Registered: Dec 2002
Location: greenville sc
Humax to provide Tivo Box in 2004
Press Release Source: Humax Co. Ltd
Humax Co. Ltd Enters US Consumer Electronics Market With Digital Flat Panel TVs and Digital Video Recorders
Thursday November 20, 7:01 am ET
Announces Plans of Humax USA Launch at 2004 Consumer Electronics Show
SANTA ANA, Calif., Nov. 20 /PRNewswire/ -- Korean-based Humax Co. Ltd today announced plans for its US debut at the upcoming 2004 Consumer Electronics Show, to be held in Las Vegas, NV, from January 8-11. At the show, executives will share the company's US marketing strategy with members of the press, sales representatives and retailers, and unveil their 2004 line-up of flat panel televisions and digital video recorders.
Founded in 1989, Humax is recognized as one of the top three leading manufacturers of satellite set-top boxes worldwide. Currently conducting business in over ninety countries, Humax's strong strategic alliances with leading operators, major consumer electronics companies and technology partners internationally will help facilitate its entry into the competitive US consumer electronics market.
The company's marketing and distribution efforts are being led by Sales and Marketing Vice President Tony Goncalves, who previously successfully managed various product lines and business development affairs for Samsung and Sharp Electronics. "I'm excited about this opportunity for Humax," says Goncalves. "We are starting from a clean slate in this venture, allowing us to employ our R&D and marketing experiences and create products that consumers want to use and that retailers want to sell."
Humax also announced that it has signed a licensing agreement with TiVo to manufacture DVR products in 2004. The companies will discuss this venture in January at the Consumer Electronics Show.
Goncalves added, "The DVR market segment is prime for explosive growth these next few years. The hard disk drive in CE products is here to stay, as is consumer's desire to manage content. The market is wide open for a new manufacturer that can drive innovation and cost. Humax's dominant position in the set-top box industry will allow for such innovation. And we are looking forward to delivering DVRs that carry the powerful TiVo brand in 2004, as they clearly are the leader in driving DVR sales at retail."
The initial launch of the Humax product line will be through independent, higher-end retailers. Two-step distributors will be brought on to serve smaller independent home installation retailers.
Humax's US effort is part of a larger, global company effort. Each of the company's six worldwide subsidiaries will be announcing plans to enter their respective consumer electronics markets with niche, innovation driven CE products. This initiative will drive Humax to become a $1 billion company, with an anticipated 45% of revenue coming from these new businesses by 2006.
Dr. Dae Gyu Byun, CEO & President of Humax says, "Humax, in short, aims to become a Digital Home Multimedia Product Provider of reliable products that allow consumers to enjoy a wealth of content at home. Humax will continuously release more advanced products that will combine various set-top box functions, storage, and networking ability. Humax is confident it will stand as a competitive Global CE Brand with $1 billion in revenues worldwide by year 2006."
Founded in 1989, Humax Co. Ltd of Korea is recognized as a leading manufacturer of satellite receivers, third in the worldwide market share. Currently conducting business in over 90 countries, Humax is proud to have strong alliances with leading operators, consumer electronics companies and technology companies. Humax has been listed on the Korean stock exchange (KOSDAQ) since 1997. Since then, revenues have grown each year. 2002 revenues exceeded $280 million and 2003 earnings are expected to exceed $330 million. The company's US headquarters is located in Santa Ana, CA. Additional information can be found at www.humaxusa.com.
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