Iveda Solutions, Inc. (NASDAQ: IVDA) is engaged as a global provider of artificial intelligence video search, Internet of Things (IoT) video surveillance and smart city technologies. Shares of the AI and advanced technology company are rallying 30% through afternoon trading on Monday, August 8, 2022. Over the past three months, Iveda has seen average daily volume of 42,360 shares. However, volume of 17.22 million shares or dollar volume of around $30.14 million, has already exchanged hands through afternoon trading.
Shares of Iveda are surging after the company announced it has been awarded four contracts in Taiwan, which will provide gross revenues of $3 million. The projects are currently underway and are estimated to be completed before the end of 2022.
Iveda says the largest of the contracts is worth $2.7 million with a government agency. The company will install and provide video security surveillance systems across 61 locations in Taiwan. Once installed, Iveda will provide networking equipment and interprocess communication (IPC) computers to help the agency with a state-of-the-art video command, communication and control system.
The second contract is with the Taiwan Stock Exchange and will focus on updating its existing video surveillance system, access control and facial-recognition system with an enhanced AI capability.
The Kaoshsiung Road Excavation Administration Center represents the third Taiwan contract, which will focus on replacing, updating and expanding the center’s existing cloud-based surveillance system. This will include updated CCTV, IP cameras, visitor display walls, public access system, and more.
Lastly, the fourth contract is a small arms shooting range within an undisclosed Taiwan Ministry. Iveda has been tasked with replacing the range’s video surveillance system with its cutting-edge network video technology.
David Ly, CEO of Iveda: “The new and returning clients in Taiwan are as anticipated in our aggressive pursuit of exponential revenue growth. Enhancing public safety and quality of life in the Republic of Taiwan is the result of the solutions we provide.”
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