27th May 2009 15:00
27 May 2009
SerVision plc
('SerVision' or the 'Company')
Distribution Agreement
SerVision (AIM:SEV) is pleased to announce that it has signed a Distribution Agreement with Golden Net Communication Technology Ltd ('Golden Net') a company based in Beijing, China (the 'Agreement'). The Agreement provides Golden Net with the exclusive rights to distribute SerVision products in China, Hong Kong, Macao and Taiwan.
Golden Net is a leading distributor and installer of location-based systems used for tracking vehicles and people. They also offer control centre monitoring services, and supply 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, for $400,000, has been received by the Company. The Agreement is for an initial term of two years, which may progress into a further three year contract at the agreement of both SerVision and Golden Net.
Gideon Tahan, Chairman and CEO of SerVision, commented:
"This is another major territory to add to list of territories in which SerVision products are sold. We are delighted that Golden Net has seen the benefits our technologies can bring, and we hope this will be the start of a profitable relationship."
For more information see www.servision.net
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Further enquiries:
|
SerVision plc Eitan Yanuv, Finance Director |
+972 2535 0015 |
|
HB Corporate Imran Ahmad/Rory Creedon |
020 7510 8600 |
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