24th Nov 2009 13:03
24 November 2009
SerVision plc
('SerVision' or the 'Company')
New Distribution Agreement in Brazil
SerVision plc (AIM:SEV), the AIM listed leading developer and manufacturer of digital security systems, is pleased to announce that it has further expanded its geographical reach through an exclusive distribution agreement with Guvision Monitoramento LTDA ("Guvision"), (the "Agreement").
Under the terms of the Agreement, Guvision has exclusive rights to distribute SerVision's video gateway products in Brazil. The Agreement is for an initial term of two years and is for the supply of 10,000 products to Guvision over this period. It is expected that these purchase orders will be fulfilled by Guvision on a quarterly basis. The Agreement may be extended by a further two years subject to Guvision increasing their annual purchase commitment by 25 per cent. An advanced payment of $535,655 has been received by the Company and the first purchase order, totalling $139,850, has been fulfilled by the Company. This order included the supply of 180 MVG 400 units.
Contract with Columbian National Police Force
Further to the announcement released by the Company on 21 September 2009 and the update contained in the Company's interim results released on 30 September 2009, the Company is pleased to announce that it has signed a contract to supply the Columbian National Police Force with a total of 697 MVG 400 units. The total value of the contract to SerVision is $397,897.
Gidon Tahan, Chairman and CEO of SerVision, commented:
"The addition of Brazil is a major territory to add to the geographies in which SerVision's products are sold. We are also delighted that the Columbian National Police Force have been impressed with our technologies and decided to order more units. We hope this will continue and that we can supply them with further products in the future."
- Ends -
For more information see www.servision.net or contact:
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SerVision plc Eitan Yanuv, Finance Director
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+972 2535 0015 |
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Allenby Capital Limited Nick Athanas/James Reeve
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+44 (0)20 3328 5656
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Old Park Lane Capital plc Forbes Cutler |
+44 (0)20 7518 2603 |
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Servision PLC