The customer will initially pay US$4mn to the Group in February 2012 as first installment of payment.
Dream International Limited (“Dream International”), the world’s largest plush stuffed toy manufacturer, announced that it has reached an agreement with a Brazilian customer Monday on the arrangement of the purchase order received on 7 October 2010.
According to the agreement, the customer will first pay US$4 million to the Group in February 2012 as first installment of payment and 800,000 sets of plush stuffed toys will be delivered for this round. Delivery terms and the price of remaining quantity will be negotiated and confirmed by both parties at a later stage, and the delivery shall be completed before the end of year 2013.
Mr. Young M. Lee, Vice President and Chief Financial Officer, said, “We have started to manufacture premium gifts for the promotion campaign of this globally renowned Brazilian consumer brand in 2009. Due to the customer’s adjustment in their promotional plan, the second order was postponed for some time, and now, after protracted negotiation with this customer, we are pleased to announce that we have restarted delivery of the purchase order with a more concrete schedule. The customer will also settle the costs incurred due to the postponement of delivery. With two global mega sporting events, the World Cup and the Olympic Games, to be held in Brazil, we shall work closely with this customer to pursue further cooperation in the future.”
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