Press Release Summary = With this merger, Source IT further consolidates and strengthens its position as the leading retail mobility distributor across the Gulf Region.
Press Release Body = Dubai, United Arab Emirates, June 13, 2007: Source IT, one of the leading retail mobility distributors in the Middle East, today announced the merger of Link Retail Distribution, the regional distributors of HTC mobile devices, within the Source IT Group. This merger will help the Source IT Group consolidate and strengthen its position as the leading distributor of world-class retail mobility products such as Microsoft Windows enabled PDA and Smart phones across the GCC Region.
Commenting on the merger, Mr. Ahmed Al-Azzawi, Director, Source IT Group, said, "This merger has come about as a result of us listening to our customers and market needs and evolving to deliver a better service through providing a complete range of products within the PDA/Smart phone category. With the merger of Link Retail Distribution within Source IT, we are now in a position of offer our retail partners all the leading brands of PDA/Smart phones from one source. Hence, we can operate with greater economies of scale that lead to higher levels of efficiency."
\"This merger will offer our combined people much greater opportunities to develop and grow with the business,\" commented Mr. Ahmed Ashraf, HTC Brand General Manager within Link Retail Distribution. "The merger is a fantastic step forward for all. As a result, we have been able to amalgamate our back-office operations within the Group, thus allowing us the opportunity to concentrate on developing and maintaining relationships, by providing a quality service to our customers".
The merger will have a positive effect at a retail level, whereby for the first time in this Region, retailers will have the ability to purchase products for an entire category from a trade-only distributor. As a direct result, Source IT is well positioned to offer a full category management solution to its partners, range management, profiling, stock inventory controls, replenishment when and where needed, through to advertising, merchandising and support in sell out activities. As seen across Western Europe and the United States, category management can help retailers achieve a reduction in operational expenses while increasing efficiency that makes a positive contribution to a retailer's bottom line.
In conclusion Ahmed Al-Azzawi highlighted that the move will also enable the new enlarged company to address the corporate and operator market segments, which are evolving rapidly in the region. Mr. Al-Azzawi further added, "At Source IT, we are constantly thinking of the future, evolving our business to take advantage of market and channel opportunities. As we grow, we need to continually look at further merger and acquisition opportunities, as well as signing possible regional alliances allowing us access to new markets and territories, which will help to create true values in our business".
About Source IT: SourceIT was established in January 2004 with the key objective - "to offer a full end-to-end retail distribution solution to the Middle East channel".
Source IT is one of the fastest growing companies in the Region, with a clear 100% trade only business model focused on mobility products and accessories. Source IT offers scalable, turn-key retail solutions, providing true addition to their partners.
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