August 01, 2011
CTX Virtual Technologies Amends Three-Year, $60 Million Purchase Agreement with TGE Group
By Sujata Garud
TMCnet Contributor
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A virtual telecommunications technology company, CTX Virtual Technologies, Inc., announced that certain product selections have been amended for a previously announced volume purchase agreement with TGE Group. TGE Group, a leading electronics provider of multi-functional digital multimedia devices for worldwide OEM/ODM customers, provides products for a number of global consumer electronics companies.
According to the amendment, the products referencing the evoMouse and CL-850 virtual keyboards and added the next generation CTX VK-200, MiSEETX Micro computer and Integrated Chip for the Tablet PC have been removed. Apart from this amendment, the other terms of the contract remain unchanged. TGE has formally agreed to purchase from CTX, in the three-year duration and the CTX have agreed to sell to TGE, with units of their products having an aggregate purchase price of $60 million (or an aggregate of two million product units).
CTX Virtual Technologies was recently in news when it announced that it has reached a development project agreement to showcase, private label and distribute the new MiSeeTX mini-computer worldwide. The agreement is structured as a royalty payment to CTX for up to 15 percent of worldwide sales with potential royalty income to the company of up to $16 million dollars. CTX will receive a $760,000 payment for non-reoccurring engineering charges, thereafter the technology company will also assume all costs for ramp-up and manufacturing. The MiSeeTX mini-computer, which received rave reviews at the Las Vegas Consumer Electronics Show, has steadily gained momentum in the world of computing technology. The state-of the-art proprietary 3D projection and virtual display programs have put the MiSeeTX computer at the forefront of new exciting technology.
Clifford M. Rhee, CEO, stated, “We have worked very hard over the past year to make CTX a household name in the world of smartphone manufacturing, computing technology and our flagship virtual display. To be recognized by a leading international technology company demonstrates that our proprietary innovative product lines are the wave of the future.”
Sujata Garud is a TMCnet freelancer with three years of writing/editing experience and two years of market research experience. As an editor she has covered the IT, electronics, banking, pharma, construction, mining and healthcare industries. To see more of her articles, please visit her columnist page.
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