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List of Press ReleasesMay 2008 Valenzuela Joins Fight Against Rabies with FVSC
Valenzuela City – 28 May 2008 -- Family Vaccine and Specialty Clinics, Inc. (FVSC), health services division of IP Foundation, the Corporate Social Responsibility (CSR) division of IPVG Corp. (PSE: IP) marks another win in the fight against Rabies with the opening of the Valenzuela City Animal Bite Treatment Clinic (ABTC) in Valenzuela City Emergency Hospital, Polo Poblacion, Valenzuela City.
The occasion was made possible with the support of Valenzuela City Mayor Sherwin Gatchalian, City Health Officer Dr. Antonio Olegario, Councilor Ritchie Cuadra – Council on Health and District 1 Councilor Corazon Cortez.
Analysts forecast IPVG revenues at PhP3.3B for full year
Makati City, Philippines – 15 May 2008 – IPVG Corp. (PSE: IP) reported the company’s financial performance in results published today for the first quarter ending March 2008.
Consolidated revenue for the first quarter 2008 increased by 167% to PhP 828 million from PhP 310 million reported in the 4th quarter of 2007. Year-on-Year (YoY) results show a 430% increase from PhP 156M to PhP 828M.
Earnings Before Income Tax, Depreciation and Amortization (EBITDA) improved by 371% YoY and the Consolidated Net Income Before Taxes (NIBT) grew by 453% YoY.
Chief Executive Officer of IPVG Corp. Enrique Y. Gonzalez said, “IPVG has delivered yet another quarter of record breaking revenues. This is our 9th consecutive quarter of an all-time high in terms of revenues. This in itself is evidence of the long-term sustainability of our high-growth business model focused on IP-based service industries such as communications, games and BPO. Our financial performance is testimony that IPVG has reached a new stage in its lifecycle and maturity as a business. We have operations in 8 countries, top caliber management in each vertical, and our subsidiaries are considered market leaders in their respective niches.
We also expect improvement in our operating margins and efficiencies as we integrate our strategic acquisitions and maximize our economies of scale. This will begin to show in 2nd half of 2008 with intention of reaching optimum efficiency levels in 2009 and 2010. Given this, we expect continued growth and improvement in our earnings base.
We are extremely pleased with our operational and financial performance, and we have strategically positioned our company to become a global player. We will continue our pioneering and trailblazing efforts on a regional and global scale. Expect more exciting news throughout 2008 that translate into tangible financial results.”
IPVG opens the year with triple digit growth from revenues of its established and newly acquired operating units that gave the conglomerate stable and recurring revenue and income streams.
IPVG experienced a surge in revenue contribution across all business segments. This was achieved through a combination of organic growth and strategic acquisitions.
Revenue and Earnings Contribution – Q1’08 vs Q1’07
(in Million Pesos)
Many equities and industry analysts have recognized IPVG’s unique business model amongst Philippine-listed companies. While focused on high-growth technology driven sectors, IPVG generates revenues from USA, Europe, and SE Asia thereby offering regional and global exposure. This has translated to a sustained growth in the company’s earnings with minimal risk (no single industry; single country risk).
As a result of the strategic make-up and structure of the company, IPVG is well positioned to capture a share of the global communications, online games and BPO markets.
Year-Opener: Global and Vertical Expansion through strategic acquisitions and joint-venture partnerships
IPVG executed on a global expansion during the first quarter of 2008. From purely Philippine-based revenues in 2007, Q1 2008 consolidated revenues from IPVG’s operations around the world.
Some of the key highlights of these activities include:
• In January, IPVG entered a niche and high-growth market of high-end managed security with the acquisition of Prolexic Technologies – the leading provider on DDoS (Distributed Denial of Service) mitigation. The US$ 10.5M investment instantly gave the IT company a global footprint for DDoS mitigation, and strong U.S and European presence.
