"VeriSign PrePayIN allows us to launch feature-rich prepay wireless service to Iraq and provide a superior customer experience to millions of users," said Mr. Alaa Sami Kazim, Chairman of Al Mazaya Telecommunications. "In addition to enabling us to compete in the growing Iraqi prepay market by offering next-generation services, this solution allows us to accurately bill customers in real-time."
Al Mazaya Telecommunications will use PrePayIN rating flexibility to deliver targeted plans for voice and short message services (SMS), popular in the Middle East. The real-time billing will provide customers with detailed, up-to-date usage information and account status. The service will also allow carriers to bill for new services, including next-generation content and data services such as streaming video, file transfer and multimedia message services (MMS).
"For service providers to expand into new markets and grow their subscriber base, they must be able to offer accurate billing services combined with content that customers demand," said Kevin Bresnahan, director, VeriSign Prepaid Product Management. "Our solution allows Al Mazaya Telecommunications to expand into its target market of Iraq and offer more services and plans that can be rated, billed and delivered -- anywhere, anytime."
The prepaid market has experienced steady growth in the Middle East. According to the Yankee Group's recent report, "Global Mobile Premium Forecast, September 2006," total prepaid market revenue is forecasted to grow from 1.7 million Euros in 2003 to over 6.9 million Euros by the year 2010.
VeriSign's current prepay services support more than 30 million subscribers worldwide. VeriSign offers one of the world's broadest and most comprehensive portfolio of next-generation communications, commerce and content solutions.
About Al Mazaya Telecommunications
Al Mazaya Telecommunications is an Iraqi based company holding a license from ITPC of Iraq to operate CDMA networks in Iraq. Al Mazaya Telecommunications is a joint venture of Al Manara Overseas LLC from Dubai and Al-Mal Investment Group from Kuwait. The joint venture is in the process of establishing its head-office operations in Dubai under the name of Al Mazaya Star Telecom.
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Statements in this announcement other than historical data and information constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause VeriSign's actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, the uncertainty of future revenue and profitability and potential fluctuations in quarterly operating results due to such factors as the inability of VeriSign to successfully develop and market new products and services and customer acceptance of any new products or services, including VeriSign's PrePayIN; the possibility that this service may not result in additional customers, profits or revenues; and increased competition and pricing pressures. More information about potential factors that could affect the company's business and financial results is included in VeriSign's filings with the Securities and Exchange Commission, including in the company's Annual Report on Form 10-K for the year ended December 31, 2005 and quarterly reports on Form 10-Q. VeriSign undertakes no obligation to update any of the forward-looking statements after the date of this press release.