ATLANTA, May 26, 2011 /PRNewswire/ -- East Coast Diversified Corporation (OTC.BB: ECDC), through its subsidiary EarthSearch Communications, Inc., announced that it has signed a Letter of Intent with Chinese GPS service company ZST Digital Networks (NasdaqGM: ZSTN) to offer its LogiBoxx integrated GPS and RFID solution in the Greater China market.
In the agreement executed at ZSTN headquarters on May 25th, the LOI will allow ZSTN exclusive distribution rights to EarthSearch technology. ZSTN will be able to offer services with wireless communication between GPS and RFID interrogators. The technology offers various industry applications including oil tanker and oil pipeline monitoring in addition to real time item level tracking and real-time visibility of numerous logistic operations. Both Companies agree to a six months development period for implementation and training of ZSTN staff before launching operations. EarthSearch engineers will also assist in the development of a new General User Interface (GUI) to fit the local Chinese market as well as training on understanding how the hardware is implemented for different applications.
As part of the agreement, ZSTN will commit to minimum quarterly purchases that should meet an annual delivery of $5ml US dollars worth of products and services from EarthSearch.
"We are very pleased with our discussions with ZSTN and the direction of the relationship. We are not ready for either a merger or acquisition at this time as we feel our company has yet to reach its full potential valuation, so this agreement gives us what we feel is appropriate at the moment. Access to the fastest growing market in the world and with a partner that has the necessary contact within the government, in a market where having those contacts is critical to success or failure," said ECDC Chairman and CEO, Kayode Aladesuyi,"I had the opportunity to meet with some Chinese officials in the Henan Province, introduced to us by ZSTN executives. I had the opportunity to describe our technology, how it works and how it can change the way they manage services, operation and staff. The reaction and comments were quite encouraging for our relationship with ZSTN. We expect ZSTN will begin the process of expanding its distribution network beyond the Henan Province," Mr. Aladesuyi further stated. EarthSearch's CEO continues his visits to other Southeast Asian countries visiting Malaysia and Singapore in an effort to continue expansion of its product and technology sale into the region. For partners, system analysts, or supply chain managers wishing to see how Logiboxx may assist you in optimizing your supply chain management, or critical infrastructure monitoring, please email us for a brochure at email@example.com About EarthSearch Communications
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