HONG KONG, Jan. 13, 2014 (GLOBE NEWSWIRE) -- Highway Holdings Limited (Nasdaq:HIHO) today announced it has entered into a cooperation agreement with California-based Sumar International, Inc., whereby Highway Holdings will develop two products under a pilot program intended to ultimately establish the company as the OEM provider for a majority of Sumar's mount- and stand-related product lines for television electronics and accessory applications.
"We are gratified by the confidence of Sumar in Highway Holdings' quality and capabilities and look forward to further opportunities to expand a valued-relationship that has evolved over several years," said Roland Kohl, president and chief executive officer of Highway Holdings.
He noted the two products under the pilot program are in the design and development stage, and tooling for full-production is expected to be completed this month.
Kohl added that he anticipates Highway Holdings will utilize a variety of the company's capabilities for Sumar's OEM requirements, including metal component manufacturing services, plastic component molding and assembly.
About Sumar International
Based in Southern California, Sumar International is a marketing organization offering an extensive line of mount- and stand-related products designed for computer accessories, electronics and audio/video devices. Its products are sold to big-box retailers, as well as commercial customers.
About Highway Holdings
Highway Holdings produces a wide variety of high-quality products for blue chip original equipment manufacturers -- from simple parts and components to sub-assemblies and finished products. Highway Holdings' administrative offices are located in Hong Kong, and its manufacturing facilities are located in Shenzhen in the People's Republic of China.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements which involve risks and uncertainties, including but not limited to economic, competitive, governmental, political and technological factors affecting the company's revenues, operations, markets, products and prices, and other factors discussed in the company's various filings with the Securities and Exchange Commission, including without limitation, the company's annual reports on Form 20-F.