SOURCE: Iveda Solutions, Inc.

Iveda Solutions, Inc.

October 20, 2016 09:00 ET

Iveda Receives Deposit for a 2,000-camera Follow-on Order for Vietnam Telecom

MESA, AZ--(Marketwired - Oct 20, 2016) - Iveda® (OTCQB: IVDA), worldwide enabler of cloud-based video surveillance and data management through the licensing of its Sentir® platform, today announced the receipt of a deposit for 2,000 ZEE® plug-and-play cloud cameras from Iveda's exclusive reseller in Vietnam. The cameras are for Vietnam Posts and Telecommunications (VNPT), the largest telecom in the country. This is a follow-on order to the 1,100 ZEE cameras sold in February 2016 to VNPT for market seeding and feedback, in preparation for the national launch of cloud video surveillance services. 

"We are excited that our customer has seen such a good response from their marketing research and is starting with this 2000-camera order, the first of a projected 20,000-camera sell-through over the next few months," said Tung Nguyen, CEO of Iveda's exclusive reseller in Vietnam. "The initial 20,000 sell-through projections are designated to ship to 61 provinces in Vietnam for VNPT's customers, which include private businesses, industrial parks, communes, districts, civic centers and factories." 

The 2,000-unit order consists of 1,000 indoor fixed cameras and 1,000 outdoor cameras. These cameras will be drop shipped from Iveda's contract manufacturer in Asia and will be allocated to different business units within VNPT, each specializing in a specific target market in both the public and private sectors.

"In addition to camera revenue, we will gain monthly recurring revenue for Sentir licensing fees as each camera is activated. We all look forward to deploying more cameras because every activation adds to monthly perpetual revenue for us, our telecom customer and Iveda," said Nguyen.

Iveda's unique Sentir software enables a new product offering and revenue stream for the telecom. The ability to offer a monthly payment program, hosting and storage to their subscribers differentiates this from other off-the-shelf-surveillance alternatives.

"Every telecom we are working with has a unique corporate structure and marketing/ distribution plan for video surveillance. The opportunity is to become an integral part of that infrastructure versus just another vendor. It's been a long journey," said David Ly, CEO of Iveda. "Once we signed the initial contracts with VNPT, we obtained software and camera certifications with them. We then assisted our exclusive Vietnam reseller in integrating VNPT's point-of-sales, customer and accounting systems to manage sales and activations of Sentir-enabled ZEE cameras."

VNPT has already deployed ZEE cameras in several school districts and plans to expand the deployment throughout Vietnam. ZEE cameras, utilizing 3G connectivity, are also being used by public and private tourism boats for passenger safety and security. Applications for the ZEE cameras are seemingly infinite.

"Reaching the point of consistent camera sales and accumulating licensing revenue will pave the way to profitability, especially with Iveda cost reductions already implemented to better match our business model," said Bob Brilon, president and CFO of Iveda. "Having a committed local partner like our exclusive Vietnam reseller is key to our success in the region, which we plan to replicate in other markets."

Iveda's exclusive reseller in Vietnam is also aggressively marketing IvedaHome, a home automation and security system. Their initial order of 500 units has already been placed into the hands of customers.

"This is another exciting product for the markets we serve. We will place additional orders for IvedaHome shortly, based on positive feedback from the field," said Nguyen.

VNPT offers information technology products and services and telecommunications services including mobile, Internet, landline, International Direct Dial (IDD), voice over Internet Protocol (VoIP), satellite and private channel leasing. VNPT also provides postal services and newspaper and magazine distribution in the country. VNPT employs more than 90,000 employees and covers all 63 provinces and cities. VNPT has over 70 million subscribers in Vietnam. VNPT has expanded its market in Laos, Cambodia, Singapore, Hong Kong and Czech Republic.

Iveda, Sentir and ZEE are registered trademarks of Iveda Solutions, Inc.  All other trademarks are property of their respective owners.

About Iveda

Iveda® (OTCQB: IVDA) enables cloud video surveillance by licensing its Sentir® video and data management platform, utilizing proprietary video streaming and Big Data storage technology. Iveda enables a recurring revenue model by licensing Sentir to service providers for plug-and-play cloud video offering to their customers. Iveda has a SAFETY Act Certification from the Department of Homeland Security as a Qualified Anti-Terrorism Technology Provider. Iveda is headquartered in Mesa, Arizona with a wholly-owned 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.

Contact Information

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