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GVI Security Solutions, Inc. Solidifies Samsung Distributorship Through 2010
CARROLLTON, Texas, Oct 10, 2006 (BUSINESS WIRE) -- GVI Security Solutions, Inc. (OTCBB:GVIS), a leading provider of video security solutions featuring the complete Samsung Electronics line of products, today announces the new distributor ship agreement with Samsung through December 31, 2010. On October 2, 2006, GVI entered into a Distributorship Agreement with Samsung Electronics Co. Ltd., under which GVI will continue to distribute Samsung's complete line of professional video surveillance and security products in North, Central and South America with an extended term through December 31, 2010. Pursuant to the Distributorship Agreement, Samsung has agreed to a limited non-compete in GVI's territory. The Distributorship Agreement provides for revised minimum annual purchase amounts in addition to other obligations that must be met by GVI in order to retain the Distributorship with Samsung.
On October 4, 2006, GVI completed a $4.75 million private placement on terms previously announced. A final closing of a $250,000 investment on October 6, 2006 resulted in total gross proceeds from the private placement of $5.0 million.
"We are very pleased with our agreement and our longstanding relationship with Samsung. Samsung's product line continues to expand and is very competitive," said Steve Walin, CEO of GVI.
About GVI Security Solutions, Inc.
GVI Security Solutions Inc. is a leading provider of video surveillance security solutions to the homeland security, institutional and commercial market segments
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