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Addvalue in three-year distribution contract with China firm
ADDVALUE Technologies' wholly owned unit Addvalue Innovation has entered into a three-year distribution contract with Zhongyou Century (Beijing) Communications Co to supply satellite communication terminals and provide related support services to the China regional maritime vessels market estimated to comprise more than 300,000 vessels.
The first batch of supply totalling about US$4 million, under the distribution contract signed, shall commence delivery from May 2016 and be completed by November. It will contribute positively to the financial performance of Addvalue for the financial year ending March 31, 2017.
This distribution contract stems from an alliance forged between the two companies in relation to a collaboration agreement they entered into on Nov 12, 2015, to distribute satellite communication-based products and provide customised solutions for the communication needs in China, including but not limited to China's "One Belt, One Road" initiative.