TechFaith Wireless Technology Group Limited, a company registered in the British Virgin Islands and operating in China, and Shanghai-based D Magic Mobile Incorporation announced the formation of a joint venture company in China.
The new joint venture, Glomate Mobile (Beijing) Co., Ltd., will license well-known international brands through D Magicmobile for high-end brand-name mobile phones targeting fashion-conscious audience. Initial product launches are planned to be made in the fourth quarter of 2009.
The BVI-registered Techfaith is focused on the design and sales of mobile phone products and software. DMagic Mobile is a cooperative licensee with a number of well-known international brands in the mobile telecommunications sector. It is a wholly foreign-owned enterprise, the cooperative partner of a number of multinational corporations including Mattel, Inc. and several entertainment companies.
Mr.Defu Dong, Chairman and CEO of TechFaith, commented on the agreement saying this is an important development for TechFaith, which is expected to give the company a vehicle to better differentiate its mobile phone offerings in the marketplace.