CTX Virtual Technologies, Inc. Announces a Three-Year $60 Million Purchase Agreement With a Major Electronics Distributor
BOCA RATON, FL--(Marketwire - August 30, 2010) - CTX Virtual Technologies, Inc. ("CTXV" or the "Company") (PINKSHEETS: CTXV) announced today that its wholly owned subsidiary, Kaibida International Limited, has entered into a volume purchase agreement with TGE Group, a leading electronics provider of multi-functional digital multimedia devices for worldwide OEM/ODM customers. TGE Group sources product for a number of global consumer electronics companies. Under the agreement, we have appointed TGE Group as a worldwide distributor of our evoMouse, virtual keyboard and other consumer electronics products, with exclusivity for three years for certain of TGE Group's existing customers. During the three-year period, TGE has agreed to purchase from us, and we have agreed to sell to TGE, units of our products having an aggregate purchase price of $60 million (or an aggregate of two million product units). The initial shipment is expected to start in the 4th quarter of 2010.
CTX Virtual Technologies, Inc.
CTX Virtual Technologies, Inc., through its subsidiaries, is a virtual telecommunications technology company with facilities in the U.S., China, Canada, and Korea. For more information about the Company, please visit the Company's web site at www.ctxtechnologies.com.
Forward-Looking Statements -- The statements made in this release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, which address CTX's expectations, should be considered as forward- looking statements. Such statements are based on knowledge of the environment in which CTX currently operates, but because of risks and uncertainties, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to our ability to obtain orders and fill orders on a timely basis, our ability to obtain funding as and when needed, market acceptance of new products incorporating our technologies, the success of our product design and research and development efforts, intense competition, risks of doing business in China and other foreign markets, our ability to manage growth and our ability to successfully protect and enforce our intellectual property rights.
For further information, contact:
Clifford Rhee
CTX Virtual Technologies, Inc.
Tel: (561) 962-2835
