Iveda Signs Australian Reseller; Projects Over $5M for 2024 with Opportunity for Significant Recurring Revenue

Iveda® (NASDAQ:IVDA), the global solution for cloud-based AI, proudly announces Auzpack, an Australian supplier of industrial packaging products and services, as a newly signed reseller partner. Through this partnership, Auzpack will sell Iveda technologies to their customers and partners as part of their total logistics enhancement solution, projecting more than $5M in Iveda business throughout 2024 with significant recurring revenue related to these and future deployments in the coming years. As a premiere provider of steel drums??with appropriate components that meet regulatory and safety requirements for markets including food and beverage, waste and nuclear, lubricants and petrochemicals, agriculture, and specialty chemicals??Auzpack will deploy IvedaAI to enhance the safety and security of its personnel and critical machinery and property.

According to Mordor Intelligence, the industrial packaging market size is currently estimated at $66.27B, and is expected to reach upwards of $83.45B by 2029. As an innovator in the rapidly growing space, Auzpack is a perfect candidate for IvedaAI's video search and analytics platform and IoT sensors. Iveda's proprietary AI technology will be deployed to enhance customers' security, health, and safety, as well as overall operations. Iveda will employ existing IP cameras and video infrastructure while leveraging 6th generation AI video analytics engines for higher accuracy and lower total costs.

"At Iveda, we continue to focus on creating a network of uniquely positioned resellers and distribution partners globally for our AI technology deployment and revenue growth," said David Ly, Iveda CEO and founder. "We're thrilled to bring Auzpack into the fold and are eager to work with our Australian partner to bring next-generation, AI-powered technologies to the continent and the surrounding regions."

As part of this ongoing partnership, Auzpack will deploy IvedaAI across several different use cases, including:

• Improving the safety and security of workers using personal protective equipment (PPE) detection. The AI technology will automatically administer alerts when employees enter a hazardous or restricted area, or when individuals get too close to dangerous machinery.
• Ensuring building security through facial recognition to manage access, GPS, and indoor floor plans to track potential worker incidents in real time.
• Reducing hazardous material risks through accurate and immediate alerts surrounding leaks, sparks, abnormal equipment activity, and smoke and fire. Additionally, the technology has the power to prevent machinery and production stops while also detecting unattended machinery in operation.
• Increasing overall site safety with immediate alerts when objects or equipment are modified or tampered with, counting personnel or objects inside or outside a warehouse or site, and monitoring/managing access and occupancy of areas outside the building (including parking lots).

"A major selling point of IvedaAI is that it leverages existing IP cameras and video infrastructure to achieve the desired results without the cost of replacing equipment ?? in other words, this state-of-the-art AI technology is incredibly budget friendly," said Rakesh Takoo, Managing Director of Auzpack. "Our customers are long-time relationships that count on us to deliver solutions that work for them; becoming a reseller of Iveda was a no brainer."

This news comes at a time of major global growth for Iveda, having recently announced multi-million dollar partnerships for AI-powered security across Vietnam, a Latin American exclusive partner which anticipates $5M for 2024, and a $3.2M contract with the Taiwanese government for AI video search and surveillance among other major international expansions.

About Iveda Solutions®

Iveda (NASDAQ:IVDA) is the provider of global solutions for cloud-based, video AI search and surveillance technologies that protect the people, places, and things that matter the most. Iveda's technology has the power to provide instant intelligence to existing infrastructure, enabling cities and organizations around the world to seamlessly enter the fifth industrial revolution. Iveda operates at the forefront of digital transformation of cities across the world, using IoT platforms with smart sensors and devices developed to aid with use cases surrounding public safety, security, elderly care, energy efficiency, and environment preservation. Headquartered in Mesa, Arizona, with a subsidiary in Taiwan, Iveda is publicly traded under the ticker symbol "IVDA".