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IA Global Incorporated
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http://topics.nytimes.com/top/news/business/companies/ia-global-inc/index.html
TechWeb: The Business Technology Network
TAMPA, Fla., Jan. 3 /PRNewswire-FirstCall/ -- IA Global Inc. (the "Company") announced that John Margerison was appointed to the Company's Board of Directors (the "Board") and to the Merger and Acquisition Committee on January 1, 2007. Mr.
http://www.techweb.com/showPressRelease.jhtml?articleID=X567019&CompanyId=3
TechWeb: The Business Technology Network
BURLINGAME, Calif., Dec. 28 /PRNewswire-FirstCall/ -- IA Global Inc. On December 27, 2004, the company received notice from the AMEX Staff that the company has evidenced compliance with the requirements for continued listing on AMEX.
http://www.techweb.com/showPressRelease.jhtml?articleID=X273302&CompanyId=3
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IA Global, Inc. information and related industry information from Hoover's United Kingdom (UK)
IA Global acquires and operates Asia Pacific companies residing in the telecommunications and finance sectors. Its primary holdings revolve around Global Hotline, a Japanese call center operator and telephone and broadband line reseller.
http://www.hoovers.com/ia-global/--ID__59106--/freeuk-co-factsheet.xhtml
TechWeb: The Business Technology Network
IA Global Inc. announced the following results for the three months ended December 31, 2006, as compared to the three months ended September 30, 2006: * Revenues -- increased 73% to $7,742,000 from $4,483,000. * Gross profit -- increased 100% to $7,778,000 from $3,879,000.
http://www.techweb.com/showPressRelease.jhtml?articleID=X593024&CompanyId=3
IA Global, Inc. operates primarily as a holding company. In 2005, its two principal operating...
IA Global, Inc. operates primarily as a holding company. In 2005, its two principal operating subsidiaries were: Global Hotline, Ltd.(Global Hotline), a call center operator and reseller of telephone and broadband lines in Japan; and Rex Tokyo, Ltd.
http://www.amex.com/equities/listCmp/EqLCCmpDesc.jsp?Product_Symbol=IAO
IA Global Announces Dividend of $422,000 from ASFL
TAMPA, Fla., Dec. 20 /PRNewswire-FirstCall/ -- IA Global Inc. (Amex: IAO) announced that its 36% owned subsidiary, Australian Secured Financial Limited ("ASFL"), declared and paid a dividend to its stockholders on December 18, 2006.
News from Zibb.com
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IA Global, Inc. Announces FY 2008/09 Revenue Guidance of $76 Million, an Approximate Doubling of
SAN FRANCISCO, Jun 25, 2008 (BUSINESS WIRE) --
Based on new and expanding contracts, as well as the renewal of existing contracts, combined with the stellar growth projections for its Philippine operations, IA Global, Inc. announced revenue guidance of $76 million for FY2008/9 at an FX rate of 108.
The company further announced its key operational objectives for this year as:
-- Leverage our 20% ownership of TAICOM Securities Co Ltd to broaden Asian shareholder base.
-- Position Global Hotline, Inc. for revenues of $90 million in revenues in FY 2010 and a possible IPO in an Asian market.
-- Target gross margins of 75% and net margins of 20% across all businesses.
-- Target EPS of $0.02-$0.03 per share.
-- Leverage the profitability of our equity investments.
-- Tighten constraints on SG&A spending.
-- Reduce aged accounts receivables to 60 days or less.
-- Drive increasing cash flow from its Philippines operations.
-- Consolidate and reduce our debt at its Japanese operations.
The company's CEO, Derek Schneideman, said, "At our forthcoming Annual Shareholders Meeting, I will be advising shareholders that the prospects of the company have never been on a more sound footing. Further, that the company is on track to widely exceed all previous revenues results, and that profitability is expected to rise at an accelerating pace during the course of the year. The company's core strategy will be to continue expanding into all facets of the BPO and Services category, particularly those higher margin services known as KPO (Knowledge Process Outsourcing). Finally, management and I are of the strong opinion that the current share price of IA Global common stock is far below its measureable enterprise value. Even when considered against the back ground of general weakness in the US capital and equities markets, IA Global common stock is significantly undervalued. We intend to use all the tools at our disposal to rectify this situation and create real wealth for our shareholders."
