Today after the closing bell, Newport Digital Technologies announced a strategic business agreement with TechVentures Capital Investment Corp and its principal, Roy Koo. The company also told investors that it has become a reseller for LG Electronics (LG) Commercial Display products in the United States.
Newport Digital Technologies plans to focus initial sales efforts on the business-to-business commercial markets with emphasis on sports and entertainment facilities, hotels and hospitality venues and digital signage networks in retail stores. As previously announced, the company has already been retained by the San Diego Padres of Major League Baseball to revamp their digital signage and audio systems in Petco Park to optimize the fan experience.
Koo, the founder of TechVentures Capital Investment Corp, will become a10 percent stakeholder in NPDT through the Koo Family Trust. Koo will also be a board advisor for NPDT as the company looks to expand its presence in the U.S. digital signage market.
Through these new relationships, NPDT also intends to launch a division that will be focused on deploying proprietary out-of-home digital signage networks (DSNs) in select retail chains based on a recurring advertising revenue model. The company plans to explore similar revenue-sharing alliances with existing DSNs as well.
NPDT CEO Donald Danks stated, “LG is one of the world’s strongest brands in consumer and commercial electronics. With LG commercial display solutions, we plan to expand our digital signage marketing efforts into several large markets in the United States targeting opportunities in the hospitality, health care, retail, sports and entertainment and government and education markets.
“We plan to be opportunistic in leveraging key relationships to expand sales into these niche markets while keeping a very low fixed cost business model. We will be sharing more details about our plan for growth in these markets and our move into the out-of-home digital signage network business in the near future,” Danks concluded.
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