HUIZHOU, China, April 16 /PRNewswire-Asia-FirstCall/ -- NIVS IntelliMedia Technology Group, Inc., ("NIVS" or the "Company") (NYSE: NIV), a consumer electronics company that designs, manufactures and sells intelligent audio and visual products, today announced that the Company jointly with Kuanda (Xiamen) Communications Co., Ltd, has entered into a purchase agreement with China PTAC Communications Services on behalf of China Telecom, for the purchase by China Telecom of the Company's Android System Smartphone as a limited edition model for sale during the World Expo being held in Shanghai, China between May 1, 2010 and October 31, 2010.
The initial value of the order is approximately $3 million and could increase to as much as $7.5 million, depending on demand for the product. A decision by the buyer regarding a potential increase in the value of the order is expected to be determined sometime in June 2010. The Smartphone is being marketed to China Telecom's "premium customer" base.
Mr. Tianfu Li, Chairman and CEO of NIVS, commented, "We're pleased that China Telecom has come back to us again for the purchase of another of our premium mobile phone products and we're excited to introduce the limited edition model of our Android System Smartphone during the World Expo."
In addition, further to the news release of April 7, 2010 regarding the update provided by the Company pertaining to the order of NIVS' 3G mobile phones by China Telecom announced on January 14, 2010, the delay in the final delivery of the aggregate order was as a result of China Telecom's improvement of their 3G mobile phone application platform and not as a result of any delivery or production issues with the Company. Final delivery of the mobile phones is still anticipated to be completed sometime in May.
About Kuanda (Xiamen) Communications Co., Ltd.
Kuanda (Xiamen) Communication Co., Ltd. is a telecommunication solutions provider, with offices in Xiamen, Shenzhen and Beijing. It is a professional product solutions provider, ODM solutions provider, and also a structural, hardware and software developer.
About China PTAC Communications Services
China PTAC Communications Services (China National Postal and Telecommunications Appliances Corporation) is a large state-owned enterprise managed by the States Assets Supervision and Administration Commission of the State Council. Their business offerings include sales and logistics support for communications terminals, communications infrastructure projects and international trade and exhibition support.
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. NIVS has developed leading Chinese speech interactive technology, which forms a foundation for the Company's intelligent audio and visual systems, including digital audio, telecommunication, 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 ability to timely deliver products; the Company's ability to timely 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 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; and changes in the laws of the PRC that affect 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 (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
