MESA, Ariz., Aug. 08, 2022 (GLOBE NEWSWIRE) — Iveda (NASDAQ: IVDA), a worldwide provider of artificial intelligence (AI) video search, Internet of Things (IoT), video surveillance and smart city digital transformation technologies, today announces four signed contracts in Taiwan worth approximately $3 million gross revenues. These projects are in process and are slated to be completed by the end of 2022 calendar year. Iveda Taiwan will manage and see the projects to completion.
The largest of the projects is for $2.7 million with a government agency to provide video security surveillance system at 61 locations countrywide. Iveda is unable to disclose the agency identity due to the sensitivity of the project and for security reasons. Iveda will provide networking equipment and interprocess communication (IPC) computers to assist its partner in designing and installing a state-of-the-art video command, communication and control system. This deployment has the potential to be replicated at all 300 locations.
The second contract is with the Taiwan Stock Exchange. Iveda will update existing video surveillance system, access control and facial-recognition system with enhanced AI functionality.
The third contract is with the Kaohsiung Road Excavation Administration Center to replace, update and expand the existing cloud-based surveillance system. The improvement includes updating CCTV and IP cameras, visitor display walls, cloud-based software and public address system. This will enhance real-time field data and activity awareness to the central operation center.
The fourth contract is with an in-house small arms shooting range of an undisclosed Taiwan Ministry. Iveda will replace video surveillance systems with our cutting-edge network video technology, all designed for safety and efficient range management.
“We are seeing great business momentum now after more than two years of COVID-related setback,” said Ing-Hang Shiau, president of Iveda Taiwan. “We are very optimistic about our revenue growth as we approach the end of 2022 and enter 2023,” said Shiau.
“The new and returning clients in Taiwan are as anticipated in our aggressive pursuit of exponential revenue growth,” said David Ly, CEO of Iveda. “Enhancing public safety and quality of life in the Republic of Taiwan is the result of the solutions we provide,” added Ly
According to a June report by Fortune Business Insights, the video surveillance market will increase to $33.6 billion globally in 2026, up from $19.1 billion in 2018.
Iveda is a registered trademark of Iveda Solutions, Inc. Iveda Taiwan is a trademark of Iveda Solutions, Inc. All other trademarks are property of their respective owners.
Iveda® (NASDAQ: IVDA) is the worldwide provider of IvedaAI™ intelligent video search technology, Sentir® and IvedaXpress™ video surveillance products, IvedaPinpoint™ and IvedaHome™ IoT (Internet of Things) platforms. Iveda offers digital transformation technologies for smart city applications. Iveda is headquartered in Mesa, Arizona. Iveda Taiwan (fka MEGAsys) is its wholly-owned subsidiary.
This release includes forward-looking statements. Actual results may vary materially from those expected. Iveda’s business is subject to significant risks and uncertainties described more thoroughly in the Company’s SEC filings, including but not limited to its Registration Statement on Form S-1 and Form 10-12g with audited financials for the year ended December 31, 2021 and December 31, 2020 and its subsequently filed quarterly reports on Form 10-Q. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond Iveda's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. All forward-looking statements made herein are qualified by such risk factors, and readers are advised to consider such factors carefully. Iveda undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.