About IA Global, Inc.
IA Global, Inc. ("IA Global") is a broadly based Services Company with a dedicated focus on growth of existing business, together with expansion through mergers and acquisitions in the Pacific Rim region. Our mission is to identify and invest in business opportunities, apply our skills and resources to nurture and enhance the performance of those businesses across key business metrics, and to deliver accelerating shareholder value.
To realize this plan, the Company is actively expanding investments in the business process outsourcing (which includes human resources elements necessary to recruit and train the very large numbers of people), B2B and financial services sectors. These sectors demonstrate long-term growth prospects in which we, by applying our skills and resources, can add significant value to our investments. Beyond Japan, the Company is expanding its reach to encompass, the Philippines, Hong Kong/China, Singapore, and India and the outstanding growth opportunities and synergies these markets present.
In Japan, IA Global is 100% owner of Global Hotline, Inc., a Business Process Outsourcing organization, operating several major call centers providing outbound telemarketing services for telecommunications and insurance products. Since our acquisition of Global Hotline in June 2005, this business has expanded rapidly with the signing of significant multi-year contracts with major corporations.
In the Asia Pacific region, the Company has equity investments of 25.0% in GPlus Media Co Ltd, 20.25% in Slate Consulting Co Ltd, 36.0% in Australian Secured Financial Limited and 20% in Taicom Securities Co Ltd. In the Philippines, IA Global is the 100% owner of Asia Premier Executive Suites Inc. and Shift Resources Inc., companies that have now been merged into a single company named Global Hotline Philippines Inc.
For further information, contact: Investor Relations IA Global, Inc. 101 California Street, Suite 2450 San Francisco, CA 94111 415-946-8828 (t) 415-946-8801 (f) ir@iaglobalinc.com www.iaglobalinc.com
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements (within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act of 1934) regarding us and our business, financial condition, results of operations and prospects. Forward-looking statements in this report reflect the good faith judgment of our management and the statements are based on facts and factors as we currently know them. Forward-looking statements are subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. The comments concerning the profitability, revenue and revenue growth, target markets and sectors and the Asia Global B2B strategy are forward looking statements. Actual results could differ materially from those projected in the forward-looking statements, as a result of either the matters set forth or incorporated in this report generally or certain economic and business factors, some of which may be beyond the control of IA Global. These factors include adverse economic conditions, entry of new and stronger competitors, inadequate capital to support our operations and projections of revenues and profitability. Readers are urged not to place undue reliance on these forward-looking statements which speak only as of the date of this press release. We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of the press release.
SOURCE: IA Global, Inc.
Investor Relations of IA Global, Inc. 415-946-8828 (t) 415-946-8801 (f) ir@iaglobalinc.com www.iaglobalinc.com
Tags: acquisition asia australia business california ceo china consulting debt eps equity executive expansion financial services hong kong human resources india insurance iowa ipo japan media mergers and acquisitions philippines products revenue securities singapore telecommunications telemarketing track
CEO Comments on Status of IA Global, Inc. Operations - Zibb.com
SAN FRANCISCO, Jul 25, 2008 (BUSINESS WIRE) --
IA Global, Inc. (Amex:IAO) Derek Schneideman, CEO, released the following statement: "Management strongly believes that the strength of IA Global continues to grow and that our key fundamental business indicators are moving in a positive direction. We have diversified our investments to lessen the reliance on any single investment and have executed our strategy of diversifying into industry sectors and geographies that offer increased cash flow and profits. Our acquisition strategy has been to use our common stock as currency in order to preserve cash for internal growth and expansion. The result of this plan is evidenced by the nearly doubling of our year-on-year revenues from $39 million in FY 2007/8 to $76 million in FY 2008/9. While this element of our overall strategy has resulted in dilution to our shareholders, it has significantly improved our shareholder equity position, an issue that had in the past been of concern to the company. We expect to see cost efficiencies at our largest Japanese subsidiary, Global Hotline, Inc., and improved results at the holding company level. Effective July 1, 2008, our annual costs are reduced by approximately $2,400,000 from the elimination of the convertible debentures and the amortization costs associated with our 2005 acquisition of Global Hotline.
