Information technology firm Tricubes Bhd said the initial investment for the 1Malaysia Email Project is RM5.3 million, for which an initial funding has already been secured via internally generated funds and borrowings.

As the total investment for the project over 10 years will be approximately RM50 million, it expects to reinvest revenue received from the project to ensure sustainability.

“The government is neither funding nor underwriting this project. This is a 100 percent privately-funded project,” Tricubes said in a filing to Bursa Malaysia in Kuala Lumpur today.

NONE It also said the government only acts as a facilitator for certain information and processes such as data validation from agencies like the National Registration Department.     

The registered and approved domain email address will be yourname@myemail.my, it said, stressing that the email will provide users with the option to enhance the security of the entire session with data encryption.

“Tricubes and Microsoft are working closely to ensure the integrity and confidentiality of users,” it added, in reply to queries if the government can monitor the email account.

Tricubes also said that its base service will be the email service at no cost to users while revenue sources will come from the value-added services to be introduced in phases.

Users will initially be able to use the account to receive government notices such as income tax assessment, driving licence renewal and quit rent reminders as well as Employees Provident Fund (EPF) statements and notices of summons.

On its GN3 status, Tricubes explained that it had invested heavily in research and development, which has a long gestation period, and is well on the way to generate returns to recoup the investment.

 However, it said a GN3 company, is allowed by Bursa Malaysia to continue carrying out its business activities.

In order to remain listed, the GN3 company has to regularise its financial standing.

First milestone

Tricubes has achieved the first milestone in its regularisation plan set by Bursa Malaysia, with the appointment of its sponsor, M&A Securities Sdn Bhd in January this year.

 The sponsor is expected to submit the company’s regularisation plan to Bursa Malaysia and obtain its approval no later than Oct 29, 2011.

The company selected for the IMalaysia EMail project had to show its ability to generate funding for it, which Tricubes has met.

The evaluation team had met with Bursa Malaysia to clarify Tricubes’ GN3 status, prior to making its final selection, Tricubes said.

- Bernama