MESA, AZ--(Marketwired - Nov 17, 2016) - Iveda® (OTCQB: IVDA), worldwide enabler of cloud-based video surveillance and data management through the licensing of its Sentir® platform, today announced the signing of an agreement for a safe city pilot project between Iveda's exclusive reseller in Vietnam and Vietnam Posts and Telecommunications Group (VNPT). Iveda brings its SafeCiti® solution to Vietnam, which consists of a centralized video management platform, surveillance cameras and traffic safety technologies. Iveda's SafeCiti solution has been operating very efficiently in Taiwan and the U.S. for several years.
"We are fortunate to have a local reseller partner completely in tune with what the country needs as the government builds its infrastructure to support a growing economy, while protecting the people," said David Ly, CEO of Iveda. "Our partners believe in our capability in this arena because of our proven success in many safe city projects in Taiwan and the U.S."
The government's initial investment for the pilot is $50,000. A successful pilot deployment is key for the municipalities to move forward.
"We estimate $3 to $5 million in revenue per small city and as much as $10 to $20 million per large city. If we deploy just one large city in every province, total revenue would be in excess of $600 million over the next four years," said Nguyen Tung, CEO of Iveda's exclusive reseller in Vietnam. "Iveda's many years of expertise in safe city deployments is the key to a successful project."
The pilot will be conducted in two cities in Bac Giang and Kien Giang (Phu Quoc) provinces in Vietnam. For the pilot, the cities chose to concentrate on traffic control and safety and will evaluate surveillance cameras and speed radar. According to Iveda's exclusive reseller, upon successful implementation, the Vietnam government plans to roll out the safe city initiative nationwide. The government is motivated to improve the safety in the country and traffic problems to attract more tourists and international business. Vietnam consists of 63 provinces and is one of the fastest growing markets in the world.
"Our Taiwan SafeCiti solution was a perfect showcase for Vietnam executives. Once the SafeCiti solution is deployed in Vietnam, it will be another showcase for other countries and we'll have easy access to all Vietnam province officials for reference," said Ly.
The safe city opportunity from VNPT is in addition to the recent purchase of 2,000 ZEE® plug and play cameras from Iveda.
"The 2000-camera order was the first of a projected 20,000-camera sell-through over the next few months for VNPT's customers, which include private businesses, industrial parks, communes, districts, civic centers and factories. Our level of business engagements for Iveda's products are very encouraging," said Nguyen.
Iveda, Sentir, SafeCitiand ZEE are registered trademarks of Iveda Solutions, Inc. All other trademarks are property of their respective owners.
Iveda® (OTCQB: IVDA) licenses its Sentir® cloud video surveillance and data management platform. This enables service providers a plug-and-play cloud video surveillance offering for a monthly recurring revenue. Sentir utilizes a proprietary video streaming and Big Data storage technology. Iveda has a SAFETY Act Certification from the Department of Homeland Security as a Qualified Anti-Terrorism Technology Provider. Headquartered in Mesa, Arizona with a subsidiary in Taiwan, Iveda is publicly traded under the ticker symbol "IVDA." For more information call (480) 307-8700 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, 2015 and its subsequently filed quarterly reports on Form 10-Q. 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.