RNS Number : 8366B
23 April 2012
23 April 2012
("SerVision" or the "Company")
New Distribution Agreement with Guvision Monitoramento LTDA
The Board of SerVision (AIM: SEV), the AIM listed leading developer and manufacturer of digital security systems, is pleased to announce that, on 20 April 2012, the Company entered into a new exclusive distribution agreement with Guvision Monitoramento LTDA ("Guvision") (the "Agreement"), a large system integrator in the Brazilian transportation security market. Guvision are an existing, established customer of SerVision and were the distributor of SerVision's video gateway products in Brazil for a two year period under an original agreement entered into in November 2009. Under the previous agreement a total of 5,000 of SerVision's video gateway products were supplied to Guvision.
Under the new Agreement Guvision has the exclusive rights for the import and distribution of SerVision's MVG video gateway products in Brazil. The Agreement is for a term of two years and is for the supply of 15,000 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 at least 25 per cent. The first purchase order, totalling US$350,000, has been fulfilled by the Company. This order was for the supply of 500 MVG 400 units.
The products being supplied to Guvision by SerVision are solely the Company's mobile commercial systems (MVG).
Gidon Tahan, Chairman and CEO of SerVision, commented, "We are delighted to enter into a new exclusive agreement with Guvision for the continued distribution of our market leading digital video products in Brazil. Guvision are an established customer and we look forward to continuing our successful partnership with them in this vast territory."
SerVision plc +972 2535 0000
Gidon Tahan, Chairman and CEO
Allenby Capital Limited (Nominated Adviser
and Broker) +44 (0)20 3328 5656
Nick Athanas / James Reeve
Leander (Financial PR) +44 (0)7795 168 157
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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