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JBL Sonnet System Delivers Powerful Sound for Music, Movie and Gaming Fans |
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TORONTO, Nov. 2 /PRNewswire/ - Eiger Technology
Inc. (TSE: AXA; OTC BB: ETIFF), one of North America's leading
computer and telecommunications equipment manufacturers, announced
today that collaborative work with electronics giant Samsung
Electronics has resulted in a new MP3 player.
Eiger President and CEO Gerry Racicot, stated, ``After joint development, Eiger will produce a new SAMSUNG YEPP MP3 player which will be marketed world- wide by Samsung. We estimate this contract will produce revenues in the order of US$25 million in 2001. This is a high growth sector and is in keeping with our business plan.'' Eiger produced the world's first portable MP3 player. It is estimated that the market for MP3 players will reach US$6.3 billion by 2002/2003. ``With the settlement of the music publishing industry dispute with MP3.com, we see no end in sight for the expansion of this format and continued expansion in popularity among music lovers,'' said Racicot. Eiger Technology, meanwhile, is pushing into the markets of information compression as well as GSM phone technology. ``We are a high-tech company with business models that take into account the variables in the computer peripherals and telecommunications equipment market places. We are out to exploit market opportunities in order to return maximum shareholder value, and the MP3 situation is a perfect example of Eiger's strategy,'' concluded Racicot. Eiger Technology Inc. is headquartered in Toronto, Ontario. Through its facilities in South Korea, New Jersey and California, Eiger manufactures and distributes electronic and computer peripherals such as 56K fax/modems, MP3 players and DSL modems to OEM and consumer markets worldwide. Eiger also owns 25% of Nixxo Technologies. Nixxo is a GSM chipset and operating system design company based in California. The GSM cellular market represents 65% of the world cellular phone market with growth rates of over 30% a year. Eiger is a publicly traded company listed on the Toronto Stock Exchange (symbol: AXA). Visit Eiger Technology Inc's web site at www.eigertechnology.com The management of the company, who take full responsibility for its content, prepared this press release. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. SOURCE: Eiger Technology Inc. |
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