IOT forges agreement to accelerate LatAm sales
Published on: | by Trevor Hoey
The IOT Group (ASX:IOT) has signed an agreement with one of Latin America’s prominent consumer electronics sales representative companies, Maximum Export Import LLC (MEI), whereby the group will manage the market development of the company’s ROVA Selfie Drone and AirSelfie products in Latin America.
MEI is a group of experienced industry participants with consumer electronics, manufacturing and retailing backgrounds, who partner with select distributors to import and distribute consumer electronic products to major Latin American countries including Argentina, Brazil, Chile and Mexico.
The company is headed by Mr Jan-luc Blakborn who has an extensive background in business development and international P&L management for Philips, Compaq, Hewlett-Packard and Sonos.
IOT highlighted that Latin America is a fast growing consumer electronics market with a growing middle class in all major segments. The region is becoming an increasingly popular growth market for producers of consumer electronic devices, household appliances and new media services.
The company expects immediate sales of the ROVA and AirSelfie with deliveries in time for the 2017 holiday season, with demand anticipated from both online suppliers as well as bricks and mortar retailers.
It should be noted, however, that any further catalysts are speculative at this stage and should not be taken as guaranteed. Investors should seek professional financial advice for further information.
IOT set to cash in on Christmas demand
Executive Director of IOT, Sean Neylon said, “The Selfie Camera market should fit well with the social lifestyle of the Latin American people, and having very experienced teams in Latin America and North America is an enormous achievement for the company, heading into the festive season and Christmas”.
Latin America has an estimated population of over 600 million people with more than 200 million smart phone users, close to 385 million internet users and over 250 million Facebook users – numbers that illustrate the demand for IOT’s devices.
The following data demonstrates the comparative strong uptake of new devices and technologies in the region.