HUIZHOU, Guangdong, China, Oct. 27 /PRNewswire-Asia-FirstCall/ -- NIVS IntelliMedia Technology Group, Inc., ("NIVS" or the "Company") (NYSE Amex: NIV), a consumer electronics company that designs, manufactures and sells intelligent audio and visual products, today announced that the Company has signed a letter of intent to manufacture mobile phones for China Telecom Corp. Ltd. ("China Telecom") to be used with China Telecom's 3G network, e-Surfing.
According to the letter of intent, NIVS will be manufacturing two CDMA 3G mobile phone models, the NE16 and NE20. Both of these phones are dual-mode phones using the EVDO and GSM standards, making them compatible with both 2G and 3G networks. China Telecom will initially purchase five million mobile phones for their e-Surfing network from among approximately twenty approved mobile phone vendors. The specific amount NE16 and NE20 phones to be ordered in the initial phase will be determined at a later date. In addition, the Company has submitted a bid to make a pricier smart phone model, the NE98, for China Telecom's 3G network, the results of which are expected to be announced in November. To view our 3G product portfolio, please visit the following link http://www.nivsgroup.com/english/product/product_3g.php .
Mr. Tianfu Li, CEO and Chairman of NIVS, commented, "We're very excited about this opportunity to penetrate the 3G mobile phone market in China by working with one of the three mobile phone network service providers. Having recently acquired our mobile phone license for mainland China, we are proud to already be working with the telecom operating giant, China Telecom, and supplying them with OEM mobile phones. Our production lines are already fully capable of manufacturing these phones, and we will further refine our production processes for mobile phones.
"Aside from enjoying higher margins than our current products, we plan to eventually integrate our speech technology into these smart phones, making use of our cutting-edge technological advantages. In addition to cooperating with China Telecom, we have plans to open additional sales channels with China Unicom, department stores and retailers, distributors, military and police and overseas distribution networks, to ensure that all of our produced phones will reach an end market. We are confident that this is a first step towards penetrating China's mobile phone market and increasing our brand awareness as we continue to grow our business and maintain our vision of becoming a household brand name in China."
About NIVS IntelliMedia Technology Group, Inc.
NIVS IntelliMedia Technology Group is an integrated consumer electronics company that designs, manufactures, markets and sells intelligent audio and video products in China, Greater Asia, Europe, and North America. The NIVS brand has received "Most Popular Brand" distinction in China's acoustic industry for three consecutive years, among numerous other awards. Ranked 43rd on Forbes' Top 100 Chinese Research and Development Companies, NIVS has developed leading Chinese speech interactive technology, which forms a foundation for the Company's intelligent audio and visual systems, including digital audio, LCD televisions, digital video broadcasting ("DVB") set-top boxes, peripherals and more.
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