MESA, Ariz., Oct. 24, 2017 (GLOBE NEWSWIRE) -- Iveda® (OTCQB: IVDA), worldwide enabler of cloud-based video surveillance and data management through the licensing of its Sentir® platform, today announced receipt of a follow-on order from Vietnam Posts and Telecommunications Group (VNPT) to supply Intelligent Traffic Solutions and video surveillance systems hardware and software that VNPT will install at another intersection in Phu Quoc City.
In April, Iveda announced its selection by VNPT for the implementation of a nationwide Safe City initiative. The first two major cities of the Safe City initiative for the deployment of Intelligent Traffic Solutions and video surveillance systems have already contracted with VNPT.
Iveda and its reseller in Vietnam have established a financing program with VNPT, to scale up the execution of the deployment in an expeditious and efficient manner, circumventing the long process of government funding.
The program provides a vehicle for financial institutions to fund the purchase of Intelligent Traffic Solutions and video surveillance systems. Iveda will get paid upfront and the cities will pay a monthly lease for the life of each contract.
“With increasing demand for Intelligent Traffic Solutions in many provinces and financing established, we can deploy in multiple provinces through the end of the year and throughout 2018,” said David Ly, CEO of Iveda.
In the immediate future, Iveda has identified Intelligent Traffic Solutions deployment to a total of 713 districts. With an initial, single 4-way intersection pilot deployment alone for each district across the country generating an average of $70,000 per intersection, it would equate to $50MM in revenue in the next year.
After the success of the initial pilots, VNPT has received dozens of requests of similar scale from the following provinces to deploy Intelligent Traffic Solutions in many intersections throughout the districts: Bac Giang with 14 districts, Can Tho with 9 Districts, Da Nang with 8 Districts, Hai Noi with 30 Districts, Hai Phoung with 15 Districts, Ho Chi Minh City with 24 Districts.
“The Safe City projects implemented by VNPT are moving from the consultancy phase to the construction and implementation phase,” said Đặng Thanh Hưng, a representative from the Smart City Lab of VNPT. “Therefore, we will have many opportunities to deploy solutions for the provinces.”
VNPT identified the following provinces: Phu Quoc Island, Kien Giang, Dong Nai, Tay Ninh, Can Tho, Ca Mau and Ho Chi Minh.
This initiative gives VNPT the opportunity to supply telecommunications infrastructure including cable and fiber network for provisioning bandwidth and cloud services for data distribution and storage. Iveda and its exclusive reseller in Vietnam are responsible for the delivery of hardware, as well as custom system design of the Intelligent Traffic Solutions and video surveillance systems.
Vietnam is one of the fastest growing economic markets in the world and the government is motivated to improve traffic congestion and safety in the country to attract more tourists and international business.
“Vietnam opportunities have reached critical mass for Iveda and we expect to have a prosperous 2018. We are excited to partner with our exclusive reseller in Vietnam and VNPT to improve safety and security to meet the needs of its growing economy,” said Ly.
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About Iveda
Iveda® (OTCQB:IVDA) licenses its Sentir® cloud video surveillance and data management platform. This enables service providers a plug-and-play cloud video surveillance offering for a monthly recurring revenue. Sentir utilizes a proprietary video streaming and Big Data storage technology. Iveda has a SAFETY Act Certification from the Department of Homeland Security as a Qualified Anti-Terrorism Technology Provider. Headquartered in Mesa, Arizona with a subsidiary in Taiwan, Iveda is publicly traded under the ticker symbol “IVDA.” For more information call (480) 307-8700 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, 2015 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.