System Will Integrate ScoutCam’s Proprietary Technology/Cameras, Communication, Controls, Sensing, Image Processing, Data Processing and Networking Technologies
OMER, Israel, Nov. 09, 2021 (GLOBE NEWSWIRE) — ScoutCam (OTCQB:SCTC), a leading provider of turnkey I4.0 visualization solutions, composed of field proven highly resilient image acquisition unit, data collection and storage with dedicated AI capabilities, today announced it has been selected by a leading global defense contractor (the “Contractor”) to collaborate on a visual monitoring solution for the Contractor’s Unmanned Aerial Vehicles (“UAVs”).
The Journal of Mathematics reports that the use of unmanned systems has seen a significant increase over the last ten years, especially in security and defense applications, where remote locations and dangerous circumstances make undetected reconnaissance and observation difficult and risky.
The companies will work together to create a comprehensive solution that will monitor the UAV’s equipment by integrating ScoutCam’s next generation cameras, communication, controls, sensing, image processing, data processing and networking technologies into a system that can be mounted on the UAV.
Yovav Sameah, Chief Executive Officer of ScoutCam, commented on the announcement, “We are pleased to collaborate with such a high-profile contractor. The confidential and specialized nature of their UAV-related applications make the selection of integrated technologies a critical decision; particularly within the defense and security context, where mistakes can impact national security and, far too often, result in death.”
Sameah added, “Like many of our Industry 4.0 customers, defense contractors rely on condition-based monitoring and predictive maintenance solutions that operate under extreme conditions. This is especially true where the gear costs are high (aviation) or the cost of project interruption can be significant (energy and transportation). ScoutCam’s imaging technology offers a solution with a proven track record of withstanding harsh environments and offers high-end data analysis thereby enabling early fault detection”.
ScoutCam is a leading provider of image-based platforms. Pioneering the use of its proprietary visualization technology, ScoutCam offers state-of-the-art solutions across a variety of Predictive Maintenance and Condition Based Monitoring markets, thus paving the way for the energy, automotive and aviation industries. ScoutCam’s solutions are based on small and highly resilient cameras, specialized AI analysis and supplementary technologies.
Information set forth in this news release contains forward-looking statements that are based on the Company’s expectations, beliefs, assumptions and intentions regarding, among other things, its product-development efforts, business, financial condition, results of operations, strategies or prospects, as of the date of this news release. They are not guarantees of future performance. Forward-looking statements can be identified by the use of forward-looking words such as “believe,” “expect,” “intend,” “plan,” “may,” “should” or “anticipate” or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Such factors include, among other things: risks and uncertainties relating to the Company’s ability to maximize its strategic relationship with the leading defense contractor discussed in this press release, the likelihood of creating a comprehensive solution that can monitor equipment by integrating ScoutCam’s next generation cameras, communication, controls, sensing, image processing, data processing and networking technologies into a system that can be mounted on the UAV, the Company’s reliance on third-party suppliers; market acceptance of our products by prospect markets and industries; the functionality of ScoutCam’s solutions under all environmental conditions; the Company’s ability to raise sufficient funding in order to meet the Company’s business and financial goals; and certain other factors summarized in the Company’s filings with the SEC. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
For more information, please visit https://www.scoutcam.com.
Contact: Tanya Yosef, CFO – +972 (73) 370 4691
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