BSI2000 Announces Joint Venture for Bankcard Project in South Africa.Business Editors DENVER--(BUSINESS WIRE)--Sept. 2, 2003 BSI BSI - British Standards Institute 2000 Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : BSIO), a developer of integrated optical card-based systems, today announced a joint venture with partner companies in South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. for a bankcard project. The venture, organized as a South African corporation, will operate under the name eUnity Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. (Pty) Ltd. The project will be based on BSI2000's Transact 2000(TM) system and optical cards supplied by BSI2000. The beta version A pre-shipping release of hardware or software that has gone through alpha test. A beta version of software is supposed to be very close to the final product, but, in practice, it is more a way of getting users to test the software in the first place under real conditions. of the Transact 2000(TM) was delivered to the primary South African partner earlier in August. Development of a pilot program with a South African private organization is currently underway. Approximately 1,000 cards will initially be issued in the pilot program with plans to increase that number to the order of 100,000 before the end of this year. Upon the successful completion of the pilot program, bankcards will be offered to all 2 million members of the private organization. The goal of the joint venture is to become the major provider of banking services to South Africa's unbanked population, which is composed of some 35 million members of previously disadvantaged groups. BSI2000 designed the Transact 2000(TM) system specifically to provide sophisticated bank services to those parts of the world where modern financial services are not currently available such as the nonurban areas of South Africa. The project will initially be financed by capital contributions from BSI2000 and its partner companies. As a means of financing project growth, BSI2000 expects to sponsor an application to the Overseas Private Investment Corp. (OPIC OPIC Overseas Private Investment Corporation OPIC Office de la Propriété Intellectuelle du Canada (French: Canadian Intellectual Property Office) OPIC Organization of Professional Immigration Consultants OPIC Ohio Public Interest Campaign ) for a direct loan to the joint venture, eUnity Financial Services (Pty) Ltd. OPIC is a development agency of the U.S. government that helps U.S. businesses invest overseas. BSI2000 will sell both its Transact 2000 system and its optical bankcards to the joint venture. Volume prices to the joint venture of the Transact 2000(TM) system and bankcards on a per unit basis have not yet been determined. Jack Harper Jack Harper may refer to:
About BSI2000 Inc. BSI2000 Inc., a manufacturer of integrated hardware and software optical card products, has developed proprietary applications of patent-pending technology for the homeland security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security Department of Homeland Security executive department - a federal department in the executive branch of the government of the United States and other markets that use LaserCard(R) products. Company Web site: www.bsi2000.com (English, German, French, Russian, Arabic) NOTE: LaserCard(R) is a registered trademark of LaserCard System Corp. (www.lasercard.com). Civilitas 2000, Transact 2000, SIGABA 2000, and Crypto 2000 are trademarks of BSI2000 Inc. Patents pending. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Statements contained in this document which are not historical fact are forward-looking statements based upon management's current expectations that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion