MESA, AZ -- (Marketwire) -- 12/20/12 -- Iveda Solutions, Inc. (OTCBB: IVDA), the pioneer in cloud video surveillance services, is pleased to announce that its Taiwan-based subsidiary MEGAsys has just won approximately US$1.3 million (NT$ 38,890,000) contract from the New Taipei City, Taiwan government to further assist that major metropolitan area's police department.
This new contract will start immediately and expected to be completed in July 2013.
In 2011, MEGAsys and Iveda Solutions, under their SafeCiti® program, engineered New Taipei City's state-of-the-art, centrally managed video surveillance network for the department.
MEGAsys' Chairman I.H. Shiau viewed this new contract as "a tremendous vote of confidence in Iveda Solutions' SafeCiti approach. I am humbled that my home, New Taipei City, has led the way in adopting this cutting edge approach."
"There is not a city in the world that could not improve its security with Iveda Solutions' SafeCiti program, and we are pleased that New Taipei City officials recognize that. With taxpayer dollars limited all over the world, our cloud-based video surveillance systems offer communities both large and small, the most possible bang for the buck," said Iveda Solutions' President and CEO David Ly.
In the SafeCiti project completed for New Taipei City last year, Iveda Solutions and MEGAsys set up an extensive network for remote video surveillance monitoring of vehicle and foot traffic, other public areas and sensitive installations -- providing feeds to 16 department branches and 157 sub-stations to enable police to more efficiently deploy their resources.
An additional US$2.2 million expansion to the SafeCiti project, which started the beginning of this year, is in its completion phase. The system provides easy-to-use tools for law enforcement personnel to access both live and archived video on-demand throughout the department's jurisdiction. The project included integration of existing cameras with new cameras enabling the city to build upon, rather than scrapping its existing camera deployments. The effort covered the Wugu, Sanchong, Tamsui, Luzhou, Tucheng, Xindian, Xinzhuang, Ruifang, Linkou District areas. MEGAsys created a secure private cloud to centrally manage the system.
Iveda Solutions and MEGAsys designed this system to be capable of incorporating many thousands of cameras as needed. The new project just announced represents an expansion of the current New Taipei City network in the Linkou District -- and will integrate approximately 227 new cameras and fiber network with the existing system.
This new project will be overseen by the city's Land Administration Department on behalf of the police department.
"We are honored that New Taipei City views our SafeCiti approach as the way to meet their needs and look forward to assisting them with the challenges that the future may hold," Ly concluded.
About Iveda Solutions
Iveda Solutions, Inc. (OTCBB: IVDA) is a premier online surveillance technology innovator and an enterprise-class Video Surveillance as a Service (VSaaS) provider. Based in Mesa, AZ, with a subsidiary in Taiwan (MEGAsys), Iveda Solutions has a SAFETY Act Designation by the Department of Homeland Security as a Qualified Anti-Terrorism Technology provider. For more information call 800-385-8618 or visit www.ivedasolutions.com.
This news release contains forward-looking statements. Actual results could vary materially from those expected. Iveda Solutions' business is subject to significant risks and uncertainties discussed more thoroughly in Iveda Solutions' SEC filings, including but not limited to, its report on Form 10-K for the year ended December 31, 2011 and subsequently filed quarterly reports on Form 10-Q. All forward-looking statements made herein are qualified by such risk factors. Iveda Solutions undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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