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    Forms Joint Venture in US Smart Card Market

    Document date: Mon 20 May 2002 Published: Mon 20 May 2002 13:10:29
    Document No: 264444 Document part: A
    Market Flag: Y
    Classification: Other
    EGLOBAL INTERNATIONAL LIMITED 2002-05-20 ASX-SIGNAL-G

    HOMEX - Sydney

    +++++++++++++++++++++++++
    eGlobal International Limited has today announced it has formed a
    Joint Venture in the United States with InsureNet USA Inc to market
    and sell its smart card-based motor vehicle insurance verification
    systems. The new Company will be called InsureNet America Inc and is
    a 50/50 Joint Venture arrangement.

    The United States joint venture will see eGlobal supply smart card
    and related technologies for the development of a new
    fully-integrated software system to track motor vehicle registration
    throughout the United States.

    eGlobal Managing Director Gordon Chalmers said the new InsureNet JV
    represents a significant milestone for eGlobal internationally.

    He said the joint venture follows a series of live demonstration
    programs of the new motor vehicle insurance verification system to
    various Federal and State Authorities.

    "Our initial involvement with InsureNet has allowed them to
    successfully demonstrate their vision to clients," he said.

    "Now we can move forward with the deployment and implementation of
    the system, which both parties believe has significant potential in
    the United States market. A number of State Authorities and insurance
    companies are already looking very closely at the system and there
    are many growth opportunities ahead."

    The InsureNet system is designed to provide a fast, accurate and
    unified method of verifying motor vehicle insurance in the United
    States. Motor vehicle insurance is mandatory in almost every US
    State, but unlike Australia, US Insurance Agents are not required to
    report new policies to insurers in a timely manner and provide proper
    binders to their clients.

    Mr Chalmers said the delays and inaccuracies in reporting motor
    vehicle insurance in the United States have led to major problems and
    costs with uninsured driving and insurance fraud.

    "Many drivers obtain insurance for only a short period then cancel
    and continue to use once-legitimate documents, while many others
    have fake documents or none at all," he said.

    "Nationally, it is estimated that at least one in five US drivers is
    uninsured at any given time and the losses sustained each year run
    into the billions."

    InsureNet aims to counter such problems by implementing a uniform
    verification system based on smart cards containing vehicle
    identification numbers and monitoring software that can interface
    with insurers and law enforcement authorities.

    eGlobal Chief Technical Officer Greg Craven said eGlobal will supply
    a system of encrypted smart cards, matching readers and associated
    communication technologies to InsureNet.

    He said the new system will provides both instant and accurate
    registering, updating, monitoring and verification of motor vehicle
    insurance status and has enormous potential in the United States.

    Mr Chalmers said eGlobal has undertaken a number of projects in the
    United States in recent years, but the InSureNet project is the most
    significant in terms of establishing a strong foothold for future
    growth.

    "The United States is a massive and highly-competitive technology
    market, but one that offers tremendous opportunities for our smart
    card technologies."


    ABOUTeGLOBAL
    Visit http://www.eglobal.net for further information.

    Further Information: Gordon Chalmers
    MANAGING DIRECTOR
    eGlobal International Limited
    (07) 3369 6899

 
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