NIVS IntelliMedia Technology Group, Inc. (Amex: NIV), a consumer electronics company focused on AV products and mobile phones, similar to companies like Koninklijke Philips Electronics NV (NYSE: PHG) and Panasonic Corporation (NYSE: PC), recently announced an additional $530,000 order in the Indian marketplace for its custom mobile phones.
NIVS IntelliMedia Technology Group, Inc. (“NIVS” or the “Company”) (NYSE Amex: NIV), a comprehensive consumer electronics company that designs, manufactures and sells intelligent audio and visual products and mobile phones, announced that it has received an additional order to the India market, valued at approximately $530,000, which is an update to the $1.7 million contract for custom mobile phones that was previously announced on February 16th.
This additional order brings the total contract size to approximately $2.3 million. The custom handsets will be sold under the NIVS brand name and will be primarily targeted as a mid-level phone in India, which consists of 2G capable devices. The phones work on the GSM 900 and DCS 1800 bands, they have a 1.8″ TFT screen, and Bluetooth capabilities.
“We are pleased to report our updated sales order to India,” said Tianfu Li, NIVS’ Chairman and CEO. “This follow up order, which is over half a million dollars in size and received in less than a month from our initial $1.7 million contract, is a positive signal of India’s market demand for our NIVS branded handsets. As we continue to penetrate the India market we are confident in our ability to convert mobile phone users to our NIVS product offering given our reputation for quality design, aesthetic appeal, and attractive pricing. India is going to be an important market for us.”
With a population of 1.2 billion, India has seen very strong growth in mobile phone market in the last few years. According to the Telecom Regulatory Authority of India, the country currently has the 2nd largest mobile phone market after China, with an estimated 752 million mobile phone subscribers as of February 2011. Based on Informa Telecoms and Media’s latest forecast, India is the fastest growing telecommunications industry in the world and it is projected that India will have 1.159 billion mobile subscribers by 2013.
NIVS is implementing various corporate growth initiatives for 2011, with a particular focus on its fast-growing mobile phone business, and is committed to establishing itself as China’s preeminent integrated consumer electronics company. The Company will continue to focus on innovative research and development and expects to expand its product portfolio with increasingly popular consumer electronics devices in China and in other high growth markets in Asia, including India’s growing mobile market.
About NIVS IntelliMedia Technology Group, Inc.
NIVS IntelliMedia Technology Group (NYSE Amex: NIV) is an integrated consumer electronics company that designs, manufactures, markets and sells intelligent audio and video products and mobile phones in China, Greater Asia, Europe, and North America. The NIVS brand has received “Most Popular Brand” distinction in China’s acoustic industry for three consecutive years, among numerous other awards. NIVS has developed leading Chinese speech interactive technology, which forms a foundation for the Company’s intelligent audio and visual systems, including digital audio, LCD televisions, digital video broadcasting (“DVB”) set-top boxes, peripherals and more.
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