Source: IBSG International
IBSG International, Inc. (OTCBB:IGII), a holding company for three software subsidiaries involved in turn-key digital service center software Sarbanes-Oxley and security solutions, and software development, maintenance and data storage, announced today it will be expanding its Johannesburg Initiative to cover all of South Africa at the request, of that Country's Department of Trade and Industry (DTI) and the Industrial Development Corporation (IDC).
Additionally, BAE Systems will fund part of the project from their international offset program. BAE is the principle shareholder of Global Eagle Strategic Empowerment Alliance Systems, the black empowerment partner of this project.
IBSGI projects the anticipated expanded initiative will likely generate revenues of approximately US $50 million over four years, with initial revenue of US $7.1 million. Of that, $4.5 will be for licensing and installation fees with the balance anticipated coming from project expansion through sub-licenses and monthly subscription fees per Small-Midsize Enterprise (SME). No assurances can be given that such revenues will be achieved and although definitive expansion agreements are expected to be executed, there is no guarantee.
The Partnership with South Africa-based Global Eagle Strategic Empowerment Alliance Systems, A Division International Limited and Galaxy Five (PTY), announced in December of 2005, will be working with 2 of IGII's subsidiaries, Intelligent Business Systems Development (IBSD), and IBS Group to roll out the project. IBSD, a software development, maintenance and data storage company, will implement the BizWorldPro system and provide technical support. IBS Group will work with Global Eagle and DTI to implement a public awareness campaign and provide direct marketing assistance to a broad range of in country business partners such as banks and business associations. Public awareness and marketing of BizWorldPro system will be integrated into the current public outreach programs of the Johannesburg Initiative as a value added service to the small-mid size and emerging business sector.
Dr. Michael Rivers, CEO of IBSG International, stated, "We are very excited about this expansion of a project that we see as a model for other countries. The international SME market is part of our long term strategy to eventually utilize the services of all of our subsidiary companies. Global Eagle and BAE offer other opportunities on the international markets. The demand for digital commerce and business management via the internet is as great internationally as it is domestically. IGII will focus this year on providing an international commerce trading platform or bridge between the SME markets both here and abroad. Utilizing the BizWorldPro platform combined with Secure Blue's Sarbanes-Oxley solution will make working with US public companies seamless and provide a broader range of opportunities for all of our subsidiaries."