MESA, ARIZ.--(Marketwired - Apr 30, 2014) - Iveda® (OTCQB: IVDA), the pioneer in cloud video hosting technology, today announced that its $3 million convertible debt offering for qualified investors launched in December 2013 has been oversubscribed. The over allotment, for an additional $600,000, is anticipated to close by mid-May. The funds raised in this offering will support Iveda's new scalable business model, which allows telecommunications providers (telcos), data centers, cable service providers and ISPs (Internet Service Providers) to offer IP camera video surveillance to their customers using Iveda's proprietary Software as a Service (SaaS) video management platform (Sentir™).
"As part of our strategy to enhance awareness within the domestic and international financial communities, Iveda plans to apply for a listing on NASDAQ as soon as we meet the relevant listing requirements," stated Bob Brilon, Iveda's president and CFO. "The majority of the proceeds from this offering will be used to launch our Sentir software platform and deliver IP cameras to the international telecommunications industry -- a crucial step in helping us deliver the financial results that we expect to achieve."
"We are pleased with the progress we are making implementing Sentir for several international telcos and will announce these launches as they occur," said David Ly, the Company's chairman and CEO. "Sentir will be licensed to companies using a revenue-sharing model that allows telcos to generate additional revenue streams by offering cloud video services to their customers without having to invest the time and resources required for in-house development."
The qualified investors in the private placement, including certain Company Directors and Officers, have been very supportive of Iveda's vision and aggressive growth strategy. Bob Brilon, the Company's president and CFO, purchased $125,000 of the convertible debenture through his IRA.
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.
Iveda (OTCQB: IVDA) is a premier cloud video hosting service provider, a technology innovator, and a provider of enterprise-class Video Surveillance as a Service ("VSaaS") solutions. The Company has a SAFETY Act Designation from the Department of Homeland Security as a Qualified Anti-Terrorism Technology Provider. Iveda is headquartered in Mesa, Arizona and has a subsidiary in Taiwan (MEGAsys). Its common stock trades on the OTCQB under the symbol "IVDA". For additional information call (800) 385-8616 or visit www.iveda.com.
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, 2013. 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.