Secures 14 Million Unit Reorder for VariSec Passport Solution
Sydney, May 3, 2016 AEST (ABN Newswire) - YPB Group Ltd (
ASX:YPB) is pleased to announce that it has received a further order for its proprietary VariSec technology to apply to approximately 14 million ePassports in a deal that is expected to generate A$500,000 gross revenue.
Highlights:
- Reorder of YPB's VariSec technology for a major first world economy
- Total gross revenue approximately A$500,000
- YPB's Government Vital Documents business rapid growth continues
The reorder of the technology is for a major first world economy which previously ordered VariSec technology in October 2015. It is estimated that these new passports will be issued in the next six months.
This reorder of VariSec from the major first world western economy highlights the recurring nature of the market for securing passports. YPB expects the country to place a third order for the technology in the latter months of 2016.
The International Civil Aviation Organisation (ICAO) has developed the global machine readable Passport programme, and it estimates that 125 million new ePassports are currently issued annually by 93 UN member states. A further 21 additional countries are to deploy ePassports in the next 12 to 48 months.
YPB believes that VariSec is the only security foil in the global ePassport marketplace. With just three countries protected by VariSec to date, ePassports are a significant opportunity for YPB given the clear majority of ePassports do not incorporate VariSec's enhanced defenses and the 23% increase in the number of ePassport issuers expected over the next 48 months.
YPB Executive Chairman John Houston said: "The Government Vital Documents business is an important segment for YPB and one where we are experiencing significant success with our suite of anti-counterfeit products."
"Governments and their agencies are committed to securing their vital documents in the face of worldwide security risks."
"The reorder from this country confirms our Government strategy and gives us confidence to continue to develop our range of solutions."
To view the release, please visit:
http://abnnewswire.net/lnk/CSVCJT85
About YPB Group Ltd
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