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TagMaster secures presence on Chinese market and reduces risk and financial outlay by signing new contracts with Richor

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Kista, Stockholm. 20 March 2009 - TagMaster, the leading producer of advanced RFID solutions for long range identification, has reached a new agreement with its long-term business partner Shanghai Richor Commercial Co., Ltd, (Richor). Richor will stay as distributor in China, instead of being acquired by TagMaster. TagMaster secures continued presence on the important Chinese market, whilst reduces risk and financial outlay.

As result of the agreements, TagMaster will liquidate its two subsidiaries TagMaster China Holding Co., Ltd in Hong Kong and TagMaster Identification Technology Co., Ltd in Shanghai.

“TagMaster has an excellent business partner in Richor. The company has strong presence in the Transportation industry and in-depth knowledge of RFID and TagMaster’s products after many years of close partnership. With mutual objectives we will increase market activities and focus on revenue growth in China, including continued deliveries to the project for automatic power switching.“, says Christopher Grahn, President & CEO, TagMaster AB.

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