St. Kitts & Nevis engages IPSA International to assist Citizenship by Investment Program, Improve Transparency

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NEW YORK and BASSETERRE, Saint Kitts, April 30, 2015 /PRNewswire/ -- root9B Technologies, Inc. (OTCQB: RTNB) today announced that its wholly-owned subsidiary, IPSA International (IPSA), has been retained by the St. Kitts and Nevis Government to address recommendations that will improve the country's Citizenship by Investment (CBI) Program.  IPSA, a regulatory risk mitigation firm delivering advisory and investigative services, will assist the St. Kitts and Nevis Citizenship by Investment Unit to increase the program's transparency and efficiency. 

St. Kitts and Nevis Prime Minister Dr. Hon. Timothy Harris has committed to ensuring the continued prestige of the Citizenship by Investment Program, which began in 1984 and is the most established program of its kind in the world. The program attracts investors of good character to make a substantial economic contribution to the development of the Federation in return for the opportunity to apply for citizenship.

"We appreciate the opportunity to assist St. Kitts and Nevis in their objective to ensure integrity exists in all aspects of their Citizenship by Investment Program," said IPSA's Chief Executive Officer Dan Wachtler. "The Immigrant Investor industry is seeing tremendous growth and change, and with that can come increased risk. St. Kitts and Nevis is poised to help themselves and the industry as a whole by implementing best practices in their program."

IPSA International completed a program review of the St. Kitts and Nevis Citizenship by Investment Program in the fourth quarter of 2014. Prime Minister Harris outlined that, with higher volumes, changing regulations and increased focus on Anti-Money Laundering and Counter Terrorist Funding, the review was commissioned to make recommendations for enhancements to protect the integrity and security of the program. IPSA made 20 recommendations for improved governance, risk mitigation and compliance, all of which were accepted. These included the roll-out of a case management tool to streamline the application management process within the Citizenship by Investment Unit (CIU); changes to the CIU's organizational structure to enhance processing capabilities and mitigate risk; an improved risk assessment process; and a review of previously approved applicants. Prime Minister Harris stated that IPSA has now been engaged to assist the CIU and the Government in carrying out these recommendations, including the immediate implementation of the case management tool.

"I can say today, that this government has reviewed the report and after consultations with a wide cross section of persons representing developers, agents, service providers, lawyers, ordinary citizens and workers, we have decided that it is in the best interest of our country that we implement the 20 recommendations proposed by IPSA International," said Prime Minister Harris. "These will form the basis to restructure, reform, and reposition the CBI Program and unit in particular to restore it to its former glory. Not just to become known as a program which is the oldest, but a program which is the best and which will become a leader in best practices in (similar) programs."

Since 2004, IPSA International has been providing investigative due diligence and consulting services for citizenship by investment programs, and in the Caribbean region since 2012. IPSA is a recognized industry pioneer and currently a preferred vendor for three citizenship by investment programs in the Caribbean. IPSA has consulted with governments in relation to these programs, including operational policies and procedures, workflow analysis, operational support, system recommendations, and implementation.

"IPSA has been involved with Immigrant Investor programs for over 10 years and we are pleased to be able to assist St. Kitts and Nevis in implementing these changes to meet the highest international standards," IPSA's Executive Vice President, International Operations, Kim Marsh said. "This will ensure continued confidence in the St. Kitts and Nevis Citizenship by Investment Program."

About St. Kitts and Nevis Citizenship by Investment Program

The Citizenship by Investment Program was established in 1984, making it the longest established program of this kind in the world. It has distinguished itself from many other similar programs by rigidly enforced investment requirements and meticulous due diligence procedures. The Government of St. Kitts and Nevis utilizes this program to attract investors of good character to make a substantial contribution to the development of the Federation. These investors are then given the opportunity to apply for citizenship and passport within the strict guidelines of the law and the relevant regulations. The Citizenship by Investment Unit (CIU) is the Government Authority which handles all matters concerning Citizenship by Investment in the Federation of St. Kitts and Nevis.

About IPSA International

IPSA International, a root9B Technologies, Inc. company, is a regulatory risk mitigation firm delivering advisory and investigative services globally in the areas of Anti-Money Laundering, Investigative Due Diligence, Enterprise Risk Management and Litigation Support. Our clients include public and private middle market businesses, multi-national corporations, financial institutions and governments. IPSA International has offices in the US, UK, Canada, UAE and Hong Kong, resources in over 75 countries and research capabilities in 20 languages. For more information, please visit us at www.ipsaintl.com.

About root9B Technologies

root9B Technologies (OTCQB: RTNB) is a leading provider of Cybersecurity and Regulatory Risk Mitigation Solutions. root9B Technologies delivers results that improve productivity, mitigate risk and maximize profits. Our clients range in size from Fortune 100 companies to mid-sized and owner-managed businesses across a broad range of industries including local, state, and government agencies. For more information, visit www.root9Btechnologies.com.   

Forward Looking Statements

Certain information contained in this press release may include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on root9B Technologies' current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of root9B Technologies business. These risks, uncertainties and contingencies are indicated from time to time in root9B Technologies filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that root9B Technologies financial results in any particular period may not be indicative of future results.  root9B Technologies is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.

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