• Later that month, IPVG formed a 50/50 equity, joint-venture agreement with GMA New Media, Inc. – the digital media arm of GMA Network, Inc. to create a new subsidiary called I-Play, Inc. Investment in I-Play valued at PhP 800M with an initial capitalization of PhP 200M. The new venture will focus on the designing operating and maintaining casual online gaming and casual online gaming-related portals.
• In February, IPVG entered into the mobile services market when it acquired 70% of the outstanding capital stock of MegaMobile Inc., valued at PhP 6.4M.
• In March, IPVG announced the 70% acquisition of US-based contact center Influent which has facilities in the US, Panama and the Philippines. The company is a leading contact center specializing in banking, financial services and insurance (BFSI) markets in the US. It has a total of 11 delivery centers with over 1400 seats and ranked among the Top 20 call center companies worldwide according to customer service magazine survey.
• Finally, IPVG, through its gaming subsidiary IP E-Games, closed the quarter with two partnership announcements, namely, 1] ESTsoft, a Korean game developer for the publishing and distribution rights for the highly anticipated massively multiplayer online role playing game (MMORPG), CABAL Online and; 2] GDH K.K., a Japanese media company, through its group company GONZO Rosso K.K. for an online licensing deal to launch the 1st Japan-made MMORPG - Pandora Saga, in the Philippines. IPVG also expanded into the Vietnam online games market through an investment into Cyberworld.
IPVG’s Q1 2008 Annualized revenues equal PhP 3.31billion (US$78.85M) thereby cementing IPVG as one of the top IT firms in the country. The company has demonstrated 9 consecutive record breaking quarterly numbers and is clearly positioned as a regional company.
To date, IPVG has key points of presence in 8 countries - Philippines, Singapore, Hong Kong, Vietnam, India, Panama, United Kingdom and USA.
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1st publicly listed Filipino company to acquire majority stake in specialized Banking & Finance KPO in India
Makati City, 14 May 2008 – IT company IPVG Corp. (PSE: IP) executed today a Joint Venture Agreement with Credence Analytics, the #6 financial solutions provider in the world and #1 in India offering Treasury, Trust and Risk Management Solutions1. Under the joint venture, the parties will form a new company called Verity Analytics, which will engage in providing knowledge process outsourcing (KPO) services to banking and financial sectors around the world. The delivery center will be located in Mumbai, the financial capital of India and will officially commence operations in July 2008.
Verity Analytics currently services the top Financial Institutions in the market such as ABN Amro, State Bank of India, Fidelity and Citibank.
The business venture also marks the 1st ever entry of a publicly listed Filipino IT company into the KPO space for financial services in India.
Enrique Y. Gonzalez, CEO of IPVG Corp. said, “Our investment into this joint-venture is in line with our strategic expansion into KPO and expanding our delivery capabilities into India, the recognized leader in KPO services. Through this investment, we are positioned to climb up the value chain into higher margin and higher value work. This is key in advancing the BPO industry in the Philippines and capitalizes on cross-border synergies between Philippines and India. Credence Analytics is a recognized leader in this field and we are already comfortable with them as a partner.”
C.K. Guruprassad, Director at Credence Analytics said, "We have a long-standing partnership with IPVG that has enabled us to build our business in the Philippines. With this new joint venture, we are not just extending our existing relationship, we are sharing a vision that will bring the level of competence for the BPO and KPO industry not only in the region but will help us reach the global banking and financial sectors.
Credence Analytics has expertise in providing the best-of-breed banking and finance IT solutions to Fortune 500 companies. Its management team has over 50 years of banking expertise in implementing value-added services to financial institutions.
The KPO market is growing by more than 50% per annum, and generates over US$5 billion of exports for India. The same demand is projected in other markets like the US.
Prior to the joint venture, IPVG has established its Financial Services offerings in the local market through its subsidiary, IP-Converge. The addition of Verity Analytics to IPVG’s lines of business gives the conglomerate a foothold in the KPO market not only in India but in the international finance and banking sectors in addition to its data and communication services, online gaming, e-commerce and mobile services.
About Credence Analytics
About IPVG Corp.