Iveda receives $3 million for projects in Taiwan
MESA, Ariz., Aug. 08, 2022 (GLOBE NEWSWIRE) — Iveda (NASDAQ: IVDA), a global provider of artificial intelligence (AI), Internet of Things (IoT), video surveillance and transformation video search technologies Digital Smart Cities, today announced four signed contracts in Taiwan worth approximately $3 million in gross revenue. These projects are ongoing and are expected to be completed by the end of calendar year 2022. Iveda Taiwan will manage and see the projects through to completion.
The largest of the projects is $2.7 million with a government agency to provide a security video surveillance system at 61 locations across the country. Iveda is unable to release the identity of the agency due to the sensitivity of the project and for security reasons. Iveda will provide networking equipment and interprocess communication (IPC) computers to help its partner design and install a state-of-the-art video command, communication and control system. This deployment has the potential to be replicated across 300 sites.
The second contract is with the Taiwan Stock Exchange. Iveda will update the existing CCTV system, access control and facial recognition system with improved AI functionality.
The third contract is with Kaohsiung Road Excavation Administration Center to replace, update and expand the existing cloud-based monitoring system. The improvement includes updating CCTV and IP cameras, visitor display walls, cloud-based software and sound system. This will improve real-time field data and awareness of Central Operations Center activities.
The fourth contract is with an undisclosed Taiwanese ministry internal small arms shooting range. Iveda will replace CCTV systems with our industry-leading network video technology, all designed for security and efficient range management.
“We are now seeing great business momentum after more than two years of COVID-related setbacks,” 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,” Shiau said.
“New and repeat customers in Taiwan are on track in our aggressive pursuit of exponential revenue growth,” said David Ly, CEO of Iveda. “Improving public safety and quality of life in the Republic of Taiwan is the result of the solutions we provide,” Ly added.
According to a June report from Fortune Business Insights, the video surveillance market will grow to $33.6 billion worldwide in 2026, 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 the property of their respective owners.
Iveda® (NASDAQ: IVDA) is the global provider of IvedaAI™ intelligent video search technology, Feel® and IvedaXpress™ CCTV products, IvedaPinpoint™ and Iveda Home™ 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 press release contains forward-looking statements. Actual results may differ materially from those expected. Iveda’s business is subject to significant risks and uncertainties described in more detail in the company’s filings with the SEC, including, but not limited to, its registration statement on Form S-1. and Form 10-12g with audited financial statements for the year ended December 31, 2021 and December 31. , 2020 and its quarterly reports subsequently filed on Form 10-Q. You should not place undue reliance on forward-looking statements as they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the control of Iveda and which could, and are likely to, materially affect on actual results, activity levels, performance or achievements. All forward-looking statements made herein are qualified by these risk factors, and readers are urged to carefully consider these factors. 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 unforeseen events.
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