Fingerprint Cards has appointed Serial System Ltd (Serial System) as its distributor for India and six additional countries in Southeast-Asia.
At the same time, Serial placed an initial order of SEK 3.6 M for immediate delivery.
Serial System Ltd (Serial System), a company listed on the Main Board of the Singapore stock exchange and headquartered in Singapore, has been appointed by Fingerprint Cards AB (FPC) as its strategic distributor in Southeast-Asia and India. In conjunction with the agreement, Serial System placed an order with FPC worth SEK 3.6 M.
Having already recently signed a distribution agreement Serial System in the China market where Serial System has 30 offices, FPC is pleased to announce an additional engagement with Serial System in South East Asia and India. Serial System having 17 offices and 110 employees in India, Malaysia, Vietnam, Singapore, Thailand, Indonesia and the Philippines, has now also been designated the distributor for Southeast Asia and India. Serial System, which reported an average compound annual growth rate (CAGR) of 26% for the past five years, has more than 720 employees and is a leading distributor in most Asian countries. In addition to Serial System’s extensive distribution channels, the company will offer support and develop customized solutions, which will both facilitate integration and expedite delivery times of total solutions for end consumers.
To support the demand for FPC’s products and solutions in major regions of Southeast Asia and India, as well as offer customers short delivery times, Serial System has placed an order for FPC’s area sensor, FPC1011F, valued at SEK 3.6 M. The sensors are to be delivered in the third quarter of 2011.
Johan Carlström, President and CEO of FPC comments: “We are pleased to be increasing our co-operation with Serial System to include Southeast Asia and India. Serial System is a well-known distributor growing at 17% faster than the market and has had an average annual growth rate of 26% in the past five years. We are confident that Serial System will quickly generate new business in the region.”
Dr. Derek Goh, Executive Chairman and CEO of Serial System comments:
“We are very pleased to have been appointed the new distributor of Fingerprint Cards. Southeast Asia and India are rapidly growing markets and accounted for 13% of Serial System’s sales in 2010, and we will continue to support, focus on and invest in the region to expand FPC’s business. We will be offering our customers an even wider range of products as a result of this partnership.”
For further information, contact:
Johan Carlström, President and CEO, Fingerprint Cards AB (publ), +46 31-607820, email@example.com
Fingerprint Cards AB (publ), Box 2412, SE-403 16 Gothenburg, Sweden, www.fingerprints.com
About Fingerprint Cards AB (FPC)
Fingerprint Cards AB (FPC) develops, produces and markets biometric components that through analysis and matching of an individual’s unique fingerprint verify the person’s identity. The technology consists of biometric sensors, processors, algorithms and modules that can be used separately or in combination with each other. The competitive advantages offered by FPC’s technology include unique image quality, extreme robustness, low power consumption and complete biometric systems. With these advantages and the ability to achieve extremely low manufacturing costs, the technology can be implemented in volume products, such as smart cards and mobile telephones, where extremely rigorous demands are placed on such characteristics. FPC’s technology can also be used in IT and Internet security products, as well as access control, etc. Fingerprint Cards AB (FPC) is listed on Nasdaq OMX Stockholm (FING B) and has its head office inGothenburg,Sweden.
About Serial System Ltd
Serial System Ltd began its operations in 1988 as a Distributor of electronics components inSingapore. The Company was incorporated as a private limited entity in April 1992 and listed onSingapore’s SESDAQ in 1997. Serial System Ltd became a listed company on the Singapore Exchange Securities Trading Limited (SGX-ST) on July 10, 2000. The Group has network of offices, operations and representation inChina,Hong Kong,South Korea,Taiwan,India,Malaysia,Thailand, the Philippines Indonesia andVietnam.
Publication pursuant to Swedish legislation: Fingerprint Cards AB (publ) discloses this information pursuant to the Securities Market Act (2007:528) and the Financial Instruments Trading Act (1991:980). The information was issued for publication on August 19, 2011, at 8.00 a.m.
Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Fingerprint Cards securities in any jurisdiction.