IA Global maintains no operational business functions in the US and is largely insulated from general economic conditions in the US market. Our entire operational activities take place in the Asian region, an area that is demonstrating vigorous growth compared to that of US and European economies and is a region that has generally lower operating costs. We see this strategy as a balance between providing excellent shareholder security while also enabling aggressive exploitation of the growth opportunities in offshore markets.
The US economy is suffering a significant downturn, driven by numerous factors including unprecedented fuel prices and negative forward looking economic sentiment. IA Global has a sound strategy and management sees no reason to change that strategy. We will continue to build upon our core businesses, by cash funded acquisition transactions, as and when those transactions are considered to be accretive to our stated growth and expansion strategies.
IA Global is a strong and growing business and we will continue to focus on our key financial metrics, measured by our income statements and balance sheet. Management's commitment to the company has been indicated by the decision to modify compensation packages so that approximately 50% of potential individual compensation is now received in company common stock.
As CEO, it is my firmly held belief that the current market price of IA Global stock does not reflect the true value of the company."
About IA Global, Inc.
IA Global, Inc. ("IA Global") is a broadly based Services Company with a dedicated focus on growth of existing business, together with expansion through mergers and acquisitions in the Pacific Rim region. Our mission is to identify and invest in business opportunities, apply our skills and resources to nurture and enhance the performance of those businesses across key business metrics, and to deliver accelerating shareholder value.
To realize this plan, the Company is actively expanding investments in the business process outsourcing (which includes human resources elements necessary to recruit and train the very large numbers of people), B2B and financial services sectors. These sectors demonstrate long-term growth prospects in which we, by applying our skills and resources can add significant value to our investments. Beyond Japan, the Company is expanding its reach to encompass, the Philippines, Hong Kong/China, Singapore, and India and the outstanding growth opportunities and synergies these markets present.
In Japan, IA Global is 100% owner of Global Hotline, Inc., a Business Process Outsourcing organization, operating several major call centers providing outbound telemarketing services for telecommunications and insurance products. Since our acquisition of Global Hotline in June 2005, this business has expanded rapidly with the signing of significant multi-year contracts with major corporations.
In the Asia Pacific region, IA Global is the 100% owner of Asia Premier Executive Suites Inc. and Shift Resources Inc., companies who have now been merged into a single Business Processing Outsourcing organization named Global Hotline Philippines Inc. The Company has equity investments of 25.0% in GPlus Media Co Ltd, 20.25% in Slate Consulting Co Ltd, 36.0% in Australian Secured Financial Limited and 20% in Taicom Securities Co., Ltd.
For further information, contact: Investor Relations IA Global, Inc. 101 California Street, Suite 2450 San Francisco, CA 94111 415-946-8828 (t) 415-946-8801 (f) ir@iaglobalinc.com www.iaglobalinc.com
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements (within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act of 1934) regarding us and our business, financial condition, results of operations and prospects. Forward-looking statements in this report reflect the good faith judgment of our management and the statements are based on facts and factors as we currently know them. Forward-looking statements are subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. The comments concerning the profitability, revenue and revenue growth, target markets and sectors, the Asia Global B2B strategy and the potential IPO status are forward looking statements. Actual results could differ materially from those projected in the forward-looking statements, as a result of either the matters set forth or incorporated in this report generally or certain economic and business factors, some of which may be beyond the control of IA Global. These factors include adverse economic conditions, entry of new and stronger competitors, inadequate capital to support our operations and projections of revenues and profitability. Readers are urged not to place undue reliance on these forward-looking statements which speak only as of the date of this press release. We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of the press release.
