The contract, valued at $4.4 million USD, allows for deliveries of the Company's security systems to begin in the first quarter of 2014 and will continue for six quarters thereafter. The security systems are highly advanced as they combine video, location-based applications and cloud computing. The various institutions will be utilizing these high-technology systems to leverage and meld layers of technology with live video surveillance for venue protection providing the highest level of security.
Ryan Ge, CEO of XcelMobility, Inc., stated, "We have seen an immediate positive response from the rollout of various applications and products that combine our video, LBS and cloud computing platform. Earlier this month, we announced the launch of one of the industry's most advanced smartwatch, which offers today's most advanced applications including our advanced location based apps. We are now incorporating our LBS enabled wearable computing devices, along with our cloud computing systems, within our advanced security solutions in order to introduce to the market another product that is ahead of the curve compared to what currently exists today."
He continued, "These government facilities will have the next generation of security systems combining video, cloud computing, and location enabled wearable computing to significantly improve its oversight of critical government institutions."
About XcelMobility, Inc.
XcelMobility is a leading developer of mobile internet products and services, specifically focused on China's burgeoning mobile market of well over 1 Billion Users. The Company has recently reorganized into two divisions including:
1. Wearable Computing Group - The group leads a consortium of companies which are now selling China's first smart watch with a Mandarin language voice command system. This group specializes in the development of location based services and applications including locating friends, loved ones, and assets.
2. Video and Security Group - The Video and Security team delivers location and video enhanced security systems for public and private security forces in China. It is building next generation security and surveillance systems that combine wearable computing, location based services and cloud based advanced video solutions for security force tracking and surveillance.
The combination of smartphone proliferation, a surge in application storefront launches and new developments in hybrid positioning technologies are expected to help drive revenues from mobile location-based services (MLBS) around the world to more than $12.7 billion by 2014 (Juniper Research). Through the Company's deep relationships with China's leading mobile operators and its ability to incorporate today's most interactive and technologically advanced social and gaming applications to its suite of mobile internet products and services, it is rapidly securing a leadership position in China's mobile market. For more information visit: www.xcelmobility.com and https://www.facebook.com/pages/Xcelmobility-Inc/275827129230531
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development of new business opportunities, zero operational impact and projected costs, future operations, revenue, profits, gross margins and results of operations. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
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Investor Relations Contact: Stanley Wunderlich Consulting for Strategic Growth 1 Ltd. Tel: 800-625-2236 ext. 7770 Email: info@cfsg1.com
