SOURCE: Iveda

Iveda

March 20, 2015 05:00 ET

Iveda Announces Closing of Private Placement With Key Customer Investment

MESA, AZ--(Marketwired - Mar 20, 2015) - Iveda® (OTCQB: IVDA), enabler of cloud video surveillance through licensing the Sentir™ platform, announced today that it has closed its offering of Series B Preferred Stock and associated warrants to purchase shares of its Common Stock to institutional and accredited investors. The total raised in this round was $3,125,000 at the final closing on March 13, 2015. Northland Securities, Inc. was the exclusive private placement agent for the offering.

The two principals of Filcomserve, the exclusive distributor for Sentir in the Philippines, invested $375,000 at the final closing of this round. As previously announced in February, Filcomserve issued Iveda a purchase order for 10,000 ($1.33 million) Sentir-enabled cloud cameras. The cameras will be shipped to Philippine Long Distance Telephone Co. (PLDT), Filcomserve's largest customer.

"We are pleased to have the Filcomserve principals as Iveda investors," said Bob Brilon, president and CFO of Iveda, "having our customers aligned with us in our quest to enhance shareholder value through execution of our licensing business model is very positive for us."

Proceeds of the offering will be used for working capital, inventory purchases and general corporate purposes.

Iveda is a registered trademark of Iveda Solutions, Inc. Sentir is a trademark of Iveda Solutions, Inc. All other trademarks are property of their respective owners.

About Iveda

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 (800) 385-8616 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, 2014. 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.

Contact Information

  • Media Contact:
    Iveda
    Luz A. Berg
    Chief Marketing Officer
    (480) 307-8700
    lberg@iveda.com