- NIVS Placed First in Retailer's Stereo Product Category -
HUIZHOU, China, June 3 /PRNewswire-Asia/ -- NIVS IntelliMedia Technology Group, Inc., (NYSE Amex: NIV) ("NIVS" or "the Company"), an integrated consumer electronics company that designs, manufactures, markets and sells intelligent audio and video products, today announced a significant expansion of its online retail presence, through a strategic partnership with 360buy.com, the largest online retailer in China.
The agreement makes available NIVS' entire consumer audio product portfolio to 360buy.com's 1.2 million shoppers. The Company anticipates initial orders for NIVS' stereo products from 360buy.com will total approximately CNY 20 million (USD$2.9 million), while 360buy.com plans to also carry NIV's other products, such as LCD TVs in the near future. Currently, NIVS is placed first among 22 brands on 360buy.com's stereo category, ahead of multi-nationals such as Sony, Phillips, Bose, LG and Harman/Kardon.
Established in 2004, 360buy.com is China's No. 1 consumer electronics online retailer and one of the most popular Chinese e-commerce sites. 360buy.com's product offerings include consumer electronics, computers, and communication equipments. The retailer's wide product selection and well-established logistics platform together has elevated its status as the definitive online electronics store in China. According to 360buy.com, its revenue for 2009 is projected to grow to CNY 4 billion (USD$588 million) in 2009.
Bo Zhong, 360buy.com's Procurement Manager, commented, "It is always 360buy.com's goal to provide the best quality products and offer excellent customers' satisfaction. By teaming with NIV, we greatly broadened our selection of high-quality, well-known brand in the audio and video consumer electronics category. During my visit to NIV's manufacturing site, I was amazed by its scale and organization. I was also very impressed by NIV's strong R&D capability. I believe NIV will become an important strategic partner to 360buy.com, and its quality products and attractive value will deliver greater benefits and satisfaction to our customers."
Mr. Tianfu Li, Chairman and CEO of NIVS, added, "We are very pleased with our inaugural partnership with 360buy.com, as this is the latest example of our success in expanding our distribution and enhancing our brand. We are delighted that our CCTV advertising campaign has generated such strong brand awareness across China, as this was a key consideration in 360buy.com's selection of NIVS as a strategic brand for its stereo product category. Reaching more than 1.2 million shoppers, we believe 360buy.com will quickly become one of our largest distribution partners, and we anticipate adding more product categories to this partnership. We look forward to great mutual success with 360buy.com, as we continue to march towards our goal of becoming an eventual household name brand in China."
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.
For more information, please contact:
Company Contact:
Jason Wong
Vice President Investor Relations
Tel: +86-138-2991-6919
Email: jason@nivsgroup.com
Investor Contact:
ICR:
Michael Tieu
Tel: +86-10-6599-7960
Email: michael.tieu@icrinc.com
