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NIVS IntelliMedia Granted Mobile Phone License
Sep 11, 2009 (08:09 AM EDT)
HUIZHOU, China, Sept. 11 /PRNewswire-Asia-FirstCall/ -- NIVS IntelliMedia Technology Group, Inc., ("NIVS" or the "Company") , a consumer electronics company that designs, manufactures and sells intelligent audio and visual products, today announced that the Company has been granted the license to manufacture mobile phones by the Ministry of Industry and Information Technology. The Company will be allowed to operate its mobile phone business in mainland China under NIVS's own brand name.
NIVS currently has the R&D capabilities and intellectual property rights to manufacture 3G mobile phones and has already introduced a dual-mode EVDO/GSM 3G handset to the market. The license will allow the Company to speed up the market entry for such handsets under the NIVS brand name.
Mr. Tianfu Li, CEO and Chairman of NIVS, commented, "We are very excited to be entering the huge market of 3G telecommunications in China. The three giant telecom operators, China Mobile, China Telecom and China Unicom, are projected to invest a total of RMB 400 billion (US$58.6 billion) in 3G infrastructure over the next three years, which we believe will create a lot of revenue opportunities for NIVS. Because building strong relationships with network operators is so important in the 3G era, we have been actively working closely with these top three operators in China. On August 24, we were invited to participate in China Telecom's sales conference for their 3G brand, Tianyi, as well as in their smart phone conference in early September. We are pleased to be working closely with such a big operator and are hopeful to become an OEM supplier for China Telecom. Aside from providing 3G terminal products such as the mobile handset, we also aim to be involved in telecom operators' operational business so as to enhance our sustainable profitability in the 3G industry."
About NIVS IntelliMedia Technology Group, Inc.
NIVS IntelliMedia Technology Group is an integrated consumer electronics company that designs, manufactures, markets and sells intelligent audio and video products 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. Ranked 43rd on Forbes' Top 100 Chinese Research and Development Companies, 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.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. These forward looking statements are often identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including, but not limited to the Company's reliance on its major customers for a large portion of its net sales; the Company's ability to develop and market new products; the Company's ability to continue to borrow and raise additional capital to fund its operations; the Company's ability to collect aging trade receivables and the effect of a growing doubtful account allowance; the Company's ability to accurately forecast amounts of supplies needed to meet customer demand; exposure to market risk through sales in international markets; the market acceptance of the Company's products; exposure to product liability and defect claims; fluctuations in the availability of raw materials and components needed for the Company's products; protection of the Company's intellectual property rights; changes in the laws of the PRC that affect the Company's operations; development of a public trading market for the Company's securities; and the cost of complying with current and future governmental regulations and the impact of any changes in the regulations on the Company's operations. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the discussed above and in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website ( www.sec.gov ). All forward-looking statements attributable the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
SOURCE NIVS IntelliMedia Technology Group, Inc.
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