Written by ι Stock Market Media Group Staff — August 13, 2013
INSCOR, Inc. (OTC PINK: IOGA) Chief Executive Officer (CEO) Kenny Andam found himself back in his homeland of Ghana to ink his first big deal with his new company. After signing what amounts to an eventual $200 million+ contract with Ghana’s National Mass Social Welfare Scheme (MSWS) http://www.mswsghana.org to insure the replacement of lost or stolen welfare cards issued to its members, Andam spoke to a large audience at the organization’s conference who were all antsy to start receiving those cards.
The company has released a video on its website of the organization’s conference and Kenny Andam speaking at the event along with the President of MSWS-Ghana, De-Ben Selassie Elikplim. That video can be viewed on the company’s media page here: http://www.ins-cor.com/media
This contract and outside the box revenue generation is exactly why INSCOR found just the right guy when it named Kenny Andam as its CEO, and with that announcement opened what could be a very exciting chapter in the company’s history.
INSCOR has developed a family of insurance products that are both timely and common sense solutions for municipalities and other government entities, hospital systems, corporations, and high net worth individuals. Now, to drive the success of those products, enter Kenny Andam, an entrepreneur who is behind many successful companies. But, in typical Kenny Andam fashion, he’s not sitting idly by waiting for that market to keep INSCOR shareholders happy. He’s gone out and created a blockbuster opportunity for the company, adding to his impressive resume that just happens to be filled with the same outside the box thinking time and time again.
Stock Market Media Group, a full service investment relations firm specializing in research and content development, took a closer look at INSCOR’s new CEO and found that the company chose just the right guy to complete the deal and has already proven his worth in just over a month.
Andam has rolled up his sleeves and gotten to work immediately. With Adman at the helm, negotiations quickly turned into a signed deal initially worth $36 million in annual revenues between INSCOR and Ghana’s National Mass Social Welfare Scheme (MSWS) http://www.mswsghana.org to insure the replacement of lost or stolen welfare cards issued to its members.
MSWS will initially provide valuable structured welfare needs to 3 million members on Oct. 30, 2013, growing to 9 million members by Oct. 30, 2014, and then reach 18 million members by Oct 30, 2015. A monthly fee of $1 USD per card will be paid to INSCOR to insure each member’s card for replacement should a card be lost or stolen. The insured coverage will be structured for only lost or stolen card replacement.
For INSCOR, this represents approximately $3 million in gross monthly revenue beginning November 30, 2013, and ultimately rising to $18 million in estimated gross monthly revenue within three years of the launch of the cards. This contract means $36 million per year in gross revenues as coverage on the cards kicks in beginning this November. That gross revenue quickly grows to over $200 million each year by the third year when MSWS ramps up coverage to all 18 million members in Ghana. And, the good doesn’t stop there! The company can continue to capitalize with MSWS’s growth, which is projected to reach 650 million subscribers to its programs throughout Africa by 2030.
Kenny Andam has a reputation of identifying a need and then immediately getting to work to create a solution. He has a growing list of companies that he’s created that have done just that – addressed a need. Andam competed in the 2000 Summer Olympics in Sydney as a sprinter for his native Ghana, so moving fast and reaching the finish line is something he has a bit of experience doing.
Take three of the recent companies Andam founded and led to success after identifying a need and a niche market – WorldVuer, Inc., Globa, Inc., and OS Petro, Inc. – in all three, Andam was driven to bring an idea to life.
With WorldVuer, Andam’s vision was to deliver a system of tools and applications that could bridge the communications divide that exists in our global economy today. He delivered and today WorldVuer is a market leader, and the platform is the new standard for building Video Interactive Portals that deliver to any organization or professional a more engaging online experience for their clients, consumers and employees.
In Globa, Andam saw an opportunity to deliver a product that is ideally suited for small businesses, online merchants, and individuals who are currently underserved by traditional payment mechanisms. Again, he delivered and Globa answered the call as a truly global payment solution and welcomes customers from all over the world.
Globa is a money transfer platform and payment processing service based on the mobile phone and developed to lead the mobile money growth explosion around the world. The company allows individuals to transfer money, make purchases, receive payment and process transactions through their mobile phones and online.
In a unique opportunity to make an investment back home, Andam founded OS Petro, an oil and gas company with oil concessions and operating reserves in Africa, after a massive discovery of oil and gas reserves was introduced to Mr. Andam and his partners. His vision was to enter the oil and gas market with his partners as a major oil block owner and invest capital to explore the possibilities of drilling and exploration where he grew up.
Today OS Petro’s Ghana OCTPS Tano oil block has shown a reserve estimate of 1 billion plus barrels of oil, and with Andam and his team’s hard work, the company is on the radar of major oil and gas companies for potential partnerships and acquisition.
These are but three examples from a long list of success stories to draw from on Andam’s resume. What does this mean for INSCOR? I think we’re already seeing how Andam thinks and works outside the box, and this may be one of Kenny Andam’s easier success stories as most of the hard work is done with regard to the company’s insurance products. When INSCOR’s Krabbeler and Doerr identified specific target markets that desperately needed a solution, they went to work tailoring the company’s insurance products to address what is a dramatic $1.5-trillion in unfunded liabilities among municipalities and state government post-employment benefit plans nationwide.
Almost 70,000 municipalities have been identified as in-need of a funding solution making them all potential clients for INSCOR, and that will be Kenny Andam’s mission. Andam will use his eye for business and creative ability to simplify the process to turn those potential clients into sales revenues. The company has the products, it has identified a large potential client base, and now Andam will work his magic and shorten the sales process and identify new markets and new clients for INSCOR to develop. His appointment as INSCOR’s CEO should be very good news to shareholders as Andam has been quick to implement his vision and realize success along his storied business path, and this should equal value to those who have invested in one of his companies.