Press Release Source: NewMarket Technology, Inc.
NewMarket Technology, Inc., with the United States Agency for International Development (USAID), and the Academy of Educational Development to Select Up to 10 Small U.S. Technology Firms for Latin American Trade Mission
Tuesday February 6, 9:00 am ET
Program Funded by USAID's dot-ORG Program to Foster Improved Global Health, Education and Economic Opportunities for Least Advantaged through Applied Information and Communication Technologies
DALLAS--(BUSINESS WIRE)--NewMarket Technology, Inc. (OTCBB:NMKT - News) announced today entering into an agreement with the Academy for Educational Development (AED) to implement a project to expand U.S.-based small technology company involvement in the Latin America/Caribbean region (LAC).
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As part of the project, NewMarket Technology will develop informational resources to educate small U.S. technology companies on the hurdles, advantages, and opportunities of conducting business in LAC countries. Additionally, NewMarket will issue a Request for Application (RFA) to small U.S.-based technology companies actively seeking to expand into Latin American markets. Up to ten companies will be selected to participate in the project. The chosen companies will receive information and guidance on how to expand their business into LAC markets, particularly underserved areas, as well as a chance to develop initial business opportunities through a Trade Mission to Latin America in July 2007.
Further project details and information for companies interested in submitting applications to participate in the project will be available March 15th through NewMarket's website, www.newmarkettechnology.com.
The project is supported by the dot-ORG program (www.dot-com-alliance.org), funded by USAID and implemented by the AED. dot-ORG's mandate is to stimulate and improve access to information and communication technologies in underserved areas in countries where USAID is present, as well as to promote new and innovative uses of these technology applications.
NewMarket Technology was selected to implement the project from a competitive group of applicants based on the company's own successful growth in the LAC region. NewMarket initially entered the LAC region in 2004 to bring emerging technologies to emerging markets. NewMarket's Latin American operations have grown rapidly to an expected $20 million in profitable annual revenue for 2006, and the company projects $30 million in revenue in 2007.
"USAID is working to enhance smaller U.S. technology company involvement in the LAC, targeting underserved areas in the region. NewMarket's success in bringing technology to Latin America and their innovative approach to doing this made them stand out in our pool of applicants. USAID and AED are very pleased to join forces with NewMarket to engage smaller U.S. technology companies in the LAC region," said Michael Tetelman, Director of the AED dot-ORG program.
Philip Verges, CEO of NewMarket Technology, Inc., said, "This is an exciting project for us. We will use our best practices and lessons learned from our own growth in Latin America to provide valuable resources to smaller U.S. technology companies. The opportunities to provide and implement technology in Latin America are extensive and we look forward to assisting USAID and AED in advancing their program."
Public Listing of NewMarket Latin America Subsidiary
Separately, NewMarket Technology has signed a binding letter of intent (LOI) agreement to combine its Latin America operations into Paragon Financial Corp. (OTC:PGNF - News). NewMarket will become the majority shareholder in Paragon Financial and the corporate name will subsequently change to NewMarket Latin America.
Upcoming NewMarket Presentations on Independently Listed Subsidiaries
NewMarket Technology will present business plans for its three initial publicly listed subsidiaries, including NewMarket Latin America, next week. Anyone interested in attending the presentations, please RSVP to ir@newmarkettechnology.com or 214-72
