|
Press Release |
|
4651 Salisbury Road Suite 485 Jacksonville, FL 32256 |
|
To contact us: |
|
# |
|
Source: FundsTech Corp.
FUNDSTECH CORP ANNOUNCES LETTER OF INTENT TO ACQUIRE A U.S. BASED COMPANY THAT SELLS CARD PROGRAMS TO BOTH MERCHANTS AND EMPLOYERS IN BOTH THE DEBIT AND CREDIT SPACE.
Ponte Vedra Beach, FL, March 12, 2008—FundsTech Corp. (OTCBB: FNDS) (Frankfurt: “FT4,” A0MWLG) today is releasing a shareholder update announcement. FundsTech Corp announces that it has signed a Letter of Intent (“LOI”) to acquire all the assets of a U.S. based company that sells its credit and debit card programs to merchants and employers throughout the U.S. with a current installed base of 5,000 merchant accounts that generate $300,000,000 worth of credit card transactions annually.
Michael Dodak, CEO of FundsTech stated “We are very pleased to announce this LOI to acquire a large and growing company with a base of installations in the U.S. We will also be acquiring a platform that will enable us to provide a complete ACH and E Check solution for both the U.S. as well as for our customers around the world. We intend to use this acquisition to begin a push into the U.S. market for both debit and credit card solutions, but more importantly this provides us with skill sets and additional resources that we will use internationally. The completion of this transaction will allow us to generate revenue sooner than anticipated and along with the launch and delivery of our cards (1.5 million cards) to our South African customers goes a long ways towards the achievement of our revenue, profit and EBITDA goals for 2008.”
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. |
|
Home |
|
About Us |
|
Contact Us |
|
Product/Services |
|
Mission Statement |
|
Privacy Statement |
|
FAQ |
|
Investor Relations |
|
Demo |