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IOT Group Signs Exclusive Australasian Distribution Agreement
1 minute read
IOT Group Limited (ASX:IOT) has signed an exclusive Distribution Agreement with The Product Group to distribute its products throughout Australasia.
IOT Group’s subsidiary, OK IOT Group Pty Ltd has signed the agreement with The Product Group director Steve Kayalicos.
The Product Group distributes to many of the region’s main retailers.
Under the terms of the agreement, The Product Group will become the exclusive distributor of IOT Group’s line of products including the much anticipated ROAM-e flying selfie.
The agreement is expected to achieve an increase in retail presence within the Australian and New Zealand retail sector.
“Initial discussions with the major Australian retailers indicate a very strong demand for ROAM-e,” said Kayalicos, who has over 20 years’ experience in the wholesale and retail sector having helped launch numerous brands across electronics, toys and footwear sectors with a large cross-section of national retailers.
“IOT Group is ahead of the curve and they have a solid roadmap of innovative mass market products.”
The Product Group will pursue channels including Grocery, Discount Department Stores, Department Stores, Specialty Consumer Electronics, Online, Fashion, and Lifestyle and Travel retailers.
The plan is to have IOT Group products in every channel throughout Australasia.
The agreement will see IOT Group issue two million ordinary class shares to The Product Group in lieu of payment of establishment fees and marketing expenses.
“Steven and The Product Group are a great partner for the IOT Group,” said Ian Duffell, IOT Group Executive Director.
“They have the infrastructure, reputation and experience to make our breakthrough product, the ROAM-e, a mass market leader in Australia.”