SOURCE: IA Global, Inc.
Investor Relations of IA Global, Inc. 415-946-8828 (t) 415-946-8801 (f) ir@iaglobalinc.com www.iaglobalinc.com
Tags: acquisition amex asia australia business california ceo china consulting currency debentures economy equity executive expansion financial services hong kong human resources india insurance investment iowa ipo japan market media mergers and acquisitions philippines products revenue securities security singapore telecommunications telemarketing
IA Global, Inc., Reports EBITDA Results of $2.9 Million on Revenues of $19.7 Million and Cash Flow
SAN FRANCISCO, Aug 20, 2008 (BUSINESS WIRE) --
Summary of Operating Results
IA Global, Inc. (Amex:IAO) announced the following consolidated results for the three months ended June 30, 2008, as compared to the three months ended June 30, 2007:
-- Revenues increased 257% to $19,688,708 up from $5,514,790.
-- Gross profit increased 326% to $16,492,884 up from $3,872,665.
-- Net income increased $2,857,487 to $730,844 as compared to a net loss of ($2,126,643). This net income reflects the revenue gains from new contracts and existing contracts, income from minority investments, and early results from our newly established Philippines business operations.
-- Cash flow from operating activities increased $6,113,054 to $2,679,783 from a negative cash flow of ($3,433,271).
-- EBITDA (earnings before interest expense, taxes and depreciation and amortization) increased $4,766,590 to $2,884,342 as compared to a net loss of ($1,882,248).
-- IA Global, Inc, 100% subsidiary, Global Hotline, Inc. increased operating income before income taxes by $4,429,353 to $2,545,225 as compared to a loss of ($1,883,428).
-- Shareholder Equity increased by $10,489,877 to $15,620,330.
Key Accomplishments During the Quarter
-- Global Hotline Philippines, Inc. (GHP) completed the merger of Shift Resources and Asia Premier Executive Suites during June 2008. This new business entity will shortly have 269 revenue producing seats and expects to expand this number to 600 before March 31, 2009. GHP signed contracts with 2 new clients during the 1st quarter.
-- Global Hotline, Inc. (Japan) successfully renewed or extended six contracts with existing customers during the period April 1, 2008 to June 30, 2008.
-- Global Hotline, Inc. (Japan) signed a number of new contracts with major credit card companies. These new clients broaden GHI's customer base and position the company for continued strong growth in revenues throughout the coming fiscal year, particularly in the 4th quarter. Sales increased significantly for the first quarter rising $14,027,139 to $19,541,929 as compared to the three months ended June 30, 2007.
-- Global Hotline, Inc. announced its intention to pay down the majority of its outstanding debt at the rate of $4 to $6 million per year over the coming three years.
-- Equity investments added a net $205,323 as other income for the quarter. Our minority investment companies: ASFL, GPlus Media, and Slate Consulting increased revenues and profits, enabling IA Global to recognize profits of $256,119 from ASFL, $32,635 from GPlus Media, and $23,125 from Slate Consulting for the quarter.
-- A majority of IA Global's investments paid their quarterly Management Services Agreement Fees (MSA), which are equal to 0.75% of each entity's quarterly gross revenue. These MSA fees were recognized as other income. In addition, GPlus Media paid a $30,000 dividend during the three months ended June 30, 2008.
The company's CEO, Derek Schneideman, said, "The Company's overall performance during the three months ended June 30, 2008 has been satisfactory. Clearly we have passed the inflection point, which divided the need for intensive capital investments to our expectation of sustainable and growing profitability. Our majority owned Contact Center companies Global Hotline and Global Hotline Philippines, which together form the cornerstone of our Business Process Outsourcing (BPO) businesses, are tracking to benchmark standards for growth, profitability, and customer service excellence. Our HR businesses, which support the people intensive nature of our BPO enterprises, are performing well and are expected to contribute to future cost efficiencies in the areas of recruitment, training, and staff retention."
