MSGI Executes Contract To Manufacture and Supply With Hankook Semiconductor, a Division of Samsung Electronics
Wednesday September 17, 8:00 am ET
NEW YORK, Sept. 17 /PRNewswire-FirstCall/ -- MSGI Security Solutions Inc. (OTC Bulletin Board: MSGI - News) "MSGI" today reported that it has executed a new contract with Hankook Semiconductor, a division of Samsung Electronics, to manufacture and supply advanced technology displays and other electronic products for commercial security purposes for Daewoo International.
Under the terms of the new contract, MSGI will subcontract to Hankook the right to manufacture certain Hi-definition display systems, which will be supplied to Daewoo for its existing customers.
MSGI has similarly entered into an agreement to supply Daewoo with these products based upon Daewoo specifications from its customers. Under the terms of this new agreement, the company is anticipating annual gross revenue of approximately $100 million, as previously disclosed in the company's August 26, 2008 announcement. Profit margin expectations for the revenue generated by this agreement will be made available after the conclusion of the first relevant quarter, which should be for the period ended December 31, 2008.
Jeremy Barbera, Chairman and CEO of MSGI: "Effectively, this accelerates the scope and depth of our relationship with some of the most recognized firms in Asia so that we are direct holders of these contracts rather than sub-contractors as was the case in the past. This will strengthen MSGI's overall market position and our global footprint."
Samsung's Semiconductor Business was founded in Korea with the acquisition of Hankook Semiconductor in 1974. The Semiconductor Business of Samsung Electronics, based in Giheung, Korea, consists of three major divisions: Memory, System LSI and Storage. It has pioneered the development of numerous advancements in chip technology that are now widely used in mobile, desktop and other digital products.
Daewoo International Corporation, with its roots going back to 1967, has been serving a leading role in South Korea's economic development. Daewoo International Corporation has emerged as a company dedicated to international trading and investments. The international trading and construction sector of Daewoo Corporation is now three (3) separate companies: (1) Daewoo International Corporation, (2) Daewoo Engineering and Construction Company Limited, and (3) Daewoo Corporation. Since the completion of the workout on December 27, 2003, Daewoo International Corporation has been rapidly growing to fulfill the vision of becoming a "World Best Global Trading & Investment Company". |
