Some highlights of the press release
We are pleased to announce our first mobile phone contract to the Indian market," said Tianfu Li, NIVS' Chairman and CEO. "The contract is for a minimum of $1.7 million with the potential for more, based on our initial negotiations with the distributor. This order is a significant milestone for NIVS, as it not only represents our first expansion of NIVS branded cell phones outside of China's domestic market, it also represents a new revenue opportunity as we begin to cater to India's burgeoning population and rapidly expanding network of mobile phone subscribers."
With a population of 1.2 billion, India has seen very strong growth in mobile phone market in the last few years. According to the Telecom Regulatory Authority of India, the country currently has the 2nd largest mobile phone market after China, with an estimated 752 million mobile phone subscribers as of February 2011. Based on Informa Telecoms and Media's latest forecast, India is the fastest growing telecommunications industry in the world and it is projected that India will have 1.159 billion mobile subscribers by 2013.
NIVS is implementing various corporate growth initiatives for 2011, with a particular focus on its fast-growing mobile phone business, and is committed to establishing itself as China's preeminent integrated consumer electronics company. The Company will continue to focus on innovative research and development and expects to expand its product portfolio with increasingly popular consumer electronics devices in China and in other high growth markets in Asia, including India's growing mobile market.
BIG NEWS IF YOU WOULD ASK ME, SO GET ON THE TRAIN BEFORE IT'S TOO LATE