VANCOUVER, BRITISH COLUMBIA–(Marketwired – Jan. 24, 2014) – Moimstone Corporation (“Moimstone”) (TSX VENTURE:MSE) today announced the signing of a distribution agreement for a new Android™-based handset for the enterprise market with NEC Corporation of America (“NEC”), a leading provider and integrator of advanced IT, communications, managed services and biometric solutions. Under the agreement, Moimstone will develop a new Android handset platform for NEC. The product is scheduled to release in the fall 2014.
“NEC is extremely pleased with our new relationship with Moimstone, which is known for its best-in-class voice over IP (“VoIP”) technology,” said Ram Menghani, vice president, Unified Communications Products and Services, NEC Corporation of America. “We share Moimstone’s vision of transforming traditional enterprise VoIP handsets into intelligent, interactive, interconnected and multi-functional devices. This new product will enable NEC to offer additional features and customizable options for our vertical markets, extending both the product life and value to our customers. We anticipate quite a bit of demand for this Android-based offering once the product is fully developed and available.”
Moimstone and NEC will work together to set up and operate an app store to make it simple for end users to purchase and download software updates, as well as access additional features and applications.
Rob Bakshi, CEO of Moimstone, explained, “This is a historic moment for Moimstone. This agreement helps the company expand its sales beyond South Korea and Japan as well as enter new markets in addition to telcos and broadband carriers. Most importantly, this new direction changes the company from a hardware supplier to software-focused with a potential for higher gross margins and recurring revenue. I have complete confidence in our experienced and best-in-class team to execute this path.”
Moimstone Corporation is a Canadian technology company principally engaged in the design, development, marketing, and sale of communications equipment and software. It has a wholly-owned Korean subsidiary with an eight year history of supplying VoIP telephone equipment and other products to major Korean and international telecommunications carriers.
About NEC Corporation of America
Headquartered in Irving, Texas, NEC Corporation of America is a leading provider of innovative IT, network, communications and biometric products and solutions for service carriers, Fortune 1000 and SMB businesses across multiple vertical industries, including Healthcare, Government, Education and Hospitality. NEC Corporation of America delivers one of the industry’s broadest portfolios of technology solutions and professional services, including unified communications, wireless, voice and data, managed services, server and storage infrastructure, optical network systems, microwave radio communications and biometric security. NEC Corporation of America is a wholly-owned subsidiary of NEC Corporation, a global technology leader with a presence in 44 countries and more than $32 billion in revenues. For more information, please visit www.necam.com.
This press release has been prepared by Moimstone Corporation. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, budget”, “scheduled”, “suggest”, “optimize”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential” or “does not anticipate”, believes”, “anomalous” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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