Financial restructuring
Sea-Hawk Navigation AS is pleased to announce that the company has secured a financial restructuring solution through a major private placement towards a group of Bergen-based investors.
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The equity issue secures repayment of all company debts accumulated through an extensive R&D process to develop the revolutionary radar technology based on its patented Sea-Hawk technology. In addition the issue secures a solid capital base to support the expansion now required by the company to absorb marked demands for Sea-Hawk commercialized radar sensors and radar system products.
The investors have a strong belief in the companys technology and products, and have both the will and financial strength to further support the company should this be required to reach its full potential. The new investors are GC Rieber AS, Sparebanken Vest, Bergen Kommunale Pensjonskasse, Verdipapirfondet Holberg Norge AS and Sarsia Seed AS. The above mentioned organizations have entered into the private placement with approximately the same portion of owner share. Additionally Sector Asset Management continues its ownership through its investment fund Sector Speculare AS, but has reduced their owner share to the same level as the new investors.
High performance radar systems
Sea-Hawk Navigation AS is a provider of high performance radar sensors and systems based on in-house developed and patented polarimetric radar technology for use within areas like environmental surveillance/monitoring (e.g. platform & ship-based oil spill detection), advanced navigation tasks (e.g. seismic), general small and/or high speed sea surface target detection, ship and offshore/at-shore/inshore terror strike warning, homeland security and general vessel traffic surveillance. A number of solutions have been installed on seismic vessels, platform- and ship-based oil spill detection and specialized purposes onboard cruise ships/tuna vessels etc. Sea-Hawk performance may represent a significant cost saver and in some cases income generator for our customers. Even more important is the fact that Sea-Hawk performance may represent a safety enhancement in terms of more reliable navigation information, ice detection, early warning of safety hazards like piracy/terror strike, high waves/ local weather phenomenon’s approaching etc. The oil spill detection skills also contributes with a quantum leap improvement for oil spill early warning, hence reducing the environmental impacts of an actual oil spillage.
