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Here Is Our Next Hot Pick!
IRV INC (OTCBB: IRVV)
URGENT BUY (IRVV): $.45 PER SHARE!
SELL TARGET $1.85 PER SHARE!
Our track record shows we offer valuable research that makes a difference to our
investors. We target serious gains for serious investors looking for agressive
moves in undervalued situations.
WE FEEL ITS A TRIPLE FROM HERE!!!
This Company is Making An Aquisiton!
iRV, Inc. Announces Intent to Acquire Scarab Systems, Inc., Smart CardPayment Solution Provider
BOULDER, Colo., Dec 13, 2001 /PRNewswire via COMTEX/ -- The Board of Directors of iRV, Inc. (OTC Bulletin Board: IRVV) is pleased to announce that the company has signed a non-binding letter of intent to acquire Scarab Systems, Inc., a privately held Nevada corporation. Scarab Systems 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 subject to completion of specific terms and conditions to be laid out in a definitive agreement. The transaction is also subject to the completion by Scarab Systems of a private placement and other customary conditions.
Scarab Systems, Inc. has a license to provide rechargeable stored value smart cards for private label applications that the cardholder can load from a designated banking account via the Internet or via designated Automated Banking Machines (ABM). The funds can be withdrawn from most ATMs worldwide, or the stored value can be used to purchase goods and services anywhere that VISA is accepted, whether online or in brick and mortar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 licensed 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," stated Thomas Mills, President of Scarab Systems.
The smart card industry continues to experience tremendous growth. Each 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). 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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