Iveda Resumes $1.7 Million Contract from Chunghwa Telecom/Farglory Dome

Rhea-AI Summary

Iveda (OTCMKTS: IVDA) announced the resumption of the NTD 47 million (~US $1.7 million) Farglory Dome project in Taipei, expected to complete by March 2022. Partner Chunghwa Telecom requested Iveda's return to finalize the project, which includes deploying a cloud video surveillance system. The Farglory Dome, a multi-purpose complex with a 40,000-seat indoor stadium, aims to centralize video management using Iveda's Sentir technology. This collaboration reinforces Iveda's credibility in the growing video surveillance market, projected to reach $33.6 billion by 2026.

Positive

• Resumption of the NTD 47 million Farglory Dome project enhances revenue prospects.
• Deployment of a cloud video surveillance system validates Iveda's technology efficacy and market position.
• Collaboration with Chunghwa Telecom, a major telecom provider, strengthens business relationships and credibility.

Negative

• None.

Mesa, Ariz., May 03, 2021 (GLOBE NEWSWIRE) -- Iveda^® (OTCMKTS: IVDA), today announced that Taipei’s NTD 47 million (~US $1.7 million) Farglory Dome project is back on track. Chunghwa Telecom, Iveda’s long-time partner, requested Iveda to return to work last fall. The project is expected to be completed no later than March 2022. Iveda is the worldwide provider of IvedaAI^™ intelligent video search technology, Sentir^® video surveillance products, IvedaPinpoint^™ and IvedaHome^™ IoT (Internet of Things) platforms with smart devices.

In May 2015, the construction project was postponed by the Taipei City Government.

“We are thrilled to resume working with Chunghwa to finally complete the project we started in 2014,” said I.H. Shiau, president of Iveda Taiwan.

The contract calls for deploying a cloud video surveillance system, which is part of the new facilities management plan. Iveda has been working with Chunghwa Telecom to design and install a cloud video surveillance system on a private cloud, utilizing Sentir Video. The solution will centralize video management, storage and access for all the surveillance cameras at the Farglory Dome.

The largest venue of its kind in Taiwan, Farglory Dome is a multi-purpose complex with a 40,000-seat indoor stadium, a venue for sporting events, performances, gatherings and exhibitions. The complex also includes arts and entertainment, a shopping mall, a hotel, an office building, a baseball museum and a cultural park.

The Farglory Dome, also known as Taipei Dome, is a major landmark in Taipei, adjacent to what was once the tallest building in the world, Taipei 101.

“Having Chunghwa, the largest integrated telecom service provider in Taiwan, trusting our ability to deploy a cloud video surveillance system on a large scale further validates our credibility and the quality of our technology,” said David Ly, CEO of Iveda.

According to Fortune Business Insights, the global video surveillance market is projected to reach $33.6 billion by 2026. Increasing demand for surveillance cameras and the application of AI-based video analytics are likely to fuel market growth.

###

Iveda and Sentir are registered trademarks of Iveda Solutions, Inc. IvedaAI, IvedaPinpoint and IvedaHome are trademarks of Iveda Solutions, Inc. All other trademarks are property of their respective owners

About Iveda

Iveda^® (OTCMKTS:IVDA) specializes in IoT platforms that offer service providers a turn-key cloud video surveillance system, smart sensors and intelligent video search technology. Iveda utilizes proprietary command center, big data storage and deep-learning algorithms. Iveda has a SAFETY Act Certification from the U.S. Department of Homeland Security as a Qualified Anti-Terrorism Technology Provider. Headquartered in Mesa, Arizona, with a subsidiary in Taiwan, Iveda is publicly traded under the ticker symbol “IVDA.” For more information call (480) 307-8700 or visit www.iveda.com.

To follow Iveda visit www.facebook.com/ivedasolutions, www.twitter.com/ivedasolutions or www.linkedin.com/company/iveda-solutions.

This release includes forward-looking statements. Actual results may vary materially from those expected. All forward-looking statements made herein are qualified by such risk factors, and readers are advised to consider such factors carefully. Iveda undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Contact:

Iveda
Luz A. Berg
Chief Marketing Officer & GM
480 307-8700
lberg@iveda.com

FAQ

What is the significance of Iveda's Farglory Dome project?

The Farglory Dome project represents a substantial contract worth NTD 47 million (~US $1.7 million), enhancing Iveda's revenue and market presence.

When is the Farglory Dome project expected to be completed?

Iveda expects the Farglory Dome project to be completed no later than March 2022.

What technology will be deployed at the Farglory Dome?

Iveda will deploy a cloud video surveillance system utilizing its Sentir technology.

How does the collaboration with Chunghwa Telecom benefit Iveda?

The partnership with Chunghwa Telecom enhances Iveda's credibility and demonstrates the trust in its technology for large-scale implementations.

What is the projected growth of the global video surveillance market?

The global video surveillance market is projected to reach $33.6 billion by 2026.