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27 May 2009 15:00
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27Β May 2009
SerVision plc
('SerVision'Β or the 'Company')
Distribution Agreement
SerVision (AIM:SEV) is pleased to announce that it has signed aΒ DistributionΒ Agreement withΒ Golden Net CommunicationΒ Technology LtdΒ ('Golden Net') a company based inΒ Beijing,Β ChinaΒ (the 'Agreement'). TheΒ AgreementΒ providesΒ Golden NetΒ withΒ theΒ exclusive rights to distribute SerVision products inΒ China, Hong Kong, Macao and Taiwan.
Golden Net is a leading distributor and installer of location-based systems used for tracking vehicles and people. TheyΒ also offerΒ control centreΒ monitoring services, and supplyΒ security solutions to the government and defence establishments. SerVision selected Golden Net as its representative in China because of its familiarity with the local security and transportation sectors, and because it already has extensive experience installing location-based systems in vehicles.
Under the terms of the Agreement Golden Net has agreed to submit purchase orders cumulatively valued at $10 million over the course of two years. The first purchase order,Β forΒ $400,000,Β has been received by the Company. TheΒ AgreementΒ is for an initial term ofΒ two years, which may progress into a furtherΒ three yearΒ contract at the agreement of both SerVision andΒ Golden Net.Β
Gideon Tahan, Chairman and CEOΒ of SerVision, commented:
"ThisΒ is another major territory to addΒ to list of territories in which SerVision products are sold. We are delighted thatΒ Golden NetΒ hasΒ seen the benefits our technologies can bring, and we hope this will be the start of a profitable relationship."
For more information seeΒ www.servision.netΒ
- Ends -
Further enquiries:
|
SerVision plc Eitan Yanuv, Finance Director |
+972 2535 0015 |
|
HB Corporate Imran Ahmad/Rory Creedon |
020 7510 8600 |
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