( BW)(FL-SEAVIEW-UNDERWATER)(SEVU) SeaView Announces $2.5 Million Contract google.com
TIERRA VERDE, Fla.--(BUSINESS WIRE)--June 24, 1999--SeaView Underwater Research, Inc. (OTC BB: SEVU) today announced a production arrangement with Lummis Group LLC for manufacture of an underwater light designed to attract fish.
The product, incorporating existing SeaView watertight technology, will be marketed by 110 Lummis Group representatives to more than 6,200 retail locations nationwide. Lummis currently distributes Gripstix(TM) and Fishgrip(TM) products. Preliminary estimates put domestic sales at better than 100,000 units, with a corresponding revenue return to SeaView projected at $2.5 million.
SeaView spokespersons were also quick to emphasize the advantage of an additional marketing wedge via the rep network and retail base, with additional interest in the Mini SeaView(R) product for freshwater fishing enthusiasts.
K-Mart Corporation had opened discussions with SeaView during the 4th Quarter of 1998, but SeaView CEO Rich McBride deferred when the mass marketer began talking of 5,000-unit quantities. McBride noted that the company was straining to meet consumer demand from its direct sales at that time, and needed more production capacity. "We are now outsourcing 90 percent of production," he states, "and 5,000 units per month is well within our capacity." McBride indicates discussions with the national retailer are back on track.
Following a rush of first-half R & D, the SeaView(R) commercial division is building and accepting orders for Well-Cam(TM), targeted at the petroleum industry. The ruggedized unit inspects well casings and pipes to a depth of 10,000 feet, and is end-user priced at $2,800. Early analysis from a major oil-industry marketing firm suggest a first-year demand as high as 10,000 units worldwide.
Rounding out the list of announcements, the company was granted another patent on infrared technology, has several patents pending on various infrared video devices, and is planning to release its IPO July 1.
CONTACT: SeaView Underwater Research Inc., Tierra Verde
J.R. Cox, Vice President
Telephone: 727/866-3660
E-Mail: sales@seaviewresearch.com |
