2012.01.24

New business model fully integrated

Nio Security, Inc. today announces that following the Company’s acquisition of Flamingo Intervest in December 2011, the integration of the two companies is completed. The Company now operates two business areas and expects sales growth and profitability in 2012.


Through the acquisition of Flamingo Intervest in December 2011, Nio became the owner of the Ziinga.com Internet auction site. Ziinga.com currently has a steady revenue growth and cash flow, and forecasts a positive pre-tax profit in the first quarter of 2012.

As a part of the agreement, Nio has through Flamingo Intervest acquired all of the outstanding shares in the management company Larventech Inc for a purchase price of one USD. Larventech is registered on the Philippines and is carrying out basic operations for Flamingo such as customer support, software development and graphic design.

Nio’s traditional business area, sophisticated video surveillance equipment, is experiencing a positive sales development based on distributor agreements with major security vendors established in 2010 and 2011. The Company expects the business area to reach break-even operations during the first half of 2012.

Nio has reduced costs during 2011 and the Company now enjoys a cost base well adapted to its operations. Overhead costs remain minimal and are now carried by two business areas of which one has a strong cash flow.