ITI big news
ITC Secures U.S. Distributorship Agreement
11:05 EST Tuesday, March 30, 2004
RICHMOND, BRITISH COLUMBIA--(CCNMatthews - Mar 30, 2004) - International Technologies Corporation ("ITC") (TSX-V: ITI), a leading distributor of computer and electronics products, is pleased to announce that Hansol LCD LTD Co. ("Hansol Korea") has confirmed that ITC has been approved to take over the rights to distribute Hansol branded computer monitor and other display products to the United States market ("the United States Distributorship").
Previously this distribution business was handled directly by a subsidiary of Hansol Korea.
The final terms of the United States Distributorship are being formalized in a formal Distribution Agreement between ITC and Hansol Korea.
Hansol Korea currently distributes advanced electronics products, including flat panel/CRT display monitors and LCD/Plasma televisions, in the United States, to an established base of national and regional distributors as well as significant U.S. government customers. In 2003, Hansol Korea advises they had revenues estimated at $15,000,000 USD or approximately $20,000,000 CDN.
"This dealership agreement demonstrates the depth of ITC's relationship with multi-national manufacturing partner, Hansol Korea," said Michael Uhm, President and CEO. He adds, "The agreement is a significant step in ITC's growth strategy as we have been actively seeking opportunities that will increase our presence in the United States market. We now have immediate access to an established distribution channel that allows us to take advantage of substantial demand for consumer electronics. We anticipate the United States Distributorship agreement will substantially increase revenue in 2004 but the full impact of the agreement will not be realized until fiscal 2005 after a full year of operating in the lucrative United States market."
"In 2004, we intend to continue executing our aggressive growth strategies, including sales of new, higher margin products and expanding our geographical reach."
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