Gizmondo Europe Ltd confirmed today that as a result of the strong enthusiasm generated from the Gizmondo at the CES show in Las Vegas, it has signed three separate one year Distribution Agreements that run through June 2006. TGTL exhibited the multi-entertainment device to enthusiastic packed crowds of attendees at the Consumer Electronics Show (CES) in Las Vegas, Nevada, as well as being featured on the Microsoft and Nvidia stands. The event ran from Jan. 6-9, 2005, and introduced the feature-packed Gizmondo to the US market, ahead of the soon-to-be-announced, late-Q1 2005 launch date.
At the show, Gizmondo signed Distribution Agreements with United Options International, Pty, Ltd. of Hamilton Australia to distribute 600, 000 Gizmondo units at the rate of 50,000 per month for Australia and New Zealand, with Venturecom, Inc of Chesapeake, VA to distribute 360,000 units at the rate of 30,000 per month in South Korea and Hong Kong and with Venturecom and G Technologies Pty Ltd/Glober Traders of Manila Philippines to distribute 360,000 units at the rate of 30,000 per month in the Philippines.
The respective Distribution Agreements call for a Letter of Credit to be provided by each entity 60 days prior to shipment of the first month's order and for the balance of the agreements. Deliveries should commence in April of this year subject to timely receipt of each Letter of Credit. The company intends to announce the Letters of Credit as received and the associated orders corresponding to the Letters of Credit for the first shipments of each respective agreement.
