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27 Aug 2013 13:36
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SerVision PLC
("SerVision" or the "Company")
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New distribution agreement with Transport Online
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SerVision (AIM: SEV), the AIM listed developer and manufacturer of digital security systems, is pleased to announce that it has entered into a distribution agreement appointing Transport Online LLC ("Transport Online") as SerVision's exclusive distributor of mobile applications requiring cellular transmission in Russia, Belarus, Ukraine, Bosnia & Herzegovina, Kosovo, Macedonia, Montenegro and Serbia (the "Agreement"). Transport Online is a system integrator based in Russia that specialises in offering the latest technologies to enable remote monitoring and control of strategic projects in the transport sector.
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Under the terms of the Agreement, Transport Online will have exclusivity over the import and distribution of the Company's video gateway products and software for mobile applications that require video streaming over cellular in these territories until 31 December 2015, provided that Transport Online meets a minimum purchase commitment of orders valued at approximately USD$1million prior to this date. SerVision has received an initial purchase order from Transport Online with an aggregate value of USD$245,000.
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Gidon Tahan, Chairman and CEO of SerVision, commented, "We are delighted to enter the Russian and Eastern European market through our partnership with Transport Online and we are confident of their abilities to distribute SerVision's market leading digital video products into this exciting territory."
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SerVision plc | +972 2535 0000 |
Gidon Tahan, Chairman and CEO Β | |
Allenby Capital Limited (Nominated Adviser and Broker) | +44 (0)20 3328 5656 |
Nick Athanas / James Reeve Β |
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