FT. MYERS, FL and BEIJING — Software developer NeoMedia Technologies, Inc. said that it has reached a definitive agreement to bring its NeoMedia Micro Paint Repair business to the People’s Republic of China as well as be a distributor of other automotive aftermarket products.
Charles T. Jensen, president and CEO of NeoMedia, said a distributorship agreement has been signed with Beijing Sino-US Jinche Yingang Auto Technological Services Limited (Jinche Yingang Automobile Co.), a joint venture operating under the laws of the People’s Republic of China.
The definitive agreement reached this week culminated talks between the companies and a Letter of Intent signed and announced this spring. Founded earlier this year and based in Beijing, Jinche Yingang specializes in automobile sales, financing, insurance and repair.
In the initial stages of the agreement, Jensen said that Jinche Yingang will serve as a non-exclusive distributor and user of NeoMedia’s micro paint repair products, systems and licenses at its automotive service facilities throughout China.
“We are excited to be bringing the high quality products offered by NeoMedia from America to Jinche Yingang service centers and satellite locations throughout China,” said Pang Gui-San, the company’s chairman and CEO. “Having met with NeoMedia representatives here, and having witnessed impressive demonstrations of its proprietary micro paint repair process, we believe NeoMedia products and services will be well received in our market.”
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