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IBIN IBSG International Inc (CE)

0.000001
0.00 (0.00%)
18 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
IBSG International Inc (CE) USOTC:IBIN OTCMarkets Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.000001 0.00 01:00:00

IBSG International Announces Expansion Into East African Community

10/12/2008 2:00pm

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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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