(March 7, 2001) The Board of Directors of Eastern Asia Technology Limited (the "Company") is pleased to inform that the Company has secured two new major contracts with leading branded consumer electronic names, SANYO and Singing Machine which amounts to US$43m.
Singing Machine, the world's largest home karaoke company, is a new customer to the Company. The contract is for a new product, home karaoke systems and amounts to US$18m. Delivery will start in April 2001.
Japanese brand, SANYO traditionally outsources its speaker systems to the Company. The new contract from SANYO is for audio electronics and amounts to US$25m. Delivery of the products will start this month.
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