MESA, Ariz. (September 24, 2014) – Iveda® (OTCQB: IVDA), a leading enabler of cloud-based video surveillance through its Sentir™ platform, today announced that it has secured a US$1.4 million contract to update and modernize communications, alarm control and video surveillance systems for the Taiwan Stock Exchange Information Center in Taipei. MEGAsys®, Iveda’s subsidiary in Taiwan, will collaborate with TECO Electric and Machinery Co., Ltd., the project’s prime contractor, on engineering, design and integration of existing systems with new systems into a private cloud. The project, which will begin in October 2014, is expected to be completed by June 2015.
“Securing contracts with world-class organizations like the Taiwan Stock Exchange validates our ability to successfully deploy enterprise cloud-based security solutions,” said David Ly, chairman and CEO of Iveda. “In addition, our recently announced strategic relationship with Philippine Long Distance Telephone Co. (PLDT) and our ongoing project at the Taiwan Taoyuan International Airport, further serve to endorse Iveda’s cloud expertise as well as our ability to meet the strict technical requirements of large, enterprise customers around the world.”
While Iveda concentrates on enabling service providers to offer plug-and-play cloud video surveillance offerings to consumer and enterprise-level customers, the Company’s Taiwan subsidiary will engage in large “safe city” and private cloud deployment projects. This trend is consistent with demands for smart cities around the world that call for scalable centralized video management platforms to handle big video data.
Iveda will work with TECO on engineering design, installation, configuration and testing of best-in-class communications, access control and video surveillance systems. These sub-systems will be integrated into a centralized management platform.
Iveda and MEGAsys are registered trademark of Iveda Solutions, Inc. Sentir is a trademark of Iveda Solutions, Inc. All other trademarks are property of their respective owners.
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 and its subsequently filed quarterly reports on Form 10-Q. 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.
Luz A. Berg
Chief Marketing Officer