Further to the announcement of 16 December 2010, the Board of RAM is pleased to announce that its wholly owned subsidiary, RAM Vision Limited (“Ram Vision”), has signed a joint venture agreement for 3D flat screen hardware viewed without the need of special glasses with Free Ray UK Limited, a subsidiary of Free Ray FZ LLC (“FREE RAY”), the sole distributer and business partner of Tridelity Display Solutions Gmbh (“Tridelity”).
FREE RAY, based in Dubai, is to invest £1.5m into capital expenditure as part of a joint venture arrangement with RAM Vision. The arrangement comprises of individual exclusivity terms on each of RAM Vision’s contracted UK shopping malls scheduled for the 3D roll out. The joint venture is to market under the brand name RAM3D. The screens use cutting edge technology that allows viewing with no need for specialist 3D glasses.
Ram Vision is projecting gross sales revenues for the joint venture from 3D advertising sales to exceed £600,000 in the first year of operations with the expectation that this new prospective profit centre will not impair the advertising revenues it currently generates with 2D advertising. FREE RAY, jointly with Tridelity, has successfully fulfilled major advertising projects in Dubai, Abu Dhabi, Turkey, Egypt, Tunis, Kuwait and Lebanon for major international brands. Executive Chairman of RAM, Tim Baldwin commented:
“We are very pleased about the joint venture. Firstly because it will give us incremental revenue without the costs of deploying capital or material additional operating expense. Secondly because it demonstrates to our property partners that we are at the leading edge of new technology to enhance the Mall environment and thirdly because 3D is likely to bring us in touch with a greater range and depth of premier international brands.”