| | INNOTELCO Signs 3-year Agreement with INGOTEHNA TUZLA Worth up to 1 Million Euros
Thursday May 19, 9:00 am ET
Agreement Valued up to $1,260,000 USD with $40,000 Immediate Order Secured
TORONTO--(BUSINESS WIRE)--May 19, 2005--INNOTELCO, Inc. (NASDAQ - Pink Sheets: ILCO), a marketer and distributor of telecom hardware and network solutions, announced today it has signed a three year agreement with Ingotehna Tuzla Inc. to provide up to 1 million euros worth of telecom cables and accessories. The contract is structured on a monthly basis (36 months) with a firm immediate order for $40,000 of cable accessories to be shipped to Ingotehna Tuzla.
Ingotehna Tuzla is a 30-year-old manufacturer and supplier of construction supplies to the Balkan region. The Company produces over 20 product lines of their own and deals with the largest wholesalers in the area.
"Now it is up to INNOTELCO to deliver, we have a signed agreement, a lead order, and an opportunity to expand from this," said Ross Sehovic, CEO of INNOTELCO.
Some of the products Ingotehna Tuzla supplies are cables, plumbing, and heating and air conditioning supplies. Ingotehna Tuzla's largest customer is OBI, one of Europe's largest DIY store chains, obi.de.
"I hope this to be the first of many orders between INNOTELCO and Ingotehna Tuzla, they have established a 3 year working relationship with OBI, and I hope we can capitalize on that relationship and get a large majority of our products selling in their stores," added Mr. Sehovic.
The contract is open for 36 months, with orders being taken on a month-to-month basis. The size of the monthly contracts will depend on the demand by the distributor, Ingotehna Tuzla.
About Ingotehna Tuzla Inc.
Ingotehna Tuzla is a 30-year-old manufacturer and supplier of products for the construction industry, including cables, plumbing, and heating and air conditioning supplies. The Company produces over 20 product lines and deals with the largest wholesalers in the Balkan region. The Company is based in Tuzla, Bosnia Herzegovina.
Ingotehna Tuzla Inc.
Veljka Lukica 145
O Tuzla 75000
Bosnia and Herzegovina
Contact: Nedim Dzindo
Ph: 387 35 269 391
Fax: 35 271 525
About INNOTELCO, Inc.
INNOTELCO is a telecom hardware supplier, specializing in servicing emerging markets looking to expand their telecommunications networks. INNOTELCO's products range from indoor and outdoor coaxial cables and accessories to fibre optics and switching equipment.
Safe Harbor Statement
This press release contains forward-looking statements as defined in the Securities Litigation Improvements Act of 1996. The words "believe," expect," estimate" and "project" and similar expressions define forward-looking statements, which speak only as of the date the statement was made. INNOTELCO, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise. Forward-looking statements are currently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated in, underlie the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the Company's ability to meet its projected growth, the effects of government regulation, competition and other material risks.
Contact:
Ingotehna Tuzla Inc.
Nedim Dzindo, 387 35 269 391
Fax: 35 271 525
or
INNOTELCO
Ross Sehovic, 416-565-0043
Source: INNOTELCO, Inc.
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