First Order Secured from Affyrmx Joint Venture
Sydney, Feb 19, 2016 AEST (ABN Newswire) - YPB Group Limited (
ASX:YPB) has secured its first revenue producing order flowing from the recently announced Joint Venture (JV) with Affyrmx Group, with YPB to provide an initial order for high security vital record documents to the State of Jalisco, Mexico.
The maiden contract with Affyrmx is a key milestone for YPB and management believe these orders will provide a strong and recurring revenue stream from annualised repeats of this initial contract and others that are currently being tendered including but not limited to visas, vital records in other States, ID cards and financial instruments including currency for Latin America.
The recently announced JV with Affyrmx LLC, based in Atlanta, Georgia, has a six year duration and is an exclusive supply agreement whereby YPB will fulfil all security document contracts in Mexico secured by Affyrmx.
In 2015 YPB acquired the IPP Group based out of Bangkok, Thailand and the USA, which possesses a strong pedigree in the Government documentation arena. Subsequently in 2015, this saw YPB supplying its security technology to at least 20 million passports in two significant western countries in multi year supply contracts, with more in the current pipeline.
Affyrmx is a trusted security provider and adviser, primarily to governments and central banks in Latin America. The company offers a full range of high security products and solutions, all of which are designed to help governments combat the growing security threat posed by counterfeiters.
YPB CEO John Houston said: "We are delighted that the Affyrmx JV has so quickly provided this maiden order and additional revenue stream to YPB, and we are proud to have been selected to provide this vital record document to the State of Jalisco. This order is the first of what we believe will be a growing and consistent revenue stream which will not only be profitable, but also enhance YPB's reputation as a trusted source of anti-counterfeit solutions to the highest levels of Government."
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