Philips Communication & Security Systems and Loronix Information Systems, Inc. Sign Memorandum of Understanding.
Philips Communication and Security Systems (Philips CSS) and Loronix Information Systems, Inc. (NASDAQ: LORX) announced today that they have entered into a Memorandum of Understanding whereby Philips CSS will sell the Loronix CCTVware(R) products on a worldwide basis under the Philips brand.
"We are extremely pleased to be associated with Philips CSS and we view this relationship as an integral part of our worldwide distribution strategy," commented Edward Jankowski, Chief Executive of Loronix. "The Philips CSS marketing, sales and support infrastructure reaches around the world and will provide Loronix access to market opportunities that otherwise would not be available to us."
Mr. Jerry Gabbard, Chief Executive Officer of Philips CSS in North America, noted that, "One of Philips' strategies is to seek out technology and products that supplement our goal of providing a full suite of digital video recording products to our comprehensive worldwide distribution channels. We have been following Loronix's success with its CCTVware digital video recording technology that, coupled with integrated networking and long-term archiving capabilities, provides the most comprehensive high-end digital video recording products available."
Under the terms of the Memorandum of Understanding, Philips CSS will sell the Loronix CCTVware products under the Philips brand name throughout the Americas, Europe, Africa, the Middle East and Asia.
Loronix Information Systems, Inc. is a publicly held corporation that develops, markets, sells and supports a family of innovative digital video surveillance and identification systems for use in a wide range of applications and industries. Philips CSS is part of Royal Philips Electronics of the Netherlands (NYSE:PHG), headquartered in Amsterdam.
Royal Philips Electronics of the Netherlands is one of the world's biggest electronics companies and Europe's largest, with sales of over US$33.9 billion in 1998. It is a global leader in color television sets, lighting, electric shavers, color picture tubes for televisions and monitors, and one-chip TV products. Its 233,700 employees in more than 60 countries are active in the areas of lighting, consumer electronics, domestic appliances, components, semiconductors, medical systems, business electronics, and IT services (Origin). Philips is quoted on the NYSE, London, Frankfurt, Amsterdam, and other stock exchanges. News from Philips is located at www.news.philips.com