Southern Products, Inc. (OTCQB: SNPD), a manufacturer of flat-panel televisions, tablets, and electronic picture frames, announced today the signing of an agreement for the settlement of all claims and disputes between it and one of its former suppliers of flat panel televisions, Anhui Technology Import and Export Co. Ltd. Anhui Technology agreed to settle its outstanding receivables from SNPD for a percentage of net collections and equity raises received by the Company's operating subsidiary Sigmac USA, Inc.
Ed Meadows , CEO of Southern Products and Sigmac USA, Inc., stated: "We are happy to have worked this issue out with our friends at Anhui Technology. This, along with similar arrangements we are currently working on with our two other major creditors, should clear the way for us to ramp up production and sales much faster in 2013."
About Southern Products, Inc.
Southern Products, DBA Sigmac USA, is a manufacturer of quality, mid-priced flat-panel televisions and peripherals for distribution through big-box retailers in the US as well as the major Etailers. The Company currently has a product line of over 20 flat-panel models in production, and has entered into large-scale distribution agreements with Target, K-Mart, Costco.com, Tiger Direct, Newegg and Walmart.com for the sale of Sigmac-branded flat-panel televisions, Tablets, Picture Frames and accessories in North America. The Company is a fully-reporting public consumer electronics company incorporated in the state of Nevada and trading on the Over-the-Counter Bulletin Board in the US (OTCQB: SNPD).
For further information please visit www.sigmacusa.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those identified under "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q and in other filings made with the Securities Exchange Commission. Actual results may differ materially from those contemplated by these forward-looking statements and the Company does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this press release.
Media ContactEdward Meadows Email: email@example.comPhone: 866-236-8701 x 3
SOURCE Southern Products, Inc.
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