Seeing Machines signs extended partnership deal with Progress Rail Services
StockMarketWire.com - Seeing Machines signed a new extended partnership agreement with Progress Rail Services.
Progress Rail, a Caterpillar company, is one of the largest integrated and diversified suppliers of railroad and transit system products and services worldwide.
Since its acquisition of Electro-Motive Diesel (EMD), Progress Rail is the world's largest builder of diesel-electric locomotives for all commercial railroad applications including freight, intercity passenger, commuter, switching, industrial and mining.
The agreement provides exclusive worldwide licence rights to Progress Rail, for core rail applications under specific conditions, on a royalty basis incorporating minimum royalty revenue growth commitments.
Under the previous agreement, Seeing Machines and Progress Rail worked closely on extensive trials with multiple rail operators, enabling both parties to understand, develop and optimize the application of the Seeing Machines operator monitoring technology for the rail environment as well as to gain a deeper understanding of the significant challenges that rail operators face in terms of fatigue and distraction.
Paul Angelatos, SVP & GM Fleet, Rail and Off-Road, Seeing Machines commented: "We are delighted to be moving our partnership with global leaders Progress Rail into the commercial phase now.
"Having worked closely over the past few years to understand and develop a robust solution for the rail industry through trials, it's very pleasing that both parties share the same vision and see large market opportunity to enter the commercial ramp phase, which will deliver significant benefits in safety and productivity across the rail sector."
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