Iveda Awarded $3 Million in Taiwan Projects
August 08 2022 - 6:00AM
Iveda (NASDAQ: IVDA), a worldwide provider of artificial
intelligence (AI) video search, Internet of Things (IoT), video
surveillance and smart city digital transformation technologies,
today announces four signed contracts in Taiwan worth approximately
$3 million gross revenues. These projects are in process and are
slated to be completed by the end of 2022 calendar year. Iveda
Taiwan will manage and see the projects to completion.
The largest of the projects is for $2.7 million
with a government agency to provide video security surveillance
system at 61 locations countrywide. Iveda is unable to disclose the
agency identity due to the sensitivity of the project and for
security reasons. Iveda will provide networking equipment and
interprocess communication (IPC) computers to assist its partner in
designing and installing a state-of-the-art video command,
communication and control system. This deployment has the potential
to be replicated at all 300 locations.
The second contract is with the Taiwan Stock
Exchange. Iveda will update existing video surveillance system,
access control and facial-recognition system with enhanced AI
functionality.
The third contract is with the Kaohsiung Road
Excavation Administration Center to replace, update and expand the
existing cloud-based surveillance system. The improvement includes
updating CCTV and IP cameras, visitor display walls, cloud-based
software and public address system. This will enhance real-time
field data and activity awareness to the central operation
center.
The fourth contract is with an in-house small
arms shooting range of an undisclosed Taiwan Ministry. Iveda will
replace video surveillance systems with our cutting-edge network
video technology, all designed for safety and efficient range
management.
“We are seeing great business momentum now after
more than two years of COVID-related setback,” said Ing-Hang Shiau,
president of Iveda Taiwan. “We are very optimistic about our
revenue growth as we approach the end of 2022 and enter 2023,” said
Shiau.
“The new and returning clients in Taiwan are as
anticipated in our aggressive pursuit of exponential revenue
growth,” said David Ly, CEO of Iveda. “Enhancing public safety and
quality of life in the Republic of Taiwan is the result of the
solutions we provide,” added Ly
According to a June report by Fortune Business
Insights, the video surveillance market will increase to $33.6
billion globally in 2026, up from $19.1 billion in 2018.
###
Iveda is a registered trademark of Iveda
Solutions, Inc. Iveda Taiwan is a trademark of Iveda Solutions,
Inc. All other trademarks are property of their respective
owners.
About Iveda
Iveda® (NASDAQ: IVDA) is the worldwide provider
of IvedaAI™ intelligent video search technology, Sentir® and
IvedaXpress™ video surveillance products, IvedaPinpoint™ and
IvedaHome™ IoT (Internet of Things) platforms. Iveda offers digital
transformation technologies for smart city applications. Iveda is
headquartered in Mesa, Arizona. Iveda Taiwan (fka MEGAsys) is its
wholly-owned subsidiary.
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 Registration Statement on Form S-1 and Form
10-12g with audited financials for the year ended December 31, 2021
and December 31, 2020 and its subsequently filed quarterly reports
on Form 10-Q. You should not place undue reliance on
forward-looking statements since they involve known and unknown
risks, uncertainties and other factors that are, in some cases,
beyond Iveda's control and which could, and likely will, materially
affect actual results, levels of activity, performance or
achievements. 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.
Contact:IvedaTy YoungDirector
of CommunicationsTel: +1 (623) 565-9320Email: tyoung@iveda.com
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