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25 Jan 2016 07:54
25 January 2016
SerVision plc
("SerVision" or the "Company")
Distribution Agreement with Convoy Technologies LLC
SerVision (AIM: SEV), the AIM quoted developer and manufacturer of digital video security systems, is pleased to announce that SerVision Inc., the Group's wholly owned subsidiary operating in the United States of America, has signed a binding agreement with Convoy Technologies LLC ("Convoy Technologies"), an established US-based company that manufactures visual tools for heavy duty vehicles to improve fleet safety, security and productivity. Convoy Technologies will act as a non-exclusive distributor of SerVision's MVG Video Gateway products (the "Products") in the US, Canada, Central and South America, and it has an existing and well-established customer-base that includes over 100,000 vehicles.
Pursuant to the agreement, Convoy Technologies has agreed to place an initial purchase order with SerVision for 1,250 MVG200 or MVG400 units which will be split into four deliveries during 2016. SerVision has received a down payment of $100,000 toward this order, and will be receiving payments for the outstanding balance as products are shipped. The contract is valued at a minimum of $518,750, depending on which model MVG is supplied by SerVision.
Gidon Tahan, Chairman and CEO of SerVision, commented, "We are very pleased to be working with Convoy Technologies and that our first contract with them is of a significant size. Penetrating the US market is one of our key geographical target markets, due to the size of its logistics network and reliance upon road-based transportation."
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SerVision plc | +972 2535 0000 |
Gidon Tahan, Chairman and CEO
| |
Allenby Capital Limited (Nominated Adviser and Joint Broker) | +44 (0)20 3328 5656 |
Nick Athanas / James Reeve |
Beaufort Securities Limited (Joint Broker) | |
Jon Levinson / Elliot Hance | +44 (0)20 7382 8300 |
Cadogan Leander (Financial PR) | |
Christian Taylor-Wilkinson | +44 (0)7795 168 157 |
Notes to Editors
SerVision is a pioneer in the field of security communications technology and a leading developer and manufacturer of fully integrated video recording and transmission systems for homeland security and transportation applications. The Company's core technology is proprietary video compression which is optimised for streaming real-time video over any type of cellular or narrowband network.
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