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Source: FundsTech Corp.
Multinational Central African Financial Institution Signs Letter of Intent for Partnership with FundsTech Corp.
Ponte Vedra Beach, FL February 4, 2008—FundsTech Corp. (OTCBB: FNDS) (Frankfurt: “FT4,” A0MWLG) today announced that a Central African financial institution has signed a letter of intent for the Company to plan or provide a complete debit and credit card processing solution.
Joe Tumbarello COO of FundsTech stated: “We are excited by the opportunity to assist this multi-branch financial institution in providing various infrastructure components such as debit and credit card solutions to it’s customers in the Central African Economic Region. This represents a total population of approximately 45 Million. The Industry average for prepaid debit cards alone is $12.00 per month per card.
This total solution will include:
· Debit and Credit Card Processing · Payroll Cards · Money Transfer · Micro Lending
Due to the non-disclosure agreement between the parties the Company cannot disclose the name of the financial institution at this time.
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 Industry average for prepaid cards is $12.00 per month per card. 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.
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.
Contact: FundsTech Corp. |
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