marketnews at yahoo.com
marketnews at yahoo.com
Thu Feb 28 11:25:57 EST 2002
URGENT TRADING FLUCTUATION!
Company: IRV Inc.
Symbol: ( I R V V )
Current Price (IRVV): $.34 cents per share
Recent High (IRVV): $.64 cents per share
Short Term Outlook: $1.15 per share
Notes: With the company aquiring Scarab Systems, We suggest aggressive
buying at these levels for a short term performance (news below).
Company Aquisition News:
IRV Inc. announces intent to acquire Scarab Systems Inc., smart card payment solution provider
The Board of Directors of iRV inc. (OTC BB:IRVV) is pleased to announce that the company has signed a letter of intent to acquire Scarab Systems Inc., a privately held Nevada corporation. Scarab Systems Inc. is engaged in the distribution and sale of smart card payment systems for applications in e-commerce, banking, telecommunications, security and personal data transfer. The acquisition will proceed pending completion of specific terms and conditions to be laid out in a formal agreement.
Scarab Systems provides rechargeable stored value smart cards that the cardholder can load from a designated banking account via the internet or via designated ABM's. The funds can be withdrawn from most ATM's worldwide, or the stored value can be used to purchase goods and services anywhere that VISA is accepted, whether online or in brick and mortar businesses. Scarab's payment solutions operate on existing network infrastructures. Unlike many other smart card systems, Scarab's program uses existing processing and billing platforms and encryption technology, which work with existing POS and ATM systems. This technology helps eliminate the usual cost-prohibitive infrastructure required to set up a smart card program.
"Scarab Systems technology provides exciting prospects for innovative payment solutions that we feel represent a valuable contribution in iRV's strategy of expanding its technological asset base. The acquisition of Scarab represents a critical step in the process of implementing technologies that deliver recurring revenue," stated Clifford C. Thygesen, President of iRV Inc.
"The public market allows the investment community the opportunity to share in the exciting growth that Scarab Systems and the smart card industry is experiencing. The revised corporate structure will help accelerate the rollout of Scarab's payment system technologies." Thomas Mills, President of Scarab Systems stated.
The smart card industry continues to experience tremendous growth. Year on year card sales continue to set records, as the market is poised for enormous prosperity in the new millennium. Smart card sales at $274 Million in 1996 are estimated to be $5 Billion in 2003 (Frost & Sullivan). The number of cards shipped worldwide is estimated to be 2.8 billion for 2000, up from 1.8 billion cards in 1998. It is estimated that the industry as a whole will continue to grow at a rate between 30 and 50% annually for the foreseeable future. (SBJ Research).
Safe Harbor Statement: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including but not limited to, certain delays in testing and evaluation of products and other risks detailed from time to time in iRV Inc. filings with the United States Securities and Exchange Commission.
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