South Korea's Sorell has signed a US$10.9 million contract with Changhong, one of China's largest consumer electronics companies.
The contract calls for the delivery of 50,000 NF-1 GPS units to be delivered from April to December 2006 and sold under the Changhong brand.
Changhong was founded in 1958 in China and today has a global network with more than 30,000 employees worldwide. Changhong is recognized as one of the strongest consumer electronics manufacturers in China, with a number one market share for the past 15 years.
Bon Kwan Koo, CEO of Sorell stated: "We are seeing excellent worldwide response to our NF1 product, as evidenced by this order and our recently announced $18 million contract with Anubis Electronic in Germany."
The NF-1 is a product in the "next generation" mobile multimedia device market. This digital convergence product is equipped with 1 Gigabyte flash memory and 2.2 inch screen. It is one of the world's first models that can play movie files, MP3 music files and allow the user to navigate using a fully functional GPS.
The NF1 is portable and rugged, making it very functional for use in cars, boats or for any other outdoor activity. The NF1 has a state-of-the-art 260,000 color TFT display that plays movie files and gives the GPS screen a resolution unparalleled in the market.
Sorell is in the business of manufacturing, research and development and sales of consumer electronics. Sorell's product line includes MP3 players, MP3 CD Players, Portable Media Players (PMP), mobile cameras and other devices.