IVGG News
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Tuesday March 20, 5:15 am Eastern Time
Press Release
SOURCE: IVG Corp.
IVG Corp. Portfolio Company, iTVr, Inc., Announces Manufacturing & Sales Agreement With China's Third Largest Electronics Conglomerate
HOUSTON, March 20 /PRNewswire/ -- IVG Corp. (OTC Bulletin Board: IVGG - news) announced today that its portfolio company, iTVr, Inc., a broadband Internet appliance developer, has signed a manufacturing and sales agreement with TCL Holdings Co., Ltd., China's third largest electronics conglomerate. Under the terms of the agreement, TCL will produce the iTVr, Inc. series of time-shift personal digital video recorders (PVR) for resale in the U.S. and Europe under the iTVr brand name. In addition, TCL will manufacture the iTVr PVR for domestic sale in China under the TCL brand name. Swan Magnetics Inc., an 88% owned subsidiary of IVG Corp., owns 46% of the capital stock of iTVr.
A PVR is in essence an intelligent video recorder because it lets users customize and control what they watch on broadcast, cable or satellite TV. Users can select playback time and speed including pause, fast-forward, reverse, slow motion and single frame through a function known as time-shifting. A PVR unit stores TV programs digitally on a hard drive comparable to the way information is stored on the hard drive of a personal computer.
According to iTVr, Inc. President Dr. John Scott, ``TCL's cost-effective production combined with its sales in China are expected to result in meaningful revenues for iTVr. The agreement with TCL will allow iTVr to supply the lowest cost, highest performance time-shift PVR in the market.''
TCL is scheduled to begin production of the iTVr 1000 in June. The iTVr 1000 product provides users with superior audio and video output by way of its powerful analog to digital conversion channels, signal to noise reduction and MPEG2 video compression.
``The key to the iTVr PVR,'' added Dr. Scott, ``is its powerful time-shifting engine and modular system architecture which allows PVR manufacturers to offer an exceptionally low cost, high quality PVR solution. In addition to the appeal of its time-shifting functionality, the iTVr modular system architecture offers manufacturers improved flexibility because the iTVr PVR can be produced for use alone or may be packaged for use with other components.
About TCL Holdings Co., Ltd.
Headquartered in Huizhou, Guangdong, China, TCL Holdings Co., Inc. is China's third largest electronics conglomerate. TCL's products include household electronic appliances, telecommunications, information and electrical components including Internet access terminals, equipment and service.
About iTVr, Inc.
Headquartered in Santa Clara, CA, ITVr, Inc., is a portfolio company of IVG Corp. iTVr has developed a high performance, multi-function, low cost PVR for a variety of applications including time-shift television recording, digital imaging and manipulation, distance education, HDTV, karaoke, video conferencing, music videos, video e-mails and home gateway applications.
About IVG Corp.
IVG Corp. is a Houston-based holding and development company that acquires promising early stage revenue-generating companies and assists them by providing financial guidance, business model creation and implementation, access to equity resources, and technology. IVG Corp. trades on the OTC Bulletin Board under the symbol IVGG. For more information on IVG Corp., visit www.ivgcorp.com or contact Richard Twardowski at (281) 295-8400.
Safe Harbor Statement
This press release includes forward-looking statements, including statements relating to the future business of iTVr Inc. These statements are made under the ``safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include, among others: risks relating to the ability of IVG Corp. management to successfully accomplish fund raising activities, the ability to achieve or sustain profitability; limited operating history; possible financing needs; risks associated with identifying and completing acquisitions; risks associated with the integration of acquired technologies, operations and personnel; risks of being deemed an investment company; exposure to unforeseen liabilities of acquired companies; the requirement to record additional future operating costs for the amortization of goodwill and other intangible assets, which amounts could be significant; business conditions in the e-commerce and Internet generally; the impact of market competitors and their product and service offerings; and the economic, competitive, governmental, technological and other factors identified in IVG Corp.'s filings with the Securities and Exchange Commission. These factors are described in further detail in IVG Corp.'s filings with the Securities and Exchange Commission, available online at freeedgar.com.
Contact: Richard Twardowski
Investor Relations
713-596-9308
richard@ivgcorp.com
SOURCE: IVG Corp. |
