaze
Defence Business, specializing in AV delivery and management solutions over
wireless IP networks such as cellular or Wi-Fi.
-- The Girit/AV Logic Business originated within two corporations, Girit
Projects Inc. and AV Logic Inc., founded in 2000 and 2003 respectively. The
Girit/AV Logic Business uses the same technologies and solutions as Emblaze
Defence but over broadband IP fixed networks.
To date, Visual Defence has primarily generated revenues by providing its
solutions to partner organisations, such as equipment vendors, OEMs and
systems integrators, for integration into systems sold by them. However,
recent growth in the market and the increased emphasis now being placed on
advanced technology in AV security solutions has seen an increasing
opportunity for Visual Defence to work with end-users directly.
The Company currently markets a number of products:
-- Command and Control Centre ("C3"), a digital security management system
suitable for use by large enterprises.
-- Virtual Matrix System ("VMS"), a comprehensive management system for live
and recorded control and monitoring by video over fixed and wireless LANs
and WANs.
-- Digital Video Storage System ("DVSS"), a comprehensive control,
monitoring and investigation solution designed to create a simple,
easy-to-use digital video recording environment.
-- Intercom Management System ("IMS"), an integrated AV platform designed to
work with existing telecommunications infrastructure.
-- IP Intercom, a suite of intercom devices designed for IP networks.
-- Visual Defence EYE ("VDE"), a product designed to manage, store and
access visual data on a wide variety of devices including laptops, tablet
PCs, rugged PDAs, stationary PCs as well as a range of cellular phones.
-- The Company also has a number of products in development including a
silent alarm system, an audio management system, an alarm gateway system, a
fire gateway system and an IP meeting product.
-- The Group has a pipeline of potential orders currently in negotiation
with a number of existing, new and potential clients valued at approximately
C$120 million.
-- The Company has worked on a number of high profile projects including:
-- Greater Toronto Airport Authority ("GTAA") Lester B. Pearson
International Airport, the design, development, supply and commissioning of
an advanced video over IP network solution for the airport.
-- Andlauer Transportation Services ("ATS"), Canada, the design,
development, implementation, deployment and ongoing maintenance of the ATS
Ambient Temperature solution.
-- Ontario Ministry of Health, is currently engaged with the Province of
Ontario's Ministry of Health as a threat and risk consultant for its 120
facilities across the Province.
-- Tadiran Communications Ltd., the Emblaze Defence Business was contracted
by Tadiran for provision of real-time video technology over Tadiran's RF
networks.
-- Israeli Defence Forces, deployed the first two commercial systems of
video management and delivery based on the Emblaze Defence Business'
wireless technology.
-- ESSO, Imperial Oil, Alberta, Canada, responsible for the design,
development, supply and commissioning of an advanced process control system
for monitoring critical events which would trigger the refinery's safety
suppression system.
SOURCE: Visual Defence
Visual Defence
On 020 7929 8989 on the day and thereafter
Oved Tal, CEO, Stuart Steinberg, +1 905 731 1254
or
KBC Peel Hunt
David Davies, Julian Blunt, David Anderson, 020 7418 8900
or
Corfin Communications
Harry Chathli, Neil Thapar, 020 7929 8989
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