MiMedia Holdings Ltd. announced a signed global Distribution Agreement with an industry leading ODM based in China. As the new partner is currently in its quiet period for a pending IPO, the new partner's name will be announced at a later and appropriate time. In this multi-year partnership, the new ODM partner will jointly market MiMedia to its 60+ OEM partners that sell products through carriers and open market channels throughout the world.
The new ODM partner manufactures millions of smartphones per year for its OEM clients. MiMedia's next generation consumer cloud platform can provide the new ODM partner and their OEM clients with a unique churn-reducing product, immediate market differentiation and multiple high-margin and recurring revenue streams. The Company is highly dependent on the ability of its distribution partners, including the new partner, to deploy devices and any delay or failure of a distribution partner to deploy devices in the numbers agreed to and within a reasonable time period could have a material adverse impact on the Company.
