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Sanford Awarded Federal Grant To Develop 'Offshore Friendly' Technology

Mike Godfrey, Tax-news.com, New York

24 January 2001

Perth based financial transactions technology developer, Sanford Securities, announced recently that it has been awarded a $1.3 million grant from the Federal Government to develop a solution that will facilitate trade across global currencies, execution and settlement systems.

Work is already underway on the development of the system, known as the Global Execution, Settlement and Custody System (or GESCS), and the aim is to reduce the transaction and holding costs tied to financial assets in both offshore and local markets. Chief executive of Sanford, Steven Goh outlined the benefits for the smaller investor: 'Because of our focus on delivering this technology at a low cost, all investors would be able to enjoy the same services currently only available to institutional or high net worth clients.'

Sanford will also contribute $1.3 million to the continuing cost of researching and commercialising the platform, which it intends to integrate into its existing suite of online broking and financial services tools. GESCS will be accessible via internet, broadband and wireless channels, and the project is slated for completion, according to Mr Goh, in December 2001.

Things appear to be going well for Sanford; prior to receiving the Department of Industry, Science and Resources Start Grant, the developer raised $9 million through an IPO last July, and has attracted the backing of NAB, and the investment bank, UBS Warburg.

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