Amazing -- a $38 million CDN contract for 2001, and the stock price falls...
Eiger Technology announces MP3 player
SAMSUNG YEPP deal
TORONTO, Nov. 2 /PRNewswire/ - Eiger Technology Inc. (TSE: AXA; OTC BB:
ETIFF), one of North America's leading computer and telecommunications
equipment manufacturers, announced today that collaborative work with
electronics giant Samsung Electronics has resulted in a new MP3 player.
Eiger President and CEO Gerry Racicot, stated, "After joint development,
Eiger will produce a new SAMSUNG YEPP MP3 player which will be marketed world-
wide by Samsung. We estimate this contract will produce revenues in the order
of US$25 million in 2001. This is a high growth sector and is in keeping with
our business plan."
Eiger produced the world's first portable MP3 player. It is estimated
that the market for MP3 players will reach US$6.3 billion by 2002/2003.
"With the settlement of the music publishing industry dispute with
MP3.com, we see no end in sight for the expansion of this format and continued
expansion in popularity among music lovers," said Racicot.
Eiger Technology, meanwhile, is pushing into the markets of information
compression as well as GSM phone technology.
"We are a high-tech company with business models that take into account
the variables in the computer peripherals and telecommunications equipment
<25>market places. We are out to exploit market opportunities in order to return
market places. We are out to exploit market opportunities in order to return
maximum shareholder value, and the MP3 situation is a perfect example of
Eiger's strategy," concluded Racicot.
Eiger Technology Inc. is headquartered in Toronto, Ontario. Through its
facilities in South Korea, New Jersey and California, Eiger manufactures and
distributes electronic and computer peripherals such as 56K fax/modems, MP3
players and DSL modems to OEM and consumer markets worldwide. Eiger also owns
25% of Nixxo Technologies. Nixxo is a GSM chipset and operating system design
company based in California. The GSM cellular market represents 65% of the
world cellular phone market with growth rates of over 30% a year. Eiger is a
publicly traded company listed on the Toronto Stock Exchange (symbol: AXA).
Visit Eiger Technology Inc's web site at www.eigertechnology.com
The management of the company, who take full responsibility for its
content, prepared this press release. The Toronto Stock Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy of
this release.
SOURCE Eiger Technology Inc. |
