Moimstone and NEC sign distribution agreement for new enterprise phone product

Vancouver, British Columbia – January 24, 2014: Moimstone Corporation (“Moimstone”) (TSX-V: MSE) today announced the signing of a distribution agreement for a new Android™-based handset for the enterprise market with NEC Corporation of America (“NEC”), a leading provider and integrator of advanced IT, communications, managed services and biometric solutions. Under the agreement, Moimstone will develop a new Android handset platform for NEC. The product is scheduled to release in the fall 2014.

“NEC is extremely pleased with our new relationship with Moimstone, which is known for its best-in-class voice over IP (“VoIP”) technology,” said Ram Menghani, vice president, Unified Communications Products and Services, NEC Corporation of America. “We share Moimstone’s vision of transforming traditional enterprise VoIP handsets into intelligent, interactive, interconnected and multi-functional devices. This new product will enable NEC to offer additional features and customizable options for our vertical markets, extending both the product life and value to our customers. We anticipate quite a bit of demand for this Android-based offering once the product is fully developed and available.”

Moimstone and NEC will work together to set up and operate an app store to make it simple for end users to purchase and download software updates, as well as access additional features and applications.
Rob Bakshi, CEO of Moimstone, explained, “This is a historic moment for Moimstone. This agreement helps the company expand its sales beyond South Korea and Japan as well as enter new markets in addition to telcos and broadband carriers. Most importantly, this new direction changes the company from a hardware supplier to software-focused with a potential for higher gross margins and recurring revenue. I have complete confidence in our experienced and best-in-class team to execute this path.”