Hop-on Inc. (Pink Sheets: HPNN) announced it has signed a $10 million multi-year distribution agreement with IT service provider, Gulf Business Machines (GBM) – a regional distributor in Dubai.The agreement will prompt the immediate distribution of Hop-on’s new 450 MHz CDMA “Skye” phone – it’s a move that enables Hop-on to expand its product reach to the Middle East, enabling the wireless handset manufacturer to use its Code Division Multiple Access (CDMA) technology in what it considers an underserved market.
According to yesterday’s press release, the CMDA market is the largest underserved niche market, and the expected to generate millions in revenue. Hop -on’s new “Skye” phone is the first product of its kind to hit the market.
“Gaining GBM as a valued distribution partner enables us to penetrate the Middle Eastern Market and build on the success we experienced in the 450 MHz market in Asia. The CDMA market is expanding in the Middle East and we are taking advantage of this opportunity to reach potential customers and promulgate our future gaming opportunities using this technology,” stated Peter Michaels, president of Hop-on.
Shares of HPNN were up nearly 6 percent in early morning trading, at $0.019.