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FUNDSTECH CORP ADDS ADDITIONAL U.S. PROJECTS
Ponte Vedra Beach, FL January 9, 2008 /PRNewswire-FirstCall/FundsTech Corp (NASDAQ OTC (FNDS), (Frankfurt “FT4’, A0MWLG) a financial services company announced today that it has added additional customers in the U.S.
FundsTech Corp (FTC) has received an order for additional U.S. programs. These projects are a series of card programs in the General Spend, Gift and Teen markets that will be marketed through a network of thousands of retailers. The program will deploy in the first quarter of 2008.
Joe Tumbarello, Chief Operating Officer of FundsTech Corp, stated, “Strategically we knew the market for Prepaid was exploding domestically and globally. We continue to deliver programs through our distribution partners while we prepare to launch abroad. Many of our U.S. distributors plan on leveraging our African and European platforms for greater reach and growth. Our next key corporate goal is to become cash flow positive in the third quarter and believe we have the processes in place and the programs in the sales pipeline to achieve this goal.” About FundsTech Corp
FundsTech Corp is a financial services company that provides prepaid debit cards to the over 1 Billion working population worldwide who do not have a bank account. This market is estimated at over $100 Billion on an annual basis. The FundsTech Cash Card allows the employer to replace payroll checks for their un-banked workers. In addition it allows employers to use the FundsTech Cash Card where they now have to pay their employees in cash, which is estimated to be over 50% of the worldwide working population. The FundsTech Cash Card also allows for the domestic and international transfer of money (replaces Western Union) which is also a market estimated to be over $100 Billion annually. The FundsTech Cash Card can be used anywhere in the world that accepts MasterCard or Visa. Other services include Gift cards, bill pay, prepaid cellular, etc.
Company Contact FundsTech:
Matters discussed in this press release contain forward looking statements as defined under the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward looking statements involve risk and uncertainties, which could significantly impact the actual results, performance or achievements of the Company. Such risks and uncertainties include, but are limited to, the time frame for production of revenue, product development and commercial introduction, the impact of rapid price and technological change and competition, manufacturing and supply uncertainties and other risks as may be detailed from time to time in the Company's periodic reports filed with the Securities & Exchange Commission.
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