USA Video to provide Internet video eqipment in China
USA Video Interactive Corp US
Shares issued 73,466,089 Sep 13 close $4.80
Thu 14 Sept 2000 News Release
Mr. Edwin Molina reports
USA Video Interactive has been selected by T.W. SVOD Information and
Technology Co., Ltd. of Shenzheng, China, to provide at least 50 Hurricane
Mediacaster Servers and its video technology and expertise over the next
two years in a contract worth approximately $1-million. The initial order
has been delivered and technicians from USA Video Interactive spent the
past week in China demonstrating the system and its capabilities. The
contract also provides that USA Video Interactive will license its patents
to SVOD and the companies will develop revenue sharing agreements that will
generate additional revenues associated with the servers and with digitized
content, advertising, and other materials installed on or streamed through
the servers in coming months and years.
SVOD is the sole supplier of video-on-demand systems to more than 60
clients and already has expressions of interests from 30 universities and
30 hotels for the USA Video Interactive systems. The systems will likely
also be installed at several popular karaoke clubs in major cities in
China.
"After many months of analysis and review, we chose USA Video Interactive
as our video partner because of the quality of their systems, their
commitment to education, and their focus on family and social
responsibility in use of the Internet, values which are very important to
us and our clients in China," said Wei Yin, chief executive officer of
SVOD. "We expect this will be the start of a long and productive
relationship between our companies that will bring significant benefits and
advantages to our customers."
"This deployment in China is a very important part of our international
expansion," said Edwin Molina, president and CEO of USA Video Interactive.
"With China such a large and vital part of the world community, we are very
pleased to work with a company like SVOD that is committed to bringing the
highest quality video and video-on-demand to universities and hotels
throughout the country. We also believe that this relationship will grow
and strengthen in coming years, something that will help not only our
companies but our countries as well."
About T.W. SVOD Information and Technology Co., Ltd.
SVOD is a leading provider of Internet services in China and has been
designated as the exclusive provider of these services to numerous
universities and hotels. SVOD has three offices and distribution centres in
China: one in Beijing, the capital; one in Shanghai, the financial centre;
and its headquarters in Shenzheng, the technology centre. Over all, the
company has approximately 100 employees and representatives located in the
key areas. Its Web site is www.svod.com.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
(c) Copyright 2000 Canjex Publishing Ltd. stockwatch.com |
