SVR.L Regulatory News (SVR)

19 Nov 2008 07:00



ServicePower Technologies PLC

("ServicePower" or the "Company")

ServicePower signs new contracts with leading US consumer appliances and services companies

ServicePower (AIM: SVR), a market leader for outsourced service and field management, is pleased to announce several new contracts with global consumer electronics, appliances, insurance and service companies in North America, jointly worth over US$1million over the next three years. 

ServicePower will be providing its SERVICEClaims application which provides claims processing and payment services, to Kenwood USA and Kenwood Canada, the North American divisions of the Kenwood Corporation, a leading developer and manufacturer of consumer electronics and communications equipment. 

Four new companies have contracted with ServicePower for both its SERVICEClaims and newly launched SERVICEStats applications. These are; P&F USA, the after-sales service arm for all consumer electronics products marketed and sold under the Funai, Magnavox, Philips and Sylvania brand names; Philips Consumer Lifestyles, Philips' consumer electronics business division; Hitachi Home Electronics (America), Inc.; and Yamaha Corporation of America, the musical instruments and audio/visual products company. 

ServicePower will also provide SERVICEDispatch and SERVICEClaims applications and payment processing to the Bankers Warranty Group, Inc. which provides warranty services to retailers and manufacturers.

In addition, ServicePower has extended a licence for the SERVICEScheduling product to Bristol West, a specialty insurance company for passenger vehicles such as boats and recreational vehicles (RVs).

Mark Duffin, CEO of ServicePower, commented, "We are delighted to have secured several excellent new customers in the consumer electronics and appliances sector in the US, adding to our growing roster of blue-chip clients. In particular, our newly launched SERVICEStats application is proving to be a popular add-on to our current portfolio, equipping our customers with the means to monitor and improve business performance, which is clearly of heightened importance during these difficult economic conditions.

"With the majority of these contracts being signed for a three year period, we are seeing increasing levels of revenue visibility. This is adding to the stability of the Company and giving us continued confidence in the future of ServicePower." 

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About ServicePower

ServicePower, currently publicly traded on the AIM market operated by the London Stock Exchange (AIM:SVR), allows companies to locate their employed field resources in the right geography, ensure they have the right mix of skills, and outside this geography create a network of independent, authorised service contractors whose costs are efficiently managed by our sophisticated warranty management software. The schedules and routes for both the employed field resources and the independent servicers are optimised by ServicePower's technology to ensure the right balance between the cost of operations and ensuring customers receive a superior service experience.