Recently, a wholly-owned subsidiary of Neville Technology signed contracts of US $26.475 million and US $11.625 million with Customer A and Customer B respectively, totaling US $38.1 million. According to the exchange rate median price announced by the Bank of China on December 24, 2018, the conversion is about 0.263 billion yuan, accounting for 43.78 of the company's total audited operating income in 2017. The performance period of the above contracts is 24 months. Customer A and Customer B of the buyer of the contract are all existing cooperative customers of the company, which are well-known companies in the industry and have the ability to perform contractual obligations. The settlement method is to pay 30-50% advance payment before the first order is executed, the products or services are delivered in batches, and the corresponding balance is paid after each delivery is completed. The company will actively organize resources to ensure the smooth provision of products and services. Limited by the terms of the contract, the company keeps the contract parties and business information confidential.
In recent years, Neville Technology has been deeply engaged in the two industrial chains of Internet of Things and military electronics, vigorously developing the core business of MEMS, navigation and avionics, and actively laying out potential businesses such as third-generation semiconductors. With the advent of the Internet of Things and the era of intelligence, Neville Technology will continue to stand on its core technology, seize the opportunities of the times, and create greater value for customers, employees, shareholders and society.