SOX Pro for Small Cap
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Secure Blue's Unique Sarbanes-Oxley and Internal Security Software Suite, Developed Specifically for Small and Medium Cap Businesses, Pays for Itself Within a Few Months CELEBRATION, Fla.--(BUSINESS WIRE)--April 19, 2005-- IBSG International, Inc., (the "Company"), (OTCBB:IGII - News) announced today that its subsidiary Secure Blue, Inc., will be launching online demonstrations of the latest version of its revolutionary Sarbanes-Oxley solution, SOX Pro, to potential resellers, brokers, small caps and medium caps this month. Its dual capability - SOX compliance plus internal network security management - delivers improved productivity, savings in asset management and reduced liabilities for the company, its management, employees, customers and suppliers. Recovery Of Investment (ROI) shows SOX Pro can pay for itself within a matter of months. This opens the door for Secure Blue to offer one of the few economical solutions into a market estimated by Gartner to reach $6.9 billion by 2006. SOX Pro was designed and priced specifically to appeal to small and medium cap public companies. This sector has been hit hard by the spiraling costs of SOX compliance. The high cost and complexity of existing SOX solutions has resulted in a dramatic increase in the number of late filings from small and medium cap companies compared to this time last year. As a result the SEC have given companies with a market cap of less than $75 million a one year extension to comply. Sarbanes-Oxley compliance remains a growth business in a mature industry: In the latest FEI survey of 217 public companies with average revenues of $5 billion, the total cost of Section 404 compliance averaged $1.34 million for internal costs, $1.72 million for external costs, and $1.30 million for auditor fees. However, most SOX solution providers have largely ignored the market for an affordable SOX solution tailored to the needs of small and medium caps.SOX Pro has all of the elements essential for compliance with the critical Sections 404 & 302 - document tracking, access control, content filtering, continuous monitoring, auto-alerts and sophisticated management reporting - and much, much more. It gives CFOs and CEOs the confidence to certify the quarterly and annual reports knowing that the relevant checks and balances that are in place are demonstrably effective. SOX Pro also provides the means to setup, implement, monitor and report on a robust enterprise network security policy - a pre-requisite for companies to stay compliant with SOX long term and a cost-effective means for companies to significantly cut their potential liabilities from general computer abuse, illegal software or data theft.Roy Davis, CEO of Secure Blue, Inc. predicts: "SOX Pro will change companies' perception of Sarbanes-Oxley as an onerous and costly piece of legislation and enable them to turn it into a business advantage. By creating a solution that combines SOX compliance with internal network security we can genuinely offer a real return on investment and not one based on imaginary arguments. It's also really easy to use and that should appeal to small companies who don't have high-level in-house IT expertise. We anticipate growing and significant revenues being generated from Secure Blue as the year develops. We are currently projecting net revenues of $800,000 for 2005 and $4.25 million for 2006". Dr Michael Rivers, CEO of IBSG International said: "April sees the beginning of a concerted effort to establish Secure Blue as the premier provider of SOX solutions to small and medium caps. The extension to the compliance dates offered by the SEC and the continuing focus on the larger corporations gives Secure Blue a great opportunity to capitalize on the small cap market." In recent weeks there has been much published about the soaring costs of SOX compliance, particularly for small and medium cap companies. Secure Blue has been actively arguing(a) the case for an effective, low-cost solution and has taken a tough stand against the suggestion that every SOX solution provider is merely using the legislation as an excuse to offer over-complex products, at inflated prices, just to make a quick buck.
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