LAS VEGAS, NV--(Marketwired - Jul 30, 2013) - INSCOR, Inc. (PINKSHEETS: IOGA) announced today that it has been awarded the sole contract to replace the lost or stolen welfare cards to be issued via Global Cash, Ltd., for members of the Republic of Ghana's National Mass Social Welfare Scheme (MSWS), which is being implemented by the Millennium Development Project. MSWS is a social welfare initiative aimed at alleviating poverty by offering financial help to the poor and vulnerable. MSWS provides assistance for a number of welfare needs that include: affordable housing, educational grants, and providing capital to set up new businesses.
As part of this new program, MSWS will initially provide valuable structured welfare needs to 3 million members by the end of October 2013, growing to 9 million members by the end of October 2014. It is expected that MSWS cards will be issued to nearly 18 million members in Ghana by the end of October 2015.
A monthly fee of $1.00 per card will be paid to INSCOR to insure each member's card for replacement, in case of loss or theft. The insured coverage will be structured for only lost or stolen card replacements.
For INSCOR, this represents approximately $3 million in gross monthly revenue beginning November 30, 2013, and ultimately rising to $18 million in estimated gross monthly revenue within three years of the launch of the card program. The Company can continue to capitalize on and leverage MSWS's initiative, which is projected to ultimately reach 650 million subscribers to its programs throughout Africa by 2030.
Kenny Andam, INSCOR's newly appointed CEO stated, "We are thrilled to have the opportunity to aid the poverty-stricken citizens of Ghana and other nations on the African Continent. MSWS is a one-of-a-kind organization and we look forward to working closely with MSWS leadership in order to help implement the program effectively and efficiently. Our preliminary revenue forecast for the first 12 months of the initiative is $36 million, or $3 million per month, which could reach as much as $216M in annual revenue by the end of 2016."
MSWS was established with the objective of providing critical social assistance to the needy in the Republic of Ghana and across Africa, in accordance with the Millennium Development Authority of Ghana's Poverty Reduction Agenda. Ghana's Millennium Development Authority projects are backed by the full faith and credit of the Millennium Challenge Corporation, an innovative and independent U.S. foreign aid agency that is helping to lead the fight against global poverty. The Millennium Challenge Corporation was created by the U.S. Congress in January 2004 with strong bipartisan support.
The President of MSWS-Ghana, De-Ben Selassie Elikplim, said of the relationship with INSCOR, "We believe that the synergy between MSWS-Ghana and INSCOR, Inc. will bring the best of mutual partnerships in executing a global insurance opportunity for the less privileged across Africa. The Company's leadership is first-rate and we are pleased to select the Company as the sole provider of insuring our members' cards against theft or loss, ahead of our launch in October of this year."
About INSCOR, Inc.
INSCOR, Inc. (PINKSHEETS: IOGA) specializes in the creation and implementation of flexible and effective insurance solutions for organizations serving as many as tens of millions of members across the globe. In the U.S., the Company markets its FIT OPEB plan to municipalities and corporations as a low-cost solution to funding retiree and other employee benefits. A FIT plan variation also works for affluent individuals, entertainers and professional athletes -- whether for estate planning or funding cash flow needs. INSCOR's "FIT" (Financed Insurance Trust) strategy uses a combination of favorable financing terms, innovative uses of specific life insurance products and trusts -- all of which result in minimum levels of out-of-pocket costs for producing significant future funding and revenue stream opportunities. For more information, please visit www.ins-cor.com.