New Mexican order for vital record documents
Sydney, Mar 23, 2016 AEST (ABN Newswire) - YPB Group Limited (
ASX:YPB) has received an order for 700,000 vital record documents for the State of Guanajuato in Mexico, the second order resulting from the recently announced six year joint venture (JV) with Affyrmx LLC.
Terms of the order are commercial in confidence, however as previously announced, typically such vital records documents have an order value (to the Government) of between $US0.10 to $US0.30 per document. These orders provide a strong recurring revenue stream as once the initial order is secured, there is an annual usage requirement.
The State of Guanajuato is one of 31 Federated States in Mexico with a population of approximately 5.5 million people. Each state within Mexico sources its own vital records documents, to record such events as births, deaths, marriages etc. With a population of approximately 130 million Mexico has an estimated annual usage of vital records documents of between 50 and 60 million documents. The JV's successes in Jalisco and now Guanajuato see it well placed to capture a significant portion of the market.
Affyrmx Group, based in Atlanta, Georgia, was founded in 2011 and is a trusted security provider and adviser, primarily to governments and central banks in Latin America. YPB's JV is currently targeting revenue streams from the protection of government documents, including vital records, visas, tax stamps, passports, ID cards, emission certificates, gaming tickets, and others.
YPB Executive Chairman John Houston said: "We are delighted to secure the second contract in the Affyrmx JV and are proud to have been selected to provide this first vital record document to the target government. We are encouraged by the early contract wins in Jalisco and Guanajuato. YPB has identified the government sector as a major opportunity due to its existing uptake of anticounterfeit measures and YPB's pedigree in providing solutions in the government sector."
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