23rd Jul 2012 11:10
23 July 2012
SERVISION PLC
("SerVision" or the "Company")
Result of AGM and AGM Statement
The Board of SerVision (AIM: SEV), the AIM listed leading developer and manufacturer of digital security systems, announces that at the Company's annual general meeting ("AGM"), held earlier today, all resolutions were duly passed.
At the AGM, Gidon Tahan (CEO and Chairman of SerVision) gave the following update:
"The Company is pleased to announce that over the past three weeks it has received four new orders from South African based Graphic Image Technologies (Pty) Ltd ("GIT") totalling USD 400,000.
"Under the terms of the original distribution agreement with GIT, announced on 29 July 2011, GIT committed to place orders for an aggregate value of USD 2 million over a two year period. Although total orders to date stand at USD 550,000, the Company is confident that this recent spate of orders is a strong indication of growing interest in SerVision's mobile video systems which will lead to the minimum order amount being achieved over the remaining 11 months of the agreement.
"Included in the orders from GIT are 337 units of our award winning MVG (Mobile Video Gateway) system for an international commercial transportation company interested in protecting its high value assets in transit.
"The South African market is very important for SerVision and we believe we are beginning to see real penetration through our partnership with GIT. These new orders indicate that our mobile video products are continuing to be recognised as one of the leading mobile security systems in the market. The Board is hopeful that success in this segment of the market could lead to further orders around the world with the transportation company and other customers.
"We are also pleased to advise shareholders that we have received an order from Servicios Integrales S.A. de C.V. ("SYM"), a provider of security alarm and monitoring systems in the Republic of Mexico, for delivery of 250 of our CVG-M units, for use in police vehicles in Guadalajara. The CVG-M system is our light-weight mobile unit which can be worn on the body as well as used in vehicles, providing real-time live video to a central control team. The value of this order to the Company is USD 165,000."
-ends-
SerVision plc | +972 2535 0000 |
Gidon Tahan, Chairman and CEO
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Allenby Capital Limited (Nominated Adviser and Broker) | +44 (0)20 3328 5656 |
Nick Athanas / James Reeve
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Leander (Financial PR) | +44 (0)7795 168 157 |
Christian Taylor-Wilkinson
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Notes to Editors:
SerVision has developed and patented a video compression technology, which allows high quality, real-time CCTV transmissions to be streamed seamlessly across mobile phone networks. The Company provides video solutions for many varied industries, including, cash-in-transit, public transport, police forces and private hire taxi companies.
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Servision PLC