INSCOR, Inc. Secures Contract Worth an Initial $36 Million in Annual Revenue
July 30 2013 - 8:00AM
Marketwired
INSCOR, Inc. (PINKSHEETS: IOGA) announced today that it has been
awarded the sole contract to replace the lost or stolen welfare
cards to be issued via Global Cash, Ltd., for members of the
Republic of Ghana's National Mass Social Welfare Scheme (MSWS),
which is being implemented by the Millennium Development Project.
MSWS is a social welfare initiative aimed at alleviating poverty by
offering financial help to the poor and vulnerable. MSWS provides
assistance for a number of welfare needs that include: affordable
housing, educational grants, and providing capital to set up new
businesses.
As part of this new program, MSWS will initially provide
valuable structured welfare needs to 3 million members by the end
of October 2013, growing to 9 million members by the end of October
2014. It is expected that MSWS cards will be issued to nearly 18
million members in Ghana by the end of October 2015.
A monthly fee of $1.00 per card will be paid to INSCOR to insure
each member's card for replacement, in case of loss or theft. The
insured coverage will be structured for only lost or stolen card
replacements.
For INSCOR, this represents approximately $3 million in gross
monthly revenue beginning November 30, 2013, and ultimately rising
to $18 million in estimated gross monthly revenue within three
years of the launch of the card program. The Company can continue
to capitalize on and leverage MSWS's initiative, which is projected
to ultimately reach 650 million subscribers to its programs
throughout Africa by 2030.
Kenny Andam, INSCOR's newly appointed CEO stated, "We are
thrilled to have the opportunity to aid the poverty-stricken
citizens of Ghana and other nations on the African Continent. MSWS
is a one-of-a-kind organization and we look forward to working
closely with MSWS leadership in order to help implement the program
effectively and efficiently. Our preliminary revenue forecast for
the first 12 months of the initiative is $36 million, or $3 million
per month, which could reach as much as $216M in annual revenue by
the end of 2016."
MSWS was established with the objective of providing critical
social assistance to the needy in the Republic of Ghana and across
Africa, in accordance with the Millennium Development Authority of
Ghana's Poverty Reduction Agenda. Ghana's Millennium Development
Authority projects are backed by the full faith and credit of the
Millennium Challenge Corporation, an innovative and independent
U.S. foreign aid agency that is helping to lead the fight against
global poverty. The Millennium Challenge Corporation was created by
the U.S. Congress in January 2004 with strong bipartisan
support.
The President of MSWS-Ghana, De-Ben Selassie Elikplim, said of
the relationship with INSCOR, "We believe that the synergy between
MSWS-Ghana and INSCOR, Inc. will bring the best of mutual
partnerships in executing a global insurance opportunity for the
less privileged across Africa. The Company's leadership is
first-rate and we are pleased to select the Company as the sole
provider of insuring our members' cards against theft or loss,
ahead of our launch in October of this year."
About INSCOR, Inc.
INSCOR, Inc. (PINKSHEETS: IOGA) specializes in the creation and
implementation of flexible and effective insurance solutions for
organizations serving as many as tens of millions of members across
the globe. In the U.S., the Company markets its FIT OPEB plan to
municipalities and corporations as a low-cost solution to funding
retiree and other employee benefits. A FIT plan variation also
works for affluent individuals, entertainers and professional
athletes -- whether for estate planning or funding cash flow needs.
INSCOR's "FIT" (Financed Insurance Trust) strategy uses a
combination of favorable financing terms, innovative uses of
specific life insurance products and trusts -- all of which result
in minimum levels of out-of-pocket costs for producing significant
future funding and revenue stream opportunities. For more
information, please visit www.ins-cor.com.
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Contact: Marmel Communications, LLC Marlin Molinaro Phone: (702)
434-8692 Fax: (702) 436-6972
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