LOS ANGELES, Sept. 30, 2003 (PRIMEZONE) -- MB Tech, Inc. (OTCBB:MBTT), a global manufacturer and distributor of satellite electronics, today announced that the Company will initiate monthly shipments of 3,000 sets of antenna and Low Noise Blockdown converters (LNBs) to Japan beginning in October 2003 in fulfillment of a revolving purchase order received from Eastech, a leading distributor of satellite electronics and components to the commercial and consumer electronics markets in Japan.
In consideration of a dealer agreement signed with Eastech in June of this year, MB Tech will realize monthly sales of approximately US$70,000 in October, November and December of 2003. Effective January 2004, product fulfillment will increase to 10,000 sets of antenna and LNBs, yielding approximately US$200,000 per month in revenues to the Company.
Hanwook Bae, CEO and president of MB Tech, noted, "We have successfully overcome the technical challenges and differences in business practices associated with operating in Japan and look forward to fully capitalizing on our entry into this exciting new market with our valued new partner, Eastech."
In other news, the Company reported that it has developed its new Flat Antenna technology to comply with Japanese satellite specifications and plans to host a public demonstration in Japan in mid-October with a goal of rolling the product into Japan's leading consumer electronics mega-stores in early 2004.
"Following a 'first look' performance demonstration of our innovative new Flat Antenna to the senior management teams of two major Japanese antenna distributors last month in our Korean facilities, it was clear that there is indeed great enthusiasm for this product to be introduced to the Japanese consumer market. Based on early indications of interest, we expect that our Flat Antenna sales in Japan could reach US$10 million in 2004," added Bae.
About MB Tech, Inc.
MB Tech is a global manufacturer and distributor of satellite components. The primary product MB Tech produces is "LNB" (Low-Noise Blockdown) converters, which are the essential element enabling DBS satellites to receive and convert satellite transmission signals. MB Tech currently serves the satellite television market, and is expanding to serve the satellite radio and military hardware sectors. MB Tech manufactures several proprietary LNB solutions that differentiate it from competitors. MB Tech's product line includes a dual-horn LNB which allows multiple set-top boxes to be connected to a single satellite dish, enabling viewing of multiple channels simultaneously on different television monitors, and a tri-horn LNB, which provides the ability to download signals from multiple satellites over a single dish. For more information, refer to the Company's website at: http://www.mbtech.us.
The statements contained in this release and statements that the Company(s) may make orally in connection with this release are not historical fact and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those forward-looking statements, as such statements involve risks and uncertainties that could significantly impact the company's business and the actual outcome and results may differ materially.