IOT forges agreement to accelerate LatAm sales
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.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.