Iveda Secures $1.8 Million Contract From Chunghwa Telecom

MESA, ARIZ.--(Marketwired - Oct 30, 2014) - Iveda® (OTCQB: IVDA), a leading enabler of cloud-based video surveillance through its Sentir™ platform, today announced that the Company has secured a US$1.8 million contract through its Taiwanese subsidiary Megasys from the Enterprise Business Group of Chunghwa Telecom, Taiwan's largest integrated telecommunications services company. The contract calls for establishing new facilities management that includes a cloud video surveillance system for Farglory Dome in Taipei. Iveda will build the private cloud, utilizing Sentir. 

The Farglory Dome is a multi-purpose complex with a 40,000-seat indoor stadium, the largest in the country, a venue for sporting events, performances, gatherings and exhibitions. The complex also includes arts and entertainment, a shopping mall, a hotel, an office building, a baseball museum and a cultural park.

The Farglory Dome is Taipei's new landmark, adjacent to another landmark Taipei 101, once the tallest building in the world. 

"Having another national telecom provider trusting Iveda's abilities to deploy a cloud video surveillance system on a large scale further validates the quality of our technology and capabilities," said David Ly, chairman and CEO of Iveda.

Iveda will work with Chunghwa Telecom to design and install the cloud video surveillance system and deploy Sentir on a private cloud to centralize video management, storage and access for all the surveillance cameras at the Farglory Dome.

The project will commence immediately and is expected to be completed by October 2015.

"We are confident that this contract, along with recently announced contracts in Taiwan, will help the subsidiary achieve profitability in 2015," said Ly. "Likewise, Iveda has been gaining momentum in our core business of licensing Sentir to service providers around the world. This progress has been consistent with our plans to accelerate market adoption by leveraging our partners' millions of subscribers."

Iveda is a registered trademark of Iveda Solutions, Inc., Sentir is a trademark of Iveda Solutions, Inc. All other trademarks are property of their respective owners.

About Iveda

Iveda® (OTCQB: IVDA) enables cloud video surveillance via its Sentir™ Software as a Service (SaaS) video management platform, utilizing proprietary video streaming and Big Data storage technology. Iveda enables a recurring revenue model by licensing Sentir to organizations for plug-and-play cloud video offering to their customers. Iveda has a SAFETY Act Designation from the Department of Homeland Security as a Qualified Anti-Terrorism Technology Provider. Iveda is headquartered in Mesa, Arizona with a subsidiary in Taiwan. Iveda is publicly traded under the ticker symbol "IVDA." For more information call (800) 385-8616 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, 2013 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.