26 Oct 2010 07:00
26 October 2010
SERVISION PLC
("SerVision" or "the Company")
New Distribution Agreement
SerVision (AIM: SEV), the AIM listed leading developer and manufacturer of digital security systems, is pleased to announce that it has entered into a distribution agreement with NSS Sp. Z.o.o. ("NSS"), a provider of security alarm and monitoring systems in Poland (the "Agreement").
Under the terms of the Agreement, which is for an initial duration of 14 months, NSS has committed to an order schedule comprising a total of 1,000 units, spread over four purchase orders of 250 units each. A 20% advance payment of $23,450 has already been received by SerVision for the first purchase order, which is valued at $121,250. The balance of the funds will be received on delivery of the 250 units to NSS.
SerVision will provide NSS with exclusive distribution rights for its products in Poland for the contract duration and NSS has the option to extend this for an additional 12 months if it increases its annual purchase commitment to SerVision by 25%.
The products being supplied to NSS by SerVision fall across its entire range of Video Gateway solutions, including fixed and mobile commercial systems (SVG and MVG), home security (HVG) and body worn camera systems (CVG).
Gidon Tahan, Chairman and CEO of SerVision, commented, "As our first distribution agreement in eastern Europe, this contract is evidence of the traction that our products are rapidly gaining across the world. Our broad range of systems, particularly our robust mobile camera systems are amongst the most technologically advanced on the market due to our patented compression technology, which allows high quality, real-time video to be streamed across the mobile networks. We are therefore confident of developing a long term relationship with NSS in Poland and adding similar customers as we continue to enter other new geographies and markets."
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For further information:
| SerVision Plc | +972 2535 0015 |
| Eitan Yanuv, Finance Director |
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| Allenby Capital (Nominated Adviser and Broker) | +44 (0)20 3328 5656 |
| Nick Athanas / James Reeve |
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| Old Park Lane Capital plc. (Joint Broker) | +44 (0)20 7518 2603 |
| Forbes Cutler |
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| Leander (Financial PR) | +44 (0)7795 168 157 |
| Christian Taylor-Wilkinson |
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