"We are operating in a difficult economic environment. We believe our stock has been shorted by over six million shares since May 21, 2008. Against this background our key business performance indicators demonstrate that overall business operations are showing consistent improvement. Of particular note are two matters, cash flow from operations has shown a major turnaround growing $6.1 million into a cash flow positive position of $2.7 million, and the sizable increase in shareholder equity to $15,620,330. It remains my personal belief that the current market capitalization of IA Global, Inc., in no way reflects the true value of the company, to say nothing of the future potential of our company. I am convinced that the results we announced today prove that our strategy and pace of turnaround is successful," Mr. Schneideman commented further.
About IA Global, Inc.
IA Global, Inc. ("IA Global") is a broadly based Services Company with a dedicated focus on growth of existing business, together with expansion through mergers and acquisitions in the Pacific Rim region. Our mission is to identify and invest in business opportunities, apply our skills and resources to nurture and enhance the performance of those businesses across key business metrics, and to deliver accelerating shareholder value.
To realize this plan, the Company is actively expanding investments in the business process outsourcing (BPO), this also includes the human resources and human capital elements necessary to recruit and train the very large numbers of people necessary to transact BPO, B2B and financial services sectors. These sectors demonstrate long-term growth prospects in which we, by applying our skills and resources, can add significant value to our investments. Beyond Japan, the Company is expanding its reach to encompass, the Philippines, South East Asia and the outstanding growth opportunities and synergies these markets present.
In Japan, IA Global is 100% owner of Global Hotline, Inc., a Business Process Outsourcing organization, operating several major call centers providing outbound telemarketing services for telecommunications and insurance products. Since our acquisition of Global Hotline in June 2005, this business has expanded rapidly with the signing of significant multi-year contracts with major corporations.
In the Philippines, IA Global is the 100% owner of Asia Premier Executive Suites Inc. and Shift Resources Inc., companies that have now been merged into a single company named Global Hotline Philippines Inc.
In the Asia Pacific region, the Company has equity investments of 25.0% in GPlus Media Co Ltd, 20.25% in Slate Consulting Co Ltd, 36.0% in Australian Secured Financial Limited and 20% in Taicom Securities Co Ltd. These organizations provide services, value-add investor relations services, capital raising and other income to IA Global, Inc.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements (within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act of 1934) regarding us and our business, financial condition, results of operations and prospects. Forward-looking statements in this report reflect the good faith judgment of our management and the statements are based on facts and factors as we currently know them. Forward-looking statements are subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. The comments concerning the profitability, revenue and revenue growth, target markets and sectors and the Asia Global B2B strategy are forward looking statements. Actual results could differ materially from those projected in the forward-looking statements, as a result of either the matters set forth or incorporated in this report generally or certain economic and business factors, some of which may be beyond the control of IA Global. These factors include adverse economic conditions, entry of new and stronger competitors, inadequate capital to support our operations and projections of revenues and profitability. Readers are urged not to place undue reliance on these forward-looking statements which speak only as of the date of this press release. We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of the press release.
