For Immediate Release
MESA, Ariz. (May 25, 2016) – Iveda® (OTCQB: IVDA), worldwide enabler of cloud-based video surveillance and data management through the licensing of its Sentir® platform, today announced that its Taiwan subsidiary, MEGAsys, was granted an NT$ 4.3 million (approximately US $130,000) project by Taipei Exchange Market, which is in process and expected to be completed by the end of June 2016.
The project involves replacing Taipei Exchange’s existing CCTV system with new IP cameras for centralized management of video onto a private cloud using Sentir. Sentir will establish a scalable video storage environment for future capacity requirements. An access control system and LCD displays will also be components of the project.
“As legacy systems need to be replaced and data security improvements become a necessity to better protect customer privacy and assets, there is an opportunity for Sentir to become the platform standard for these projects,” said David Ly, chairman and CEO of Iveda. “Last year, we completed a similar project for the larger Taiwan Stock Exchange.”
“In the Philippines and Vietnam, the larger projects to replace legacy systems and upgrade security are typically awarded to larger systems integrators such as telecommunication companies,” said Ly. “We anticipate our existing relationship with telecom companies in the Philippines and Vietnam and their working knowledge of Sentir will garner some mutually beneficial contracts,” added Ly.
Founded in 1994, with the help of Taiwan Stock Exchange, Taiwan Securities Association and Taiwan Depository & Clearing, the Taipei Exchange serves the over-the-counter (OTC) market and bond trading in Taiwan. Formerly known as Gre Tai Securities Market (GTSM), it changed its name in February 2015.
Iveda, MEGAsys and Sentir are registered trademarks of Iveda Solutions, Inc. All other trademarks are property of their respective owners.
Iveda® (OTCQB:IVDA) enables cloud video surveillance by licensing its Sentir® video and data management platform, utilizing proprietary video streaming and Big Data
storage technology. Iveda enables a recurring revenue model by licensing Sentir to service providers for plug-and-play cloud video offering to their customers. Iveda has a SAFETY Act Certification from the Department of Homeland Security as a Qualified Anti-Terrorism Technology Provider. Iveda is headquartered in Mesa, Arizona with a wholly-owned 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, 2014 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.
Luz A. Berg
Chief Marketing Officer