GVI Security Solutions, Inc. Solidifies Samsung Distributorship Through 2010
CARROLLTON, Texas, Oct 10, 2006 (BUSINESS WIRE) -- GVI Security Solutions, Inc. (OTCBB:GVIS), a leading provider of video security solutions featuring the complete Samsung Electronics line of products, today announces the new distributor ship agreement with Samsung through December 31, 2010.
On October 2, 2006, GVI entered into a Distributorship Agreement with Samsung Electronics Co. Ltd., under which GVI will continue to distribute Samsung's complete line of professional video surveillance and security products in North, Central and South America with an extended term through December 31, 2010. Pursuant to the Distributorship Agreement, Samsung has agreed to a limited non-compete in GVI's territory. The Distributorship Agreement provides for revised minimum annual purchase amounts in addition to other obligations that must be met by GVI in order to retain the Distributorship with Samsung.
On October 4, 2006, GVI completed a $4.75 million private placement on terms previously announced. A final closing of a $250,000 investment on October 6, 2006 resulted in total gross proceeds from the private placement of $5.0 million.
"We are very pleased with our agreement and our longstanding relationship with Samsung. Samsung's product line continues to expand and is very competitive," said Steve Walin, CEO of GVI.
About GVI Security Solutions, Inc.
GVI Security Solutions Inc. is a leading provider of video surveillance security solutions to the homeland security, institutional and commercial market segments.
Forward Looking Statements:
Some of the statements made by GVI Security Solutions, Inc. in this press release are forward-looking in nature. Forward-looking statements in this press release are not promises or guarantees and are subject to risks and uncertainties that could cause our actual results to differ materially from those anticipated. These statements are based on management's current expectations and assumptions and are naturally subject to uncertainty and changes in circumstances. We caution you not to place undue reliance upon any such forward-looking statements. Actual results may differ materially from those expressed or implied by the statements herein. GVI Security Solutions, Inc. believes that its primary risk factors include, but are not limited to: reliance on primary supplier; effective integration of recently acquired operations and personnel; expansion risks; effective internal processes and systems; the ability to attract and retain high quality employees; changes in the overall economy; rapid change in technology; the number and size of competitors in its markets; outstanding indebtedness; law and regulatory policy; the mix of products and services offered in the company's target markets; and other factors detailed in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-KSB for the year ended December 31, 2005 currently on file, as well as the risk that projected business opportunities will fail to materialize or will be delayed.
SOURCE: GVI Security Solutions, Inc.
CONTACT: For GVI Security Solutions
Esra Kahraman, 972-245-7353
Copyright Business Wire 2006
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KEYWORD: United States
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SUBJECT CODE: Contract/Agreement
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