First World Western Economy Selects YPB Solution for ePassports
Sydney, Oct 19, 2015 AEST (ABN Newswire) - Anti-counterfeiting technology company YPB Group Limited (
ASX:YPB), together with its production partner, has been contracted by a major first world economy to supply sufficient of its proprietary VariSec technology to apply to the 15 million ePassports it will be issuing during calendar 2016. With delivery to occur in December 2015.
Highlights:
- YPB's VariSec technology to be applied to 15 million ePassports
- Total contract value in 2015 approximately $600,000
- Potential for YPB technology to gain acceptance across many other economies
The use of this technology will increase the number of ePassports containing YPB technology to more than 125 million globally.
The technology was developed by YPB's recently acquired subsidiary Intellectual Product Protection (IPP) and the receipt of this new order is seen as further validation of the purchase of this business.
The VariSec technology is a trade secret now owned by YPB and can be customised and individualised to suit different government's uses and specifications.
An information paper on ePassports published in January 2013[1] disclosed that:
- 101 states and economies issue ePassports;
- it is estimated that 489,522,100 ePassports have been issued worldwide;
- it is estimated that there are 483,929,100 ePassports in circulation;
YPB CEO and Executive Chairman John Houston commented: "This is an excellent new opportunity for YPB to gain increased exposure to government agencies for our suite of anti-counterfeiting solutions. We are continuing to develop products that will assist governments and businesses and this is a great advertisement for us that should lead to wider acceptance of our solutions. There is great potential for YPB to supply its document protection solutions to many other countries and build a significant revenue stream as a result."
YPB provides a comprehensive suite of solutions to PROTECT products, DETECT counterfeits and CONNECT consumers with the brand owners.
To view the release, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-YPB-885615.pdf
[1] International Civil Aviation Organization's (ICAO) Technical Advisory Group on machine-readable travel documents (MRTD)
About YPB Group Ltd
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