CirTran Signs Exclusive Manufacturing Agreement for High Volume Business in Asia
Jun 15, 2004
CirTran Corp. (OTC BB: CIRT ) announced it has signed an Exclusive Manufacturing Agreement with Michael Casey Enterprises, HIPMG, Inc. and UKing System Industry. Under the agreement, CirTran's wholly-owned subsidiary, CirTran-Asia Inc. will exclusively manage all manufacturing operations for various consumer market products in the hi-volume, Asian manufacturing market.
"We feel this partnership is going to be an immediate success especially for our new subsidiary, CirTran-Asia. It will also open many new doors of opportunities for new markets in US and many other regions in the entire world," said Iehab J. Hawatmeh, president and CEO of CirTran.
CirTran-Asia has already received and shipped product against its first contract, which was in excess of $1.6 million dollars. The company is anticipating a follow on contract win in excess of $1.6 million providing CirTran-Asia with a backlog in excess of $3.3 million within its first 30 days of inception.
As the parent company, CirTran is in the process of establishing a dedicated satellite office in Asia and interviewing seasoned executives with the expertise necessary to build its new division. Having proven the value and reliability of its core electronics products, CirTran has chosen to expand into previously untapped product lines. CirTran-Asia will pursue manufacturing relationships beyond printed circuit board assemblies, cables, harnesses and injection molding systems by establishing complete "box-build" or "turn-key" relationships in the electronics, retail and direct consumer markets. The company is very close to selecting a new president of CirTran-Asia, Inc. to head this division.
Trevor M. Saliba, Executive Vice President of Worldwide Business Development of CirTran Corporation, commented, "We are very excited about the immediate synergies between all the partners and the immediate multi-million backlog it has generated to date."