IA GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
June 30, March 31,
2008 2008
------------ ------------
ASSETS (unaudited) (audited)
CURRENT ASSETS:
Cash and cash equivalents $ 3,228,830 $ 1,626,862
Accounts receivable, net of allowance of
$ 450,518 and $674,886, respectively 12,180,676 12,746,290
Prepaid expenses 1,071,641 1,967,164
Notes receivable 1,617,308 1,484,519
Other current assets 603,620 462,709
Deferred taxes - foreign 700,326 1,477,580
------------ ------------
Total current assets 19,402,401 19,765,124
EQUIPMENT, NET 3,216,877 2,431,954
OTHER ASSETS
Intangible assets, net 657,180 331,129
Equity Investment in Taicom Securities Co
Ltd 5,093,464 -
Equity investment in Australia Secured
Financial Limited 7,225,566 6,930,355
Equity investment in GPlus Media Co Ltd 1,392,732 1,380,386
Equity investment in Slate Consulting Co
Ltd 1,408,693 1,396,481
Other assets 3,288,832 2,704,752
------------ ------------
$ 41,685,745 $ 34,940,181
============ ============
LIABILITIES AND STOCKHOLDER'S EQUITY
CURRENT LIABILITIES:
Accounts payable - trade $ 324,695 $ 197,943
Accrued liabilities 7,572,169 7,851,636
Consumption taxes received 414,616 460,067
Note payable - current portion of long
term debt 9,050,116 10,510,655
------------ ------------
Total current liabilities 17,361,596 19,020,301
------------ ------------
LONG TERM LIABILITIES:
Long term debt 8,703,819 8,593,594
Convertible debentures - 2,195,833
------------ ------------
8,703,819 10,789,427
------------ ------------
STOCKHOLDER'S EQUITY:
Preferred stock, $.01 par value, 5,000
authorized, none outstanding - -
Common stock, $.01 par value, 300,000,000
shares authorized,
209,991,842 and 165,303,543, issued and
outstanding, respectively 2,099,918 1,653,035
Additional paid in capital 52,201,213 43,882,701
Accumulated deficit (38,599,668) (39,330,512)
Accumulated other comprehensive loss 171,774 (821,864)
------------ ------------
15,873,237 5,383,360
Less common stock in treasury, at cost (252,907) (252,907)
------------ ------------
Total stockholder's equity 15,620,330 5,130,453
------------ ------------
$ 41,685,745 $ 34,940,181
============ ============
IA GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
---------------------------
2008 2007
------------- ------------
REVENUE $ 19,688,708 $ 5,514,790
COST OF SALES 3,195,824 1,642,125
------------- ------------
GROSS PROFIT 16,492,884 3,872,665
Selling, general and administrative
expenses 14,656,688 6,943,148
------------- ------------
OPERATING INCOME (LOSS) 1,836,196 (3,070,483)
------------- ------------
OTHER INCOME (EXPENSE):
Interest income 14,594 10,602
Interest expense and amortization of
beneficial conversion feature (283,448) (227,532)
Other income 62,698 568,763
Gain (loss) on equity investment in
Australia Secured Financial Limited 256,119 (11,381)
Gain on equity investment in GPlus Media
Co Ltd 32,635 -
Gain on equity investment in Slate
Consulting Co Ltd 23,105 -
Loss on equity investment in Taicom
Securities Co Ltd (106,536) -
Foreign currency transaction adjustment 265 -
------------- ------------
Total other expense (568) 340,452
------------- ------------
PROFIT (LOSS) BEFORE INCOME TAXES 1,835,628 (2,730,031)
Income taxes - current provision
(benefit) 1,104,784 (603,388)
------------- ------------
NET PROFIT (LOSS) $ 730,844 $ (2,126,643)
============== =============
Basic and diluted profit (loss) per share
of common-
Basic profit (loss) per share $ - $ (0.01)
Diluted profit (loss) per share $ - $ (a)
Weighted average shares of common stock
outstanding 176,444,684 151,334,534
Weighted average shares of common stock (a)
outstanding- diluted 180,188,687
(a)Diluted calculation is not presented
as it is anti-dilutive.
