Global-Tech Subsidiary Signs MP3 Player Agreement
Apr 4, 2005
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Global-Tech Appliances Inc. announced that its subsidiary, Winway Technology Development Ltd., has entered into an agreement with SAFA Media Co. Ltd. to manufacture and market certain digital MP3 players.
SAFA, based in Seoul, South Korea, currently produces and markets a line of digital MP3 players and voice recorders under brand names such as SAFA(R), Sound Map(R), and Recoboy(R) to customers in South Korea, Southeast Asia, and Europe.
Under the agreement, Winway will manufacture certain digital MP3 players for SAFA and will coordinate with SAFA in marketing efforts. It is also anticipated that Winway and SAFA will pursue future joint manufacturing projects for new digital media products utilizing SAFA's digital technology.
"We are delighted to have the opportunity to team up with SAFA as a partner to manufacture and produce digital MP3 players," John C.K. Sham, president and CEO of Global-Tech, said. "We believe that the technical support and resources made available by SAFA pursuant to the agreement will provide the company greater access to advances in digital technologies."
According to Global-Tech, production of the digital MP3 players is expected to commence within the next 6 months.
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