The development projects are focused on visual inspection capabilities for on the ground maintenance and in-flight monitoring of unmanned aerial vehicles
OMER, Israel, Dec. 14, 2020 (GLOBE NEWSWIRE) -- ScoutCam (OTCQB:SCTC), a leading developer and manufacturer of customized micro visual solutions and supplementary technologies, today announced that it embarked on three different development projects in cooperation with the Israeli Air Force. ScoutCam is developing products that leverage its high resilient micro-cameras (as recently demonstrated by NASA’s Robotic Refueling Mission 3) and its unique wired and wireless transmission capabilities to improve maintenance as well as flight safety of both helicopters and unmanned aerial vehicles (UAV) in the service of the Israeli Air Force.
These products are based on visual inspection capabilities for on the ground maintenance and in-flight monitoring of these vehicles. The addition of Artificial Intelligence (AI) to these cameras for in flight predictive maintenance purposes is designed to help improve aerial safety, reduce maintenance costs, and prevent severe safety mishaps in the ever so important and expensive air vehicles and intelligence equipment space. In addition, such predictive maintenance, based on the concept of Camera-as-a-Sensor™, have the potential to cut costs related to redundant periodic maintenance as well as the risks involved with such maintenance.
These products, once tried and approved for use by the Israeli Air Force, may lead to these products being sold to other air forces around the world as well as to helicopter and UAV manufacturers globally. “ScoutCam estimates that the global addressable market for helicopters alone is approximately 250 million dollars per year,” says Yaron Silberman CEO of ScoutCam. “This, together with the yet to be quantified, fast growing UAV market, which we intend to pursue as well, presents lucrative and exciting opportunities for our company and shareholders alike” Silberman added.
Cautionary Note Regarding Forward-Looking Statements
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, our ability to maximize the economic potential and monetize the technology covered in the press release; the likelihood of acquiring new customers and contacts in additional militaries and/or air forces; risks and uncertainties relating to our reliance on third-party suppliers; market acceptance of our products by prospect markets and industries; our ability to raise sufficient funding in order to meet our business and financial goals; and certain other factors summarized in our filings with the Securities and Exchange Commission. 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.
About ScoutCam
ScoutCam is a leading provider of customized visual solutions for organizations across a variety of industries in the form of highly resistant micro cameras and supplementary technologies. ScoutCam devices are used across the medical, aerospace, industrial, research and defense industries. For more information please visit: https://www.scoutcam.com/our-technology
Media Contact
Yaron Silberman
info@scoutcam.com
+972 526 511 122