IA GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
---------------------------
2008 2007
-------------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 730,844 $(2,126,643)
Adjustments to reconcile net income
(loss) to net cash used in operating
activities
Depreciation and amortization 598,937 461,387
Amortization of beneficial
conversion feature 104,167 104,166
Stock based compensation 115,811 29,727
Common stock issued for
services 159,584 -
(Gain) loss on equity
investments (213,233) 24,971
Changes in operating assets and
liabilities:
Accounts receivable 576,368 507,518
Consumption tax paid - (105,503)
Prepaid expenses 914,720 (578,323)
Notes receivable (132,789) (364,386)
Other current assets (128,116) 24,768
Deferred taxes - foreign 777,254 -
Other assets (584,080) (931,441)
Accounts payable - trade 88,563 156,680
Accrued liabilities (282,796) 639,427
Consumption tax received (45,451) (287,271)
Income taxes payable - foreign - (541,354)
Deferred revenue - (446,994)
-------------- -----------
NET CASH PROVIDED BY (USED IN) OPERATING
ACTIVITIES 2,679,783 (3,433,271)
-------------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (1,089,196) (53,903)
Sale of marketable securities - 233,681
Acquisition of subsidiary Shift
Resources, Inc. (35,000) -
Acquisition of investment in
Australian Secured Financial Limited - (125,000)
Cash from acquisition of Shift
Resources, Inc. and Asia Premier
Executive Suites, Inc. 12,158 -
-------------- -----------
NET CASH USED IN INVESTING ACTIVITIES: (1,112,038) 54,778
-------------- -----------
CASH FROM FINANCING ACTIVITIES:
Proceeds from debt 3,864,750 2,434,650
Repayments of debt (5,483,064) (480,735)
Proceeds from exercise of options - 5,500
Proceeds from sale of common stock 500,000 200,000
Purchase of common shares for treasury - (468,289)
-------------- -----------
NET CASH (USED IN) PROVIDED BY FINANCING
ACTIVITIES (1,118,314) 1,691,126
-------------- -----------
NET (DECREASE) INCREASE IN CASH AND CASH
EQUIVALENTS 449,431 (1,687,367)
EFFECT OF EXCHANGE RATE CHANGES ON CASH 1,152,537 (62,078)
CASH AND CASH EQUIVALENTS, beginning of
period 1,626,862 3,908,186
-------------- -----------
CASH AND CASH EQUIVALENTS, end of period $ 3,228,830 $ 2,158,741
============== ===========
Supplemental disclosures of cash flow
information:
Interest paid $ 81,191 $ 49,220
Taxes paid 386,170 -
Non-cash investing and financing
activities:
Conversion of debentures into Common
Stock $ 2,300,000 $ -
Issuance of Preferred Stock for
acquisition of Investment -
Australian Secured Financial
Limited - 7,000,000
Issuance of Common Stock for
acquisition of Subsidiary -
Asia Premier Executive Suites,
Inc. $ 300,000 $ -
Issuance of Common Stock for
acquisition of Subsidiary - Shift
Resources, Inc. $ 190,000 $ -
Issuance of Common Stock for
acquisition of Investment - Taicom
Securities Co., Ltd. $ 5,200,000 $ -
Issuance of Note Payable for
acquisition of Subsidiary - Asia
Premier $ 268,000 $ -
SOURCE: IA Global, Inc.
Investor Relations of IA Global, Inc. 415-946-8828 (t) 415-946-8801 (f) ir@iaglobalinc.com www.iaglobalinc.com
Tags: acquisition amex asia australia business capitalization ceo consulting debentures debt deficit dividend earnings ebitda equity executive exercise expansion financial services insurance investment iowa japan market media mergers and acquisitions net profit note philippines products profit revenue sales securities standards tax taxes telecommunications telemarketing trade training treasury
IA Global, Inc. Announces the Appointment of Ambassador Raul Rabe to the Board of Its Philippine
SAN FRANCISCO, Aug 25, 2008 (BUSINESS WIRE) --
IA Global, Inc. (AMEX:IAO) announced today that Raul Rabe, former Philippine ambassador to the United States of America, has accepted a seat on the board of directors of IA Global, Inc.'s, Philippine Holding Company and to the board of its principal operating entity, Global Hotline Philippines, Inc.
