Mesa, AZ (November 22, 2011) – Iveda Solutions, Inc. (OTCBB:IVDA) announced today the completion of its previously announced $2.5 million private offering.
The offering was conducted on a private placement basis and limited to accredited investors as defined by the SEC. Funds were raised through broker dealers who are members of FINRA, with existing shareholders, and through direct placement.
The funds will be used to support the Company’s growth, fulfill near-term sales opportunities, and pay operating expenses.
“These are the toughest of times to raise capital. You have to have a lot more than just an idea. You need a good product and strategy to back it up,” says David Ly, president and CEO of Iveda Solutions. “We are fortunate to have supporters who believe in our potential as a cloud video surveillance provider,” added Ly.
Based in Mesa, Arizona with a subsidiary in Taiwan, Iveda Solutions is a pioneer in cloud-based video hosting and real-time remote surveillance services. The Company has a SAFETY Act Designation by the Department of Homeland Security as a Qualified Anti-Terrorism Technology.
About Iveda Solutions
Iveda Solutions, Inc. (OTCBB:IVDA) is a premier online surveillance technology innovator and Managed Video Services provider. Based in Mesa, AZ, the company develops and markets enterprise class video hosting and real-time remote surveillance services. Iveda Solutions has a SAFETY Act Designation by the Department of Homeland Security as a Qualified Anti-Terrorism Technology provider. For more information call 480-307-8700 or visit www.iveda.com.
This news release contains forward-looking statements. Actual results could vary materially from those expected due to a variety of risk factors. The Company’s business is subject to significant risks and uncertainties discussed more thoroughly in Iveda Solutions’ SEC filings, including but not limited to, its report on Form 10-K for the year ended December 31, 2010 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 read such factors carefully. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Luz A. Berg
COO & CMO