EFI's Joint Venture Will Address Asia Pacific Market.SALT LAKE CITY--(BUSINESS WIRE)--July 8, 1998--Richard D. Clasen, president and chief executive officer of EFI See UEFI. EFI - Extensible Firmware Interface Electronics Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :EFIC EFIC See: Export Finance Insurance Corp. ), Wednesday announced that the company has entered into a joint venture agreement with EFI distributor, Precicon Automation (S) PTE PTE The ISO 4217 currency code for the Portugese Escudo. . Ltd., part of the Lim Kim Hai Group (Singapore). Founded in 1958 as a distributor for control automation equipment, the Lim Kim Hai Group currently occupies multiple facilities totaling 65,000 square feet and employs 140 people. The Lim Kim Hai Group had 1997 revenue of approximately S$60 million (approximately US $35 million). The joint venture company, EFI Asia Pacific PTE. Ltd., is located in Singapore and has seven employees. As the exclusive regional channel for sales of transient voltage surge suppression The diverting and/or diminishing of excessive current and voltage from the AC power line, which can damage sensitive electronic equipment. Power surges generally last less than 50 microseconds, but can reach as much as 6,000 volts and draw 3,000 amps when they arrive at the equipment. (TVSS TVSS Transient Voltage Surge Suppressor TVSS Time-Varying State Splitting ) protection for the industrial automation industry, EFI Asia Pacific PTE. Ltd. will develop a distribution network for Asia and the Pacific region. EFI estimates this regional market for TVSS to be in the $US 100 million range. "We are pleased to be entering the Asia Pacific market with a partner whose presence is well established and who is so well respected in the industry," said Clasen. "Now having made a cost-effective entry through the formation of this joint venture, we look forward to capitalizing on favorable trends as regional economies continue to improve and the demand for power quality increases," Clasen said. EFI is a leading supplier of consumer, business and industrial power protection products, including plug-in surge protectors, and industrial hardwired products. For more information on EFI products, contact EFI at 800/877-1174 and ask for inside or international sales. CONTACT: EFI Electronics Corp., Salt Lake City Richard D. Clasen or David G. Bevan, 801/977-9009 or Jordan Richard Assoc., Salt Lake City Madeleine Franco, 801/595-8611 |
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