NEWS... going international
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Monday August 23, 7:29 am Eastern Time
Company Press Release
SOURCE: NAM Corp.
NAM Announces Expansion into the International Dispute Resolution Arena
GREAT NECK, N.Y., Aug. 23 /PRNewswire/ -- NAM CORP. (Nasdaq: NAMC - news) -- the nation's leading provider of arbitration and mediation services and electronic case management software -- announced today its expansion into the multi-billion-dollar international dispute resolution market. The company also announced the appointment of Thomas Ng, Esq., as Vice President, International Division.
``As technology continues to enhance the speed of business and electronic commerce becomes increasingly accepted worldwide, more companies and individuals are conducting business internationally than ever before. The demand for quality dispute resolution services in the global arena will increase in what is largely an untapped market. As an established leader in the dispute resolution industry in the United States, it is NAM's intention to translate its formula for success internationally,' said Mr. Ng.
Added Roy Israel, Chairman and CEO of NAM, ``The international market for arbitration and mediation services is substantial. As large as the U.S. litigation market is -- $160 million and rising -- countries all over the world are experiencing exponential increases in litigation. According to a study published by Tillinghast-Towers Perrin, Tort Cost Trends: An International Perspective, which measured international tort cost trends worldwide as a percentage of Gross Domestic Product, the relative growth of litigation in this country between 1973 and 1993 was 76%, as compared to the United Kingdom, which was 100%, and Spain, which was 200%. Additionally, other nations are recognizing the benefits of arbitration and mediation, evidenced by the 121 countries that are signatories at the Arbitration conventions. Litigation in some of these countries takes more than ten years to resolve. International arbitration is the only viable means for businesses to protect their rights and interests.'
Mr. Ng comes to NAM from the American Arbitration Association (AAA), where he served as International Case Manager. He also worked at the United Nations in the Legal Division. Prior to his tenure at AAA, Mr. Ng practiced law in Australia and specialized in commercial and property disputes in the Asian market.
NAM Corporation is also the parent company of clickNsettle.com, the electronic settlement program. Headquartered in Great Neck, New York, NAM maintains hearing officer rosters and conference facilities nationwide.
The statements contained in this release contain forward-looking statements relating to such matters as anticipated financial performance, business prospects and similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause the Company's actual results and experience to differ materially from the anticipated results or other expenditures expressed in the Company's forward-looking statements. These factors include changes in the markets and/or regions currently served by the Company and in those markets and/or regions that the Company may expand into; changes in the insurance industry; the Company's inability to retain current or new hearing officers; changes in the public court system; and the degree and timing of the market's acceptance of its software.
SOURCE: NAM Corp.
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