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IOT expands distribution channels in North America
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IOT Group (ASX:IOT) provided a sales and marketing update on Tuesday which indicated that the company is well advanced in rolling out its AirSelfie and ROVA Selfie Camera in the US, Canada, Australia, New Zealand, Latin America and South America.
Executive Director of IOT, Sean Neylon said, “Purchase orders are being received and are being processed for immediate delivery and IOT is well-positioned for strong sales in the fourth quarter of 2017”.
However, those considering this stock shouldn’t make assumptions regarding future sales, nor should they base investment decisions on performances to date. Those considering this stock should seek independent financial advice.
He also said that the company expects to receiving orders from all markets in 2018. Underpinning this heightened level of confidence is the appointment of Spring/Cities as a distributor in the US and Canada.
This has provided exclusive control of the Amazon US store for both AirSelfie and ROVA, and the IOT Group will be the exclusive supplier of AirSelfie Amazon. Ranging has also been expanded with the new products available in multiple colours, maximising sales opportunities as the Christmas season approaches.
IOT has also introduced new recommended retail price ROVA pricing of US$149.95 at B&H New York, an outlet that has already confirmed initial purchase orders.
In conjunction with this Best Buy US and Best Buy Canada have realigned their prices accordingly. Spring/cities are in negotiations with both retail groups for the AirSelfie.
IOT has also negotiated the first purchase order from Bloomingdale’s for the ROVA with deliveries to the retailer scheduled to commence this month.