see this report from PSY on ETrade today -- thats why its way UP...

see this report from PSY on ETrade today -- thats why its way UP

ASX Announcement 21 December 2017 Panorama Synergy Ltd ACN 060 369 048 Level 1, 61 Spring Street Melbourne VIC 3000 T+ 613 9286 7500 F+ 613 9662 1472 W: www.panoramasynergy.com E: [email protected]
PANORAMA SYNERGY AWARDED A DEFENCE GRAND CHALLENGE GRANT Panorama Synergy Limited (ASX: PSY) (PSY or the Company) is pleased to announce that a consortium of PSY, the University of Western Australia (UWA) and Scientific Aerospace (Sci.aero) of Perth has been awarded a $2.9m grant from the Department of Defence to develop an unmanned, bomb detecting drone. Led by UWA, the four-year project will commence in the first half of 2018 and will draw heavily on PSY’s know-how to develop a novel, light-weight spectroscopy and imaging capability to be mounted on an unmanned drone. Such a wirelessly controlled drone might fly ahead of convoys and spot roadside bombs or other explosive devices before soldiers - or civilians - might pass and activate the devices. Or it might be used to remotely examine suspicious packages or terrorist bombs without putting lives at risk. Key highlights: • Combining the strengths of PSY, UWA and Sci.Aero across MEMS spectroscopy, imaging, and unmanned drones, the consortium is well placed to develop a world-first and commercially attractive solution for the remote autonomous detection of improvised threats • The drone mounted solution will likely be of interest to any organisation around the world that is tasked with the detection and analysis of improvised explosive devices (IEDs) and other threats • The project grant submission builds on the successful multi-year MEMS spectroscopy research and development collaboration between PSY and UWA • The project provides a strong platform for the development of commercial defence products based on PSY’s technology, and the grant and future device sales will provide a financial return on the Company’s ongoing MEMS R&D investment PSY’s CEO Peter Lewis said “The awarding of the Defence Grand Challenge grant to PSY and our partners is a clear validation of the attractiveness of our cutting-edge MEMS Spectrometry technology to the Australian Defence Industry. PSY’s unique technology enables innovative, miniaturised sensor solutions to be developed to solve previously intractable real-world problems across Defence, security and other areas. I am proud that we are working to develop a solution that promises to help save some of the 30,000 lives lost each year due to IEDs. The PSY team is excited by the prospect of working with UWA and Sci.aero to develop an integrated and reliable threat detection solution for the Department of Defence.”
-ENDS