MESA, AZ--(Marketwired - Dec 15, 2016) - Iveda® (OTCQB: IVDA), worldwide enabler of cloud-based video surveillance and data management through the licensing of its Sentir® platform, today announced three contracts signed totaling US $2.6 million for safe city projects in Taiwan. The contracts were awarded by Chunghwa, the largest telecom in Taiwan, to MEGAsys, Iveda's wholly-owned subsidiary in Taiwan. Iveda anticipates its Taiwan-based subsidiary will achieve profitability in 2017 with these projects.
"With the new projects secured in Taiwan, the 2000 ZEE® camera purchase from Vietnam telecom VNPT and the 1,000 ZEE camera purchase from Philippines telecom PLDT announced just last month, we are excited about 2017," said David Ly, CEO of Iveda. "This is just the beginning. Our Taiwan subsidiary has been working diligently to support all our Asia business and close these local contracts. We've been working with our local partners in these Asian countries for months to build this momentum. It's paying off and we anticipate other projects coming into fruition in the next few months."
The three new Chunghwa Telecom contracts are part of the continuing government safe city initiatives to improve safety and quality of life throughout Taiwan. Iveda is utilizing its SafeCiti® solution consisting of its IvedaEnterprise® and Sentir cloud platforms to fulfill the requirements of the Taiwan Government. IvedaEnterprise, Iveda's enterprise-class centralized video management platform, is ideal for private cloud deployments and Sentir is its cloud platform that utilizes simple plug-and-play IP cameras.
The largest (approximately US $1.2 million) of the three projects is in Kaohsiung City, a massive port city about 225 miles south of Taipei. The project will commence in January 2017 and is slated to be completed by September 2017. It is an expansion of the Construction Site Compliance Policy that Iveda successfully implemented in Taipei City this year and in 2015. Similar to the Taipei City project, Iveda will provide live surveillance of hundreds of government-funded construction sites in Kaohsiung City. The city government will purchase about 300 of Iveda's ZEE cameras and Sentir platform licenses.
These ZEE cameras are customized with self-sufficient housing and tripod stand including solar-powered battery and cellular data modem for wireless video transmission to the Sentir platform. In addition, Iveda will establish a central monitoring facility for remotely monitoring the construction sites and reporting any incidents or emergencies, utilizing the Sentir platform. Chunghwa telecom will provide 3G/LTE connectivity.
Citizens will be able to access live video from construction sites via a smartphone app, using a universal login, which will be posted at construction sites. They will be able to take snapshots of videos and save to their phones. The government will have full access to live and 180-days recorded video from a web browser or smartphone app and will receive event notifications. Sentir was designed to be scalable and flexible, allowing multiple access levels and security protocols. This deployment will have an additional 1,200 TB (terabytes) of data storage to the video hosting infrastructure and an expansion of the central video display system.
The other two contracts commenced November 2016 and have a target completion date of August 2017. The government is expanding remote management and security surveillance of two more water pumping stations in Taipei City. Iveda is designing and deploying a complete video and audio infrastructure for managing outdoor surveillance applications at both facilities. The two sites will have a combination of 340 stationary and pan tilt zoom IP cameras networked through nineteen IvedaEnterprise NVRs with just over 450 TB (terabytes) of data storage. The centralized system will also have PA (public address) and conferencing capabilities. Chunghwa will provide the fixed and cellular bandwidth.
"With our proven track-record in safe city deployments in Taiwan, we expect to win more of these kinds of projects as the Taiwan government continues to expand on their safe city initiatives throughout the country. We see similar trends not only in Taiwan, but throughout Southeast Asia," said Ly.
Iveda, Sentir, SafeCiti, IvedaEnterprise and 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.