Re: ECDC East Coast Diversified Corporation OTC
EarthSearch Enters a $5 Million+ Multi-Year Master Distributor Agreement with Komtelecom, Russia
ATLANTA, May 29, 2012 /PRNewswire/ -- East Coast Diversified Corporation (ECDC.OB), through its subsidiary EarthSearch Communications, Inc., announces a $5 million+, Five Year Master Distributor agreement with Komtelecom in Russia.
The agreement would allow Komtelecom to be our exclusive representative in Russia with non exclusive representation in 10 other former Soviet Republics. Komtelecom will be able to host our software under a special licensing agreement, secure its own local distributors and partners in the region to offer advance and complex logistics solution provided by EarthSearch.
Under the terms of the agreement, EarthSearch will modify its hardware to utilize the Russian made Glonass GPS receivers which works exclusively within the Russian territory and former Soviet republics. EarthSearch will also for the first time, host its proprietary GATIS application outside the US, in Russia. Minimum annual purchases under the agreement over the 5 years will average $1,000,000 plus per year including other development and service costs.
"We have been working to establish presence in this region for some time now. It is a vibrant and fast growing market with significant need for advanced cargo and asset security technology. EarthSearch offers complex logistics application well suited to the needs in Russia. I am looking forward to working with Boris Kunin, CEO and all the other executives at Komtelecom," said Kayode Aladesuyi, CEO of ECDC
Komtelecom has been testing and piloting the EarthSearch LogiBoxx device and RFID solutions over the last 6 months. We are therefore able to enter this agreement with a number of projects already in the pipeline. Aladesuyi further stated, "We expect to create several custom solutions to meet the demand for asset and business management, we are looking forward to the opportunities."
"There is a significant need for EarthSearch technology and the solutions it offers in the region, the movement of cargo within Russia and some of the other Soviet Republic is very significant and the technology to track, monitor and secure these assets and cargo are very much needed," said Rob Bohorad, Director Business Development of EarthSearch.