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  • NIVS IntelliMedia Technology Group, Inc. (NIV) to Enter into Indian Mobile Phone Market with $1.7 Million Contract 0 comments
    Feb 16, 2011 11:51 AM | about stocks: NIVS

    Today, consumer electronics company NIVS IntelliMedia Technology Group, Inc. announced that it is breaking into the Indian telecommunications market through a contract for approximately $1.7 million in custom mobile phones. A tentative agreement for the custom handsets was originally signed in November 2010, contingent upon approval of a 2,000 unit test-run in January 2011. Based on the test-run’s success, NVIS will start production of the remainder of the $1.7 million worth of units immediately.

    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. The custom handsets will be sold under the NIVS name and will be marketed as a mid-level phone in India.

    Tianfu Li, NIVS’ Chairman and CEO, commented, “We are pleased to announce our first mobile phone contract to the Indian market. The contract is for a minimum of $1.7 million with the potential for more, based on our initial negotiations with the distributor. This order is a significant milestone for NIVS, as it not only represents our first expansion of NIVS branded cell phones outside of China’s domestic market, it also represents a new revenue opportunity as we begin to cater to India’s burgeoning population and rapidly expanding network of mobile phone subscribers.”

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    Stocks: NIVS
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