Iveda Accepts $1.33 Million Follow-On PO for 10,000 Plug-and-Play Cloud Cameras for Philippines Telecom
MESA, Ariz. (February 20, 2015) – Iveda® (OTCQB:IVDA), enabler of cloud video surveillance through its Sentir™ platform, today announced that it received a purchase order for 10,000 Zee® plug-and-play cloud cameras from Filcomserve. The PO has a value of $1.33 Million consisting of four camera models. In addition to the camera revenue, Iveda will recognize an additional perpetual monthly licensing fee for each camera activated on the Sentir platform. The cameras will be shipped to Philippine Long Distance Telephone Co. (PLDT), Filcomserve’s largest customer. Filcomserve is Iveda’s exclusive distributor in the Philippines and manages the day-to-day business relationship with PLDT. Filcomserve is an information and communications technology company, providing turn-key solutions to telecommunications and IT companies. “This purchase order is only the beginning. Based on an initial market study, conservatively, we anticipate a minimum of 30,000 cameras sold by the end of this year,” said Lino Barte, CEO of Filcomserve. “We expect demand from PLDT of similar or greater quantity in the coming months.” “This is an additional validation for Iveda’s Sentir platform, enabling plug and play video surveillance on a massive scale, operating within the high-capacity telecom environments with near infinite scalability utilizing both fixed line and mobile networks, said David Ly, chairman and CEO of Iveda. “Traditional video surveillance made it prohibitive to accommodate more users because of cumbersome installation, complicated systems, and cost. Sentir enables our telecom partners to offer simple, plug-and-play cloud video applications to users.” PLDT is launching the first scalable cloud video monitoring product and service offering in the Philippines to cater to its millions of subscribers, after conducting extensive testing within their data centers, market trials and an advertising campaign. The new bundled service is targeting small-to-medium enterprises such as shipping companies with docks and warehouses and chain restaurants with multiple locations. A typical telecom offering may include a bundled package with a DSL line, a plug-and-play cloud camera, live video access and 7-day video recording in the cloud, accessible 24/7 using a web browser or a mobile app. The bundle may be offered for a simple monthly fee with no upfront cost or a discounted upfront cost for the camera and a monthly fee for the service, similar to a cellular phone/service offering. The cloud video surveillance offering eliminates the expense of on-premise video storage and the cumbersome set-up and maintenance associated with typical closed-circuit television (CCTV) systems. This capability enables real-time viewing, push notifications, alerts and recorded playback. Iveda’s licensing of its Sentir cloud video platform makes this all possible. In a recent article in Manila Standard Today, Ariel Fermin, executive vice president at PLDT said “In 2014, we have invested heavily in improving and expanding our infrastructure so we can reach more homes and provide them the strongest connections.” According to the article, PLDT Home DSL was recently hailed as the strongest broadband brand in the country by recent surveys. This infrastructure improvement in the Philippines bodes well for cloud video surveillance services. PLDT is the Philippines’ leading provider of domestic, international long distance, broadband, cellular services and information and communications technology with over 70 million subscribers (more subscribers than Sprint and T-Mobile in the U.S.). PLDT is listed on the Philippine Stock Exchange (PSE:TEL) and its American Depositary Shares are listed on the New York Stock Exchange (NYSE:PHI). PLDT has one of the largest market capitalizations among Philippine-listed companies. “We follow the methodical processes of our telecom partners. It takes time, but once they validate technology and market potentials, they proceed to a well-orchestrated market launch, said Ly. “We anticipate more telecom innovations in emerging markets in the years to come. I’m thrilled to see Iveda establishing Sentir as an integral part of the global ecosystem and the technological advancement of the telecom industry. There is much growth to look forward to and video is only the beginning.” In addition to worldwide telecoms, Sentir is also a perfect fit for Internet Service Providers, data centers and cable service providers that want to leverage their subscriber base for an additional offering of products and monthly services. Iveda collects monthly licensing fee as the service provider bills their customers for services.
###Iveda and Zee are registered trademark of Iveda Solutions, Inc. Sentir is a trademark of Iveda Solutions, Inc. All other trademarks are property of their respective owners. About Iveda Iveda® (OTCQB:IVDA) enables cloud video surveillance via its Sentir™ Software as a Service (SaaS) video management platform, utilizing proprietary video streaming and Big Data storage technology. Iveda enables a recurring revenue model by licensing Sentir to organizations for plug-and-play cloud video offering to their customers. Iveda has a SAFETY Act Designation from the Department of Homeland Security as a Qualified Anti-Terrorism Technology Provider. Iveda is headquartered in Mesa, Arizona with a subsidiary in Taiwan. Iveda is publicly traded under the ticker symbol “IVDA.” For more information call (480) 307-8700 or visit www.iveda.com. To follow Iveda visit www.facebook.com/ivedasolutions, www.twitter.com/ivedasolutions or www.linkedin.com/company/iveda-solutions. This release includes forward-looking statements. Actual results may vary materially from those expected. Iveda’s business is subject to significant risks and uncertainties described more thoroughly in the Company’s SEC filings, including but not limited to its report on Form 10-K for the year ended December 31, 2013. All forward-looking statements made herein are qualified by such risk factors, and readers are advised to consider such factors carefully. Iveda undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Media Contact: Iveda Luz A. Berg Chief Marketing Officer (480) 307-8700 email@example.com