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Iveda wins $3M in video surveillance, facial recognition contracts in Taiwan, raises $5M

Iveda wins $3M in video surveillance, facial recognition contracts in Taiwan, raises $5M
 

U.S.-based Iveda has won $3 million in contracts from Taiwan’s government for video surveillance systems, including facial recognition.

The Nasdaq-traded company has also announced a $5 million private placement.

The four contracts were won by Iveda’s subsidiary in Taiwan, formerly known as MEGAsys. They cover a security system at 61 locations around the country, which could eventually be extended to 300 locations, as well as an upgrade to the Taiwan Stock Exchange’s existing video security system. The upgrade includes access control and facial recognition capabilities.

The other contracts are with the Kaohsiung Road Excavation Administration Center and a small arms shooting range operated by an undisclosed government ministry.

“We are seeing great business momentum now after more than two years of COVID-related setback,” comments Ing-Hang Shiau, president of Iveda Taiwan. “We are very optimistic about our revenue growth as we approach the end of 2022 and enter 2023.”

“The new and returning clients in Taiwan are as anticipated in our aggressive pursuit of exponential revenue growth,” says David Ly, CEO of Iveda. “Enhancing public safety and quality of life in the Republic of Taiwan is the result of the solutions we provide.”

Private placement

Securities purchase agreements with institutional investors have raised $5 million in gross proceeds, according to a separate company announcement.

The funds were raised through private placement of 3,289,474 shares of common stock or pre-funded warrants, plus an equal number of warrants. The combined purchase price for one of each was $1.52, with the warrants exercisable immediately at $1.40 per share, and expiring in five and a half years.

The placement is expected to close on August 11, 2022, and is subject to the usual closing conditions.

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