IBSG International Announces Expansion Into East African Community
December 10 2008 - 9:00AM
Marketwired
IBSG International, Inc. (the "Company") (OTCBB: IBIN) announced
today that it will begin the expansion of its BizWorld Pro commerce
platform into the additional other four member countries of the
Eastern African Community ("EAC"). License fees for the remaining
members of the EAC are estimated to be approximately $2.8 million
per member over the next 4 years. Management believes, but cannot
provide assurances, that the Company will receive $5 million in
first year license fees in 2009. This figure does not reflect
possible subscriptions among the estimated additional 4 million
small-mid size businesses.
The Company is currently working with Kenya's Ministry of Trade
and Industry on a contract that has already recorded over $2
million of revenues. The contract will continue to focus on support
of the Small-Mid Size Enterprises (SMMEs) and facilitate trade
among the EAC countries. Additionally the project will include
creating greater opportunity for all EAC-based businesses through
the platform's Bid Management Center, which will centralize and
standardized procurement. The EAC has agreed to establish a free
trade zone among the EAC members and to create a more unified
commerce region in Africa, positioning itself as a substantial
economic force on the African continent.
Dr. Michael Rivers, CEO of IBSG International, said, "This
opportunity came through the former Kenyan Permanent Secretary for
the Ministry and recently appointed Minister of Trade for the EAC,
Mr. David Nalo. With a focus on trade, the EAC is one of the 3
major economic zones of Africa, South Africa where we have a
project already and Western Africa where we project to announce a
project. It also provides an opportunity for IBSGI to increase its
SMMEs subscription base more than 10 fold. Moreover, the EAC has an
ambitious but very realistic plan to unify much as European states
have done in the European Union (EU). Kenya, Burundi, Uganda,
Rwanda, and Tanzania are planning a monetary union in 2009 and a
common parliament with a common president in 2010. They plan on
setting up a single tourist visa system much like Europe's Schengen
Group of countries, and they have had a common passport since 1999.
This puts on the forefront of GAC properties. This Agreement gets
us in on the ground floor for an opportunity that comes along very
rarely."
Mr. David Nalo stated, "We are very pleased that we can
accelerate our goals to quicken trade among the nations of the EAC
with a proven platform that positions the SMMEs for international
trade within and beyond the EAC. We are very proud to be able to
offer the internet tools and support that we believe will enhance
the continued growth of the SMME market. We hope to arrange for Dr.
Rivers to speak at an upcoming event of the EAC and share some of
his experience and expertise with us as we move forward."
Rivers concluded, "We are poised for an excellent year at IBSG
International thanks in part to this new market, but I hasten to
point out that we are projecting, but cannot provide assurances, to
conclude additional contracts in Eastern Europe as well."
About IBSG International, Inc. (www.ibsgi.com)
IBSG International, Inc. offers enterprise solutions designed to
enhance the operating efficiency and create revenue for State Small
Business Development Centers, business associations (e.g., business
associations) and Fortune 1000 corporations by licensing its unique
turnkey digital service center software, which provides a broad
range of digital budgetary, administrative and commercial services
(B2B, e-commerce, government to business and enterprise business
services) on a single platform known as the BizWorldPro�.
IBSG International, Inc. is a holding company for four
technology and software subsidiaries: Intelligent Business Systems
Group, Inc. (IBSG), a provider of turnkey digital service center
software; Secure Blue, Inc., a Sarbanes-Oxley and security software
solution provider; Intelligent Business Systems Development (IBSD),
a software development, maintenance and data storage company; and
IBSGI - UK, a consultant company focused on development of IT
projects for Governmental bodies and multinational
corporations.
Secure Blue, Inc. provides a robust economical Sarbanes-Oxley
(SOX) compliance and security software suite, Secure Blue SOX Pro.
It is targeted at small- and mid-cap public companies as well as
private companies requiring SOX compliance to enable them to
continue working with public companies.
As software providers, system integrators and Application
Service Providers, IBS Group, Inc. and Secure Blue, Inc. generate
revenue from license sales, system modifications, systems support
and a percentage of monthly customer fees. The typical IBS
Group/Secure Blue license agreement has a five-year term, which is
updated on an annual basis.
IBS Development, Inc. will provide ongoing support of
International's other subsidiaries, IBS Group and Secure Blue. The
company provides development, system support and secure data
storage, and will maintain offices in the US and India, where its
current offshore development and support team is located.
IBSGI - UK establishes IT projects for various countries and
multinational corporations around the world. IBSGI - UK has already
introduced the BizWorldPro platform to a number of countries and
continues to provide demonstrations of the system on an
international scale. For multinational corporations, the projects
are normally recognized offset program qualified and provide a
required contractual obligation of these corporations. IBSGI - UK
maintains relationships with various multinational corporations and
operates from centrally located offices in London.
Safe Harbor Forward-Looking Statements
Except for historical information contained herein, the
statements in this release are forward-looking statements that are
made pursuant to the safe harbor provision of the Private
Securities Litigation Reform Act of 1995. The above information
does not guarantee any successful closing of new business. No
assurances can be given that any projections related to gross
revenues or profit margins will be realized. Forward-looking
statements involve known and unknown risks and uncertainties that
may cause the companies' actual results in future periods to differ
materially from forecasted results. Such risks and uncertainties
include, but are not limited to, market conditions, competitive
factors, the ability to successfully complete additional financings
and other risks.
Contact: IBSG International: Tel: 321-939-6321 www.ibsgi.com
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