Iveda, worldwide enabler of cloud-based video surveillance and data management through licensing its Sentir platform, announced that they have signed an agreement with Nguyen Business & Investment as its exclusive reseller in Vietnam. Iveda has received a deposit of US$50,000 against a committed $1,000,000-prepaid Sentir license to be paid in full on or before December 15, 2015.
Iveda, worldwide enabler of cloud-based video surveillance and data management through licensing its Sentir platform, announced that they have signed an agreement with Nguyen Business & Investment as its exclusive reseller in Vietnam. Iveda has received a deposit of US$50,000 against a committed $1,000,000-prepaid Sentir license to be paid in full on or before December 15, 2015.
Nguyen Business & Investment is in the process of forming Iveda Vietnam to be the operating entity to license the Sentir platform and purchase hardware such as Iveda's ZEE plug and play cameras and IvedaHome cloud automation system. The IvedaMobile app which leverages existing smartphones to stream live video will also be licensed country-wide by Iveda Vietnam to mobile phone providers. One public safety application recognized in Vietnam is that IvedaMobile allows the smartphone to act as a body camera, without the additional costly and cumbersome hardware for police officers.
Iveda Vietnam will resell the prepaid Sentir licenses to telecommunications, datacenter and manufacturing customers in Vietnam, some of which Iveda US has announced contracts. Iveda Vietnam will facilitate finance and logistics aspects of Iveda's current contracts with the largest telecommunications customers in Vietnam. Its first focus is negotiating purchase orders with Vietnam Post Telecommunications (VNPT) where Iveda has installed Sentir at four of its datacenters. Based on VNPT's projections, Iveda anticipates revenue volume of $6 million to $18 million in 2016.
"This partnership with Iveda Vietnam is the piece of the puzzle we have been diligently working on over the last several months," said David Ly, Chairman and CEO of Iveda. "With Iveda Vietnam, we anticipate business to flow smoothly and expeditiously."
Iveda Vietnam principals anticipate they will also cultivate in the near term, additional contracts from Vietnam telcos and data centers not yet contracted, for the Sentir platform. Iveda Vietnam will make working capital available for deposits or payments, required by their hardware contract manufacturers to facilitate purchasing by telecom customers on terms acceptable in Vietnam.
As true strategic partners, upon receipt of the $1,000,000 prepaid license fee, Iveda will grant each of the three principals of Iveda Vietnam a five-year warrant to purchase 100,000 common shares of Iveda stock at $1.00 per share.
"We are excited to have a finance and logistics partner with skin-in-the-game prepaid licenses and warrants to align their interests with that of our shareholders," said Bob Brilon, President and CFO of Iveda.