NIGERIAN CHAMS SEEKS FUNDS FOR TERMINALS DEPLOYMENT

Mergers, Acquisitions and Financial Results

Chams Nigeria Limited, a pioneer operator in the smartcard segment of the Nigerian IT industry, is offering a private placement subscription of 100,000,000 units of shares of N1.00 each at N6.25k per share in a bid to raise funds to instal terminals for business and investment purposes in Nigeria,

This offer is being made to enable the company its widely popular new multi-purpose e-business payment platform.

According to the Managing Director of the company, Demola Aladekomo, this initiative is geared towards raising N3 Billion on 2006 project and N10 Billion towards implementation of terminals in 2007. Three thousand terminals will be located in Abuja and Lagos as a result of the Private Placement.

Aladekomo said "investors should invest in Chams a stable and established company with solid and well - respected brand and pioneering technology. Chams will add value to Nigeria and Nigerians, bring about great Return on Investment and will be listed in stock exchange by 2007".

He disclosed that Chams has been tested stating that "the board as well as competent management has been suportive in th growth. It is innovative and dynamic, convenient and safe. The future of Information Technology is bright and as such investors will relish the growth in the industry through investment"

General Manager of the company, Kazeem Durodoye said Chams Access Terminal is a state-of-the-art public access retail billing and collection system with Internet access backed by a state-of-the-art data center operations.

According to Aladekomo, Chams Nigeria Limited was incorporated in 1985 as a computer hardware maintenance service, It pioneered computer maintenance from 1985-1987, pioneered networking 1987-1992, pioneered ID card and smart-card from 1993 till date, pionered bank smartcard with valucard 1993-- 1996.

It also pioneered the manufacturing of cards locally and the probability of producing the cards before the government decision to ban importation of cards. The company's first successful implementation of the national ID card with one million Nigerians was in 1999. Chams also manufacture cards currently for six PTOs and two GSM companies.

In 2003, the company came up with a new business focus with pioneering technology, filling gaps in IT. By 2004, its business and technology changed strategies.

The various subsidiaries of chams are the Card Centre Limited, Paymaster Limited and Supercard. The Card Centre is responsible for manufacturing of various kinds of plastic cards and PVC.

Paymaster is for building e-transaction, infrastructure with the objective to establish and run a secure, reliable and scalable network. Supercard core activity is to generate a secure, credible and fail-safe information, create data base for pensioneers and system that would be able to create an equally secures, fraud/forge proof students/staff ID card.

In twenty years of the company's operation in the IT industry in Nigeria, it has developed human capital capacity and built alliances with reputable companies abroad and locally to guarantee bits continued existence and relevance.

Taking into consideration its liabilities, using the Net Asset Valuation, the company's unit share is worth about N9.80 for the issued share offer, hence it is heavily discounted in order to attract investments for the deployment of the Chams Access Service.

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