LAS VEGAS, Jan. 16, 2013 /PRNewswire/ -- NANOTECH ENTERTAINMENT (PINKSHEETS: NTEK) today announced that after successful negotiations last week during the CES conference it has completed a long term partnership agreement with EB2 Global Manufacturing. The comprehensive agreement provides a multitude of benefits for both companies. Established in 1988 and located in the Guangdong Province, the most populated province in China, EB2 operates its own 50,000 ft2 manufacturing plant with over 250 employees. EB2 also has a distribution and sales network that covers all of Asia.
EB2 will immediately begin production of NanoTech's consumer electronics and gaming products in January 2013 including the Mot-Ion Pinball Kit and MultiPin Digital Pinball Machine. NanoTech is anticipating a cost reduction of 40% or better over its current costs for its existing product line. "We are very excited to work with the EB2 team in ramping up our production runs from the hundreds to the thousands while reducing our cost of good significantly," stated NanoTech CEO Jeffrey A. Foley. "The EB2 facilities are state of the art and we have already had excellent dialog with their engineering team in reviewing our products and getting them ready for tooling and production."
NanoTech will also receive the benefit of expanding its sales into the Asian market by leveraging the sales and distribution network already in place by EB2 for their own products. "EB2 has a diversified portfolio of products ranging from consumer electronics to the biggest supply chain of Chinese white wine," noted Edward Norcott Jr, Vice President of EB2. "We are looking forward to working with NanoTech team and building and selling their products into the vast Asian market." Norcott is an US ex-patriot with over 20 years' experience in engineering design and manufacturing heads up the EB2 team and will be in charge of overseeing the NanoTech relationship and product line.
As part of the agreement, NanoTech will also become the exclusive online and North American distributor for several products developed by EB2. "We are looking forward to bringing in the consumer products that EB2 has created and opening up a market for them here in North America as they are doing for us in China with our products," added Foley. "EB2's state of the art manufacturing facilities and incredible design team is the perfect partner for NanoTech. By immediately adding several new consumer products to our lineup, we anticipate even faster growth in 2013 that previously expected."
About NanoTech Entertainment
Headquartered in Las Vegas, NV, NanoTech Entertainment is a technology company that focuses on all aspects of the entertainment industry. With three business units, focusing on Gaming, Media & IPTV and Mobile Apps, the company has a unique business model. The company has a diverse portfolio of products and technology. NanoTech Gaming Labs operates as a virtual manufacturer, developing its technology and games, and licensing them to third parties for manufacturing and distribution in order to keep its overhead extremely low and operations efficient in the new global manufacturing economy. NanoTech Media develops proprietary technology which it licenses to publishers for use in their products as well as creating and publishing unique content. NanoTech Communications develops and sells proprietary apps and technology in the Mobile and Consumer space. NanoTech is redefining the role of developers and manufacturers in the global market. More information about NanoTech Entertainment and its products can be found on the web at www.NanoTechEnt.com.
NanoTech Entertainment (PINKSHEETS: NTEK) trades on OTC Pink, the open marketplace for a wide spectrum of equity securities. Investors can find real-time quotes and market information at www.otcmarkets.com.
"Safe Harbor" Statement: Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.
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Contact: Denise Clifford
Phone: (702) 518-7410
SOURCE NanoTech Entertainment