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30 Oct 2015 07:00
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30 October 2015
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SerVision plc
("SerVision" or the "Company")
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Supply Agreement with Global Logistics Company
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SerVision (AIM: SEV), the AIM quoted developer and manufacturer of digital video security systems, is pleased to announce that SerVision UK Limited, the Group's recently incorporated wholly owned UK subsidiary, has been approved as a supplier for a major global logistics company to supply and install SerVision's unique end-to-end telematics CCTV security system.
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Following such approval the Company is commencing work to fit out a fleet of 101 vehicles in the UK with its video equipment, ancillary products and components. SerVision was awarded this long-term supply agreement following extensive testing and trials against four other companies. Due to the unique nature of the Company's products, which combine advanced video compression technology, live streaming over cellular and other low bandwidth networks, as well as many other components to create a highly novel integrated solution, the board of SerVision believes it will be able to turn this relationship with the customer into a valuable recurring revenue stream going forward.
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The initial expected value to SerVision for this first project, which is due to commence on 9 November 2015, is approximately Β£225,000 and the initial purchase orders have now been received in relation to the sale and installation of the video and ancillary equipment. An additional service and maintenance element, to be paid on a monthly basis throughout the life of the product, will be the subject of a separate agreement which is currently under negotiation. It is understood that further projects are likely to be forthcoming from the customer and the Company will keep shareholders updated on developments as appropriate.
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Gidon Tahan, Chairman and CEO of SerVision, commented, "We have been working closely with this third party for many years now, whilst it has carried out thorough trials of our mobile security system. This new supply agreement is the culmination of this hard work and we are very pleased to be able to provide a system which we expect will be at the heart of its fleets for years to come."
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-ends-
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SerVision plc | +972 2535 0000 |
Gidon Tahan, Chairman and CEO Β | |
Allenby Capital LimitedΒ (Nominated Adviser and Joint Broker) | +44 (0)20 3328 5656 |
Nick Athanas / James ReeveΒ |
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Beaufort Securities LimitedΒ (Joint Broker) | |
Jon Levinson / Elliot Hance | +44 (0)20 7382 8300 |
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Cadogan LeanderΒ (Financial PR) | |
Christian Taylor-Wilkinson | +44 (0)7795 168 157 |
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Notes to Editors
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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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