SOURCE: Sitoa Global, Inc.
PALO ALTO, CA--(Marketwire - Jun 5, 2012) - Sitoa Global Inc. (OTCQB: STOA) (PINKSHEETS: STOA) (the "Company"), an e-commerce solutions and service provider, announced today the launch of ShopShip2PH www.shopship2ph.com, an international e-commerce marketplace site that allows products to be purchased online and then shipped directly to the Philippines.
ShopShip2PH, which utilizes the Sitoa Focused Social Marketplace platform, is specifically designed for Overseas Foreign Workers ("OFWs") from the Philippines, living overseas internationally for employment, and Filipino-Americans. The marketplace will feature products that are available outside the Philippines and at competitive pricing compared to what Philippine based specialty importers can attain them for.
Sitoa Global has partnered with LBC Express www.lbcexpress.com, the 2nd largest shipping company in the Philippines. LBC Express will market the website to their 2 million OFW customers internationally and also allow them to use their membership points to redeem for products bought online through ShopShip2PH.
It is estimated that between 8.6 million and 11 million OFWs are living outside the Philippines which is around 11% of the total population of the Philippines. The economic impact is estimated to be around $19 billion in remittances sent back to the Philippines every year from abroad.
Early product partners are eBags.com, Fragrancenet.com, Troika (Germany), Philippi (Germany) and PalmBeachJewelry.com. The product partners will be integrated in over the next few months as well as other new partners that are currently in discussion.
The site has commitments for 1,100 products to be sold online initially. The product lineup is targeted to be over 20,000 by year-end. Under the strategic partnership agreement Sitoa Global will receive monthly hosting fees and a revenue share.
About LBC Express
Luzon Brokerage Corporation was founded in the 1950's as a brokerage and air cargo agent. Eventually, the company operated as an air cargo forwarding service provider and was the first to introduce the 24-hour air cargo delivery service. LBC soon became a respected leader offering fast and reliable Express Courier and Money Remittance service throughout the Philippines. Today, LBC offers the widest coverage and network with over 800 strategically located branches nationwide and over 90 branches abroad.
LBC Global Expansion
LBC's continuous growth in the domestic market instigated setting foot overseas. The first LBC branch outside the country was established in San Francisco, California in 1985. Today, LBC has over 70 branches in the US and Canada. A high number of Filipino migrant workers have settled in Asian countries, also in Europe and the Middle East. Today, LBC has established branches in Taiwan, Brunei, Singapore, Hong Kong, Malaysia, Saipan, UAE, Australia, Spain, Italy and an up-coming branch in UK.
About Sitoa Global, Inc.
Sitoa Global provides an easy-to-use and comprehensive platform, the "Focused Social Marketplace" that enables an online retailer to deploy a social marketplace e-commerce site. Sitoa's opportunity is to provide infrastructure that build marketplaces for online sellers with focused customer communities to expand their sales channels without the risks of focus dilution, and increased capital and operating costs. Sitoa shares in revenues generated by the site in addition to charging one-time integration and hosting fees. Additional information about Sitoa may be found on its website, http://www.sitoaglobal.com.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the continued growth of the e-commerce segment and the ability of the Company to continue its expansion into that segment; the ability of the Company to perform under the agreement with ShopShip2PH; the ability of the Company to successfully execute its business plan; the business strategy, plans, and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume any duty to update these forward-looking statements.