HUIZHOU, China, Jan. 6 /PRNewswire-Asia/ -- NIVS IntelliMedia Technology Group, Inc., ("NIVS" or the "Company") (NYSE Amex: NIV), a consumer electronics company that designs, manufactures and sells intelligent audio and visual products, today announced that the Company has been recognized as one of the approved vendors for e-Surfing, the mobile-communication service brand for FMC services by China Telecommunications Corporation (China Telecom, 0728.hk), a mobile-communication services provider in China.
NIVS has signed the agreement with e-Surfing. e-Surfing, as a mobile-communication service brand for FMC services by China Telecom, and one of the 3G GSM/CDMA duo system mobile phone suppliers for China Telecom, shares the China Telecom orders with first tier brand names.
According to China Telecom's 2010 purchasing plan, 8 suppliers have been selected as the approved vendors as its e-surfing 3G GSM/WCDMA duo system phone suppliers: namely, Samsung, Motorola, Sony Ericsson, LG, Huawei, ZTE, Coolpad and NIVS. In 2009, China Telecom purchased 500 million 3G mobile phones from its approved vendors. In 2010, China Telecom is expected to have an annual purchase volume of 1500 million mobile phone pieces, with the orders will be assimilated by these 8 approved vendors.
Mr. Tianfu Li, Chairman and CEO of NIVS, commented, "We are pleased at the opportunity to expand our sales channel to a mobile-communication service provider in China. The recognition from China Telecom indicates NIVS's excellent quality and strong technical backup for our 3G mobile phone products. It is further enhancing our confidence in developing our own branded 3G mobile phones for introduction to the Chinese consumer. We look forward to maximizing the value of the synergies that can be created within the two companies."
About China Telecom
China Telecommunications Corporation (China Telecom), an extra-large State-owned telecom operator in China, one of three mobile phone services providers in China, has been selected into the Top 500 Global Corporations for many years. China Telecom mainly provides integrated information services including the fixed-line telephone, mobile service, Internet connection and applications services. By the end of 2008, China Telecom owned 214 million fixed line telephone subscribers, 35.44 million mobile subscribers, and 47.18 million broadband customers. In May 2009, China Telecom launched its 3G services under its CDMA network, and is the most matured 3G service provider in China.
About NIVS IntelliMedia Technology Group, Inc.
NIVS IntelliMedia Technology Group is an integrated consumer electronics company that designs, manufactures, markets and sells intelligent audio and video products in China, Greater Asia, Europe, and North America. The NIVS brand has received "Most Popular Brand" distinction in China's acoustic industry for three consecutive years, among numerous other awards. Ranked 43rd on Forbes' Top 100 Chinese Research and Development Companies, NIVS has developed leading Chinese speech interactive technology, which forms a foundation for the Company's intelligent audio and visual systems, including digital audio, mobile phone, LCD televisions, digital video broadcasting ("DVB") set-top boxes, peripherals and more.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. These forward looking statements are often identified by the use of forward looking terminology such as "believes, expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including, but not limited to the Company's reliance on its major customers for a large portion of its net sales; the Company's ability to develop and market new products; the Company's ability to continue to borrow and raise additional capital to fund its operations; the Company's ability to collect aging trade receivables and the effect of a growing doubtful account allowance; the Company's ability to accurately forecast amounts of supplies needed to meet customer demand; exposure to market risk through sales in international markets; the market acceptance of the Company's products; exposure to product liability and defect claims; fluctuations in the availability of raw materials and components needed for the Company's products; protection of the Company's intellectual property rights; changes in the laws of the PRC that affect the Company's operations; development of a public trading market for the Company's securities; and the cost of complying with current and future governmental regulations and the impact of any changes in the regulations on the Company's operations. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the discussed above and in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website ( http://www.sec.gov ). All forward-looking statements attributable the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume an obligation to update these forward-looking statements.
For more information, please contact:
Company Contact:
Jason Wong
Vice President Investor Relations
Tel: +86-138-299-16919
Email: jason@nivsgroup.com
Investor Contact:
United States & Canada
BPC Financial Marketing
John Baldissera
Tel: +1-800-368-1217
