ADDING MULTIMEDIA InfoSonics Delivers the verykool i270, a New Touch Screen Model
February 24 2010 - 8:10PM
Business Wire
InfoSonics Corporation (NASDAQ: IFON), one of the premier
providers and distributors of wireless handsets and accessories
serving Latin America, today announced the sale and delivery of its
first verykool® i270 model wireless handsets to one of its carrier
customers in Latin America.
“We are enthusiastic about the potential for this product,”
stated Joseph Ram, president and CEO of InfoSonics. “The verykool®
i270 features an integrated 2 Megapixel camera with video
capabilities, which becomes a web cam by simply connecting it to a
computer. The verykool® i270 also offers the ability to add
external memory (microSD).
“The verykool® i270 is part of our overall strategy to enhance
our product lineup and add new models to our current product
offering in Latin America through our verykool USA, Inc
subsidiary.”
About InfoSonics
Corporation
InfoSonics is one of the premier providers and distributors of
wireless handsets and accessories serving Latin America. For the
wireless telecommunications industry, InfoSonics provides flexible
and cost effective solutions, including product assembly,
purchasing, marketing, selling, warehousing, order assembly,
programming, packing, shipping, and delivery. InfoSonics supports
manufacturers in moving their products to agents, resellers,
distributors, independent dealers, retailers and wireless network
operators in Latin America. For additional information, please
visit www.infosonics.com.
About verykool USA,
Inc.
verykool USA, Inc. is a wholly owned subsidiary of InfoSonics
Corporation which provides the design and manufacturing
oversight of InfoSonics’
verykool® proprietary line of mobile phones.
About verykool®
InfoSonics’ verykool® proprietary line of mobile phones covers a
full spectrum of product offerings, including entry level handsets
and full featured phones, both mid-tier and high end. The verykool®
phones are compact, stylish handsets, available in multiple fashion
color options and filled with the most popular features demanded by
consumers, such as, audio and multimedia players; cameras; PC Sync;
expansion memory slots; and GSM ‘world phone’ standards. InfoSonics
is initially focused on selling its proprietary verykool® line of
products to carrier customers in Latin America, with the potential
for geographic expansion opportunities in the future. To view
InfoSonics’ verykool® product lineup please visit www.verykool.net
and our verykool® members participation zone at
www.verykool.net/zone
Cautionary Statement for the Purpose of the Safe Harbor
Provisions of the Private Securities Litigation Reform Act of
1995
The matters in this press release that are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including, without limitation, statements about
future revenues, sales levels, operating income and margins,
wireless handset sales, stock-based compensation expense, gain/loss
in value of derivatives, cost synergies, operating efficiencies,
profitability, market share, and rates of return, are based on
current management expectations that involve certain risks and
uncertainties. These risks and uncertainties, in whole or in part,
could cause such expectations to fail to be achieved and have a
material adverse effect on InfoSonics’ business, financial
condition and results of operations, and include, without
limitation: (1) intense competition internationally, including
competition from alternative business models, such as
manufacturer-to-carrier sales, which may lead to reduced prices,
lower sales, lower gross margins, extended payment terms with
customers, increased capital investment and interest costs, bad
debt risks and product supply shortages; (2) dependency on Latin
American sales a majority of which are from Argentina, which may be
significantly reduced or eliminated as a result of the recently
adopted tax/duty by Argentina; (3) the ability of the Company to
successfully introduce and sell its verykool® products and the
related inventory risk of such products; (4) extended general
economic downturn; (5) inability to secure adequate supply of
competitive products on a timely basis and on commercially
reasonable terms; (6) foreign exchange rate fluctuations,
devaluation of a foreign currency, adverse governmental controls or
actions, political or economic instability, or disruption of a
foreign market, including, without limitation, the imposition,
creation, increase or modification of tariffs, taxes, duties,
levies and other charges and other related risks of our
international operations, such as the recently adopted tax/duty
change in Argentina on certain electronics (including cellular
phones) which could significantly increase selling prices to our
customers and end-users; (7) the ability to attract new sources of
profitable business from expansion of products or services or risks
associated with entry into new markets, including geographies,
products and services; (8) an interruption or failure of our
information systems or subversion of access or other system
controls may result in a significant loss of business, assets, or
competitive information; (9) significant changes in supplier terms
and relationships; (10) termination of a supply or services
agreement with a major supplier or product supply shortages; (11)
continued consolidation in the wireless handset carrier market;
(12) loss of business from one or more significant customers; (13)
customer and geographical accounts receivable concentration risk
and other related risks; (14) rapid product improvement and
technological change resulting in inventory obsolescence; (15)
terrorist or military actions; (15) the loss of a key executive
officer or other key employees; (17) changes in consumer demand for
multimedia wireless handset products and features; (18) our failure
to adequately adapt to industry changes and to manage potential
growth and/or contractions; (19) seasonal buying patterns; (20)
uncertain political and economic conditions internationally; (21)
the resolution of any litigation for or against the Company; and
(22) the ability of the Company to generate taxable income in
future periods in order to utilize and realize any quarterly tax
benefits recorded. Our actual results and condition could differ
materially from those anticipated in our forward-looking
statements.
InfoSonics has instituted in the past and continues to institute
changes to its strategies, operations and processes to address
these risk factors and to mitigate their impact on InfoSonics’
results of operations and financial condition. However, no
assurances can be given that InfoSonics will be successful in these
efforts. For a further discussion of significant factors to
consider in connection with forward-looking statements concerning
InfoSonics, reference is made to Item 1A Risk Factors of
InfoSonics’ Annual Report on Form 10-K for the year ended December
31, 2008 and Quarterly Reports on Form 10-Q for the periods ended
March 31, 2009, June 30, 2009 and September 30, 2009; other risks
or uncertainties may be detailed from time to time in InfoSonics’
future SEC filings. InfoSonics does not intend to update any
forward-looking statements.
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