Announcement
LightwaveRF Plc - Indian Distribution Contract
LightwaveRF Plc ("LightwaveRF" or the "Company"), the creator of the LightwaveRF Smart Home Platform and products for the Internet of Things (IoT) enabling households and businesses to remotely operate and control lighting, power, heating and security using smartphones, tablets, PC and MAC applications, announces that further to the recent Heads of Terms, it has signed a long term supply contract with Havells India Limited.
A bespoke range of lighting, power and cooling control products will be developed and supplied alongside the existing core LightwaveRF range. It is anticipated that in due course the range will be stocked in over 290 Havells' owned showrooms across India.
The products to be supplied to Havells are all based on core LightwaveRF technology, encompassing the Company's current device functionality and Apps. The range will also see the addition of more functional air conditioning control to the LightwaveRF portfolio.
Havells will fund $37,500 of development costs. All the IP rights concerning technology will remain with LightwaveRF. Havells shall retain all rights in the Customised Products and Havells will, assisted by LightwaveRF, obtain registration over these designs in India. The contract requires 50% deposit with order and final payment ex-works. Volumes are contracted to be a minimum of $500,000 in year 1 rising to $1,500,000 over 3 years. The deal creates a two-way exclusive arrangement for the Indian market and addresses Havells' IoT strategy.
Commenting Mike Lord, Chairman and CEO, said "Havells is a major successful Brand in India and across the Globe. We are delighted to be chosen as their Internet of Things smart home technology partner."
Havells' Head of Corporate Communications, Anil Sharma, commented "We have been very impressed with the LightwaveRF technology and have chosen this partnership after extensive research into competing technologies. We look forward to a long and prosperous relationship with LightwaveRF."
Havells India Limited is a $1.4 Billion fast moving electrical goods company with a strong global footprint. Havells manufactures a wide spectrum of products, including industrial and domestic circuit protection devices, cables and wires, motors, pumps, fans, modular switches, home appliances, electric water heaters, power capacitors, CFL lamps, luminaires for domestic, commercial and industrial applications.
In 2007 Havells India acquired world renowned lighting company Sylvania, thus becoming one of the top four lighting companies in the world.
For further information:
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Contacts: |
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LightwaveRF Plc |
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Mike Lord, CEO Tom Sykes, CFO |
+44 (0) 121 250 3625 |
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WH Ireland Limited |
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Mike Coe/Ed Allsopp (Corporate Finance) |
+44 (0) 117 945 3470 |
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Jasper Berry (Institutional Sales) |
+44 (0) 20 7220 1666 |
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