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5 Years : From Oct 2011 to Oct 2016
RNS Number : 5294K
18 July 2011
18 July 2011
("SerVision" or the "Company")
New Distribution Agreements
SerVision (AIM: SEV), the AIM listed leading developer and manufacturer of digital security systems, is pleased to provide an update on new distribution agreements which the Company has secured in the Republic of Mexico and the UK.
Distribution agreement in the Republic of Mexico
The Company has signed an exclusive distribution agreement with Cashfin Sa De CV ("Cashfin") for the import and distribution of SerVision's video gateway products in the Republic of Mexico (the "Cashfin Agreement").
Under the terms of the Cashfin Agreement, which is for an initial duration of 2 years, Cashfin has committed to an order schedule comprising a total of 4,000 units. SerVision have received a US$300,000 cash payment from Cashfin for an initial order of 500 units.
The products being supplied to Cashfin by SerVision fall across its entire range of Video Gateway solutions, including fixed and mobile commercial systems (SVG, UVG and MVG), home security (HVG) and body worn camera systems (CVG and CVG-M). SerVision will provide Cashfin with exclusive distribution rights in the Republic of Mexico for the duration of the Cashfin Agreement.
OEM distribution agreement with Cobra UK Limited
The Company has also entered into an agreement with Cobra UK Limited ("Cobra"), part of Cobra Automotive Technologies S.p.A, leaders in the design, manufacture and distribution of security, safety and telematics solutions for the automotive industry (the "Cobra Agreement"). Under the terms of the Cobra Agreement the Company has agreed to supply MVG and CVG-M products to Cobra, to be white labelled and sold under the Global Live brand name. Cobra has placed an initial purchase order which has been successfully fulfilled.
Cobra is the European market leader for GPS stolen vehicle tracking and location based services. The company is the sole approved supplier of stolen vehicle tracking and recovery services at a pan-European level to Audi, Bentley, Ferrari, Infiniti, Lamborghini, Maserati, McLaren, Mercedes-Benz Trucks, Mitsubishi, Nissan, Porsche, Renault and Tesla.
Cobra will market Servision products in the UK under the Global Live brand name as a safety and security solution for commercial vehicle operators to protect high value loads, remote sites and high risk operations. Target areas also include public safety protection and helping operators to meet Duty of Care obligations. Cobra will provide bespoke integrated solutions, installation and ongoing vehicle security monitoring services using Servision technology.
Gidon Tahan, Chairman and CEO of SerVision, commented, "We are pleased to have entered into a distribution agreement with Cashfin for the exclusive distribution of our gateway products in Mexico. This adds to our expanding list of distributors who are able to market SerVision's video gateway products into an increasing number of territories around the world. We are also delighted to have entered into an agreement with Cobra. As a leader in automotive telematics technology, we are pleased that Cobra appreciates the unique benefits that our CVG-M and MVG products contain and have identified them to strengthen their product base."
Andrew Smith, Managing Director of Cobra UK Limited, added, "The agreement with Servision to distribute live mobile CCTV solutions is a natural extension to the Cobra portfolio of products and services. Building on our strengths in the automotive and commercial vehicle sector, these systems enhance our commitment to improve the safety and security of drivers and their vehicles."
For more information on Cobra products and services visit www.cobravehiclesecurity.co.uk
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
This information is provided by RNS
The company news service from the London Stock Exchange