Among his many and distinguished postings as a diplomat, Raul Rabe has also held posts as the Philippine ambassador to the Republic of Korea, Second Secretary for the Philippine Embassy in London, England, and First Secretary for the Philippine Embassy in Bucharest, Romania. Currently Ambassador Rabe is a Director of the Bank of Commerce, Manila; Chairman of the Board for ACK FREIGHT EXPRESS, Manila; Legal Counsel with Rodrigo, Berenguer & Guno, Manila, and Corporate Secretary of the Manila Economic and Cultural Office (MECO), Manila.
The company's CEO, Derek Schneideman, said, "We are delighted that an individual as senior, knowledgeable and qualified as Ambassador Raul Rabe has agreed to join the Boards of our Philippine companies. We look forward to the guidance and contributions that Ambassador Rabe will make to the growth of our Philippine enterprises and to any assistance that he may give in supporting the promotion of those services offered by our Philippine businesses in the United States, Europe and other countries within Asia."
About IA Global, Inc.
IA Global, Inc. ("IA Global") is a broadly based Services Company with a dedicated focus on growth of existing business, together with expansion through mergers and acquisitions in the Pacific Rim region. Our mission is to identify and invest in business opportunities, apply our skills and resources to nurture and enhance the performance of those businesses across key business metrics, and to deliver accelerating shareholder value.
To realize this plan, the Company is actively expanding investments in the business process outsourcing (BPO), this also includes the human resources and human capital elements necessary to recruit and train the very large numbers of people necessary to transact BPO, B2B and financial services sectors. These sectors demonstrate long-term growth prospects in which we, by applying our skills and resources, can add significant value to our investments. Beyond Japan, the Company is expanding its reach to encompass, the Philippines, South East Asia and the outstanding growth opportunities and synergies these markets present.
In Japan, IA Global is 100% owner of Global Hotline, Inc., a Business Process Outsourcing organization, operating several major call centers providing outbound telemarketing services for telecommunications and insurance products. Since our acquisition of Global Hotline in June 2005, this business has expanded rapidly with the signing of significant multi-year contracts with major corporations.
In the Philippines, IA Global is the 100% owner of Asia Premier Executive Suites Inc. and Shift Resources Inc., companies that have now been merged into a single company named Global Hotline Philippines Inc.
In the Asia Pacific region, the Company has equity investments of 25.0% in GPlus Media Co Ltd, 20.25% in Slate Consulting Co Ltd, 36.0% in Australian Secured Financial Limited and 20% in Taicom Securities Co Ltd. These organizations provide services, value-add investor relations services, capital raising and other income to IA Global, Inc.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements (within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act of 1934) regarding us and our business, financial condition, results of operations and prospects. Forward-looking statements in this report reflect the good faith judgment of our management and the statements are based on facts and factors as we currently know them. Forward-looking statements are subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. The comments concerning the profitability, revenue and revenue growth, target markets and sectors and the Asia Global B2B strategy are forward looking statements. Actual results could differ materially from those projected in the forward-looking statements, as a result of either the matters set forth or incorporated in this report generally or certain economic and business factors, some of which may be beyond the control of IA Global. These factors include adverse economic conditions, entry of new and stronger competitors, inadequate capital to support our operations and projections of revenues and profitability. Readers are urged not to place undue reliance on these forward-looking statements which speak only as of the date of this press release. We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of the press release.
SOURCE: IA Global, Inc.
Investor Relations of IA Global, Inc. 415-946-8828 (t) 415-946-8801 (f) ir@iaglobalinc.com www.iaglobalinc.com
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News from Zibb.com
- IA Global, Inc. Announces FY 2008/09 Revenue Guidance of $76 Million, an Approximate Doubling of
- CEO Comments on Status of IA Global, Inc. Operations - Zibb.com
- IA Global, Inc., Reports EBITDA Results of $2.9 Million on Revenues of $19.7 Million and Cash Flow
- IA Global, Inc. Announces the Appointment of Ambassador Raul Rabe to the Board of Its Philippine
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