SerVision plc Distribution Agreement (8316M)
January 25 2016 - 1:54AM
UK Regulatory
TIDMSEV
RNS Number : 8316M
SerVision plc
25 January 2016
25 January 2016
SerVision plc
("SerVision" or the "Company")
Distribution Agreement with Convoy Technologies LLC
SerVision (AIM: SEV), the AIM quoted developer and manufacturer
of digital video security systems, is pleased to announce that
SerVision Inc., the Group's wholly owned subsidiary operating in
the United States of America, has signed a binding agreement with
Convoy Technologies LLC ("Convoy Technologies"), an established
US-based company that manufactures visual tools for heavy duty
vehicles to improve fleet safety, security and productivity. Convoy
Technologies will act as a non-exclusive distributor of SerVision's
MVG Video Gateway products (the "Products") in the US, Canada,
Central and South America, and it has an existing and
well-established customer-base that includes over 100,000
vehicles.
Pursuant to the agreement, Convoy Technologies has agreed to
place an initial purchase order with SerVision for 1,250 MVG200 or
MVG400 units which will be split into four deliveries during 2016.
SerVision has received a down payment of $100,000 toward this
order, and will be receiving payments for the outstanding balance
as products are shipped. The contract is valued at a minimum of
$518,750, depending on which model MVG is supplied by
SerVision.
Gidon Tahan, Chairman and CEO of SerVision, commented, "We are
very pleased to be working with Convoy Technologies and that our
first contract with them is of a significant size. Penetrating the
US market is one of our key geographical target markets, due to the
size of its logistics network and reliance upon road-based
transportation."
-ends-
SerVision plc +972 2535 0000
Gidon Tahan, Chairman and CEO
Allenby Capital Limited (Nominated +44 (0)20 3328
Adviser and Joint Broker) 5656
Nick Athanas / James Reeve
Beaufort Securities Limited (Joint
Broker)
+44 (0)20 7382
Jon Levinson / Elliot Hance 8300
Cadogan Leander (Financial PR)
+44 (0)7795 168
Christian Taylor-Wilkinson 157
Notes to Editors
SerVision is a pioneer in the field of security communications
technology and a leading developer and manufacturer of fully
integrated video recording and transmission systems for homeland
security and transportation applications. The Company's core
technology is proprietary video compression which is optimised for
streaming real-time video over any type of cellular or narrowband
network.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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