Mesa, AZ (October 28, 2010) – Iveda Solutions (OTCBB:IVDA) announced today that it will begin the legal and accounting due diligence process with the intent of acquiring MEGAsys Taiwan (MEGAsys). This action is pursuant to a non-binding memo of understanding entered into by the parties.
Iveda Solutions is the pioneer in video hosting and real-time surveillance utilizing cloud computing. The company has been providing these services to its customers since 2005.
“We were attracted to Iveda Solutions because of its innovative approach to video surveillance through cloud computing. I can certainly see how our customers can benefit from this,” said I.H. Shiau, President of MEGAsys.
MEGAsys designs and manufactures electronic security and surveillance products, software, and services. Their software product provides system users a more convenient, detailed, efficient and reliable graphics operation interface. This all-in-one system fully integrates automatic security, access control, and CCTV surveillance functions.
“If we are able to complete the business combination, we believe that we will be able to leverage MEGAsys’ manufacturing and software expertise, potentially reducing our costs while improving our services and productivity,” said David Ly, President & CEO of Iveda Solutions.
The prospective transaction remains subject to a variety of conditions including but not limited to regulatory approval in Taiwan. There are no guarantees that the transaction will be completed.
MEGAsys has been servicing its customers since 1998. Key customers in Taiwan include the Taiwan Stock Exchange, Taiwan’s International Airport, Shanghai Commercial and Savings Bank, Taipei County Police Bureau and Traffic Control. Notable projects outside Taiwan include Beijing CCTV Headquarters, Beijing Capital Airport, Hong Kong HSBC ATM System, China HSBC Bank (Guangzhou), Malaysia – Prime Minister Residence, Hong Kong IBM Asia Headquarters, Regal Hong Kong Hotel, Shanghai China Bank, and Egypt – Pyramid (Giza). MEGAsys has also been successfully deploying Safe City projects in Asia for five years.
Recently, MEGAsys secured a contract with Global Data Solutions, Ltd. (GDS) to provide GDS with a complete security system at three of their data centers in China.
MEGAsys Taiwan has established relationships with MEGAsys Hong Kong and MEGAsys Singapore.
“MEGAsys’ market reach in Taiwan and its relationship with other companies in neighboring countries open up a potentially lucrative Asian market for Iveda Solutions’ video hosting applications,” said Ly.
Similarly, Mr. Shiau considers this acquisition an opportunity for MEGAsys to penetrate the U.S. market.
About Iveda Solutions
Iveda Solutions, a wholly owned subsidiary of Iveda Corp. (OTCBB:IVDA), is the premier online surveillance technology innovator and Managed Video Services provider. Based in Mesa, AZ and incorporated in 2005, 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 800-385-8618 or visit www.ivedasolutions.com.
About MEGAsys Taiwan
MEGAsys Taiwan was founded in 1998 by a group of sales and R&D professionals from Taiwan Panasonic Company. The company designs and manufactures electronic security and surveillance products, software, and services. For more information visit http://www.tdi-megasys.com/english/
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 Corporation’s SEC filings, including but not limited to its report on Form 10-K for the year ended December 31, 2009 and its 10-Q for the quarter ended June 30, 2010. 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
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