FNDS3000 Corp Announces Delivery of First Payroll Cards in South Africa
September 16 2008 - 6:00AM
PR Newswire (US)
Milestone Achievement Signals New Era for FNDS3000 PONTE VEDRA
BEACH, Fla., Sept. 16 /PRNewswire-FirstCall/ -- FNDS3000 Corp
(OTC:FDTC) (BULLETIN BOARD: FDTC) (Frankfurt: "FT4," A0MWLG)
announced today that it launched its first payroll card program in
South Africa. After the completion of all necessary certifications,
FNDS3000 started providing processing services to its customers in
South Africa. Michael J. Dodak, CEO and Chairman of the Board of
FNDS3000, stated, "The issuing of our Diamond Cash Card is a
significant milestone in our corporate history. Our major strategic
objective was to install our prepaid card- issuing platform in
Johannesburg, South Africa to serve as a launching pad for tapping
into the expanding unbanked markets. The prepaid platform will
service South Africa and will expand to include many other African
and Middle Eastern countries such as Nigeria, Kenya, Tanzania,
United Arab Emirates and Qatar, as well as others. The introduction
of our prepaid card solution compliments the South African
Government's drive toward the economic advancement of previously
disadvantaged communities. The issuing of our prepaid cards allows
us to generate our initial revenue stream from this division
immediately. Looking forward, we have begun the process which will
lead to launching our programs in the Middle East. We are securing
a significant customer base in that region commencing in the United
Arab Emirates. In addition, we are actively pursuing opportunities
in India and Eastern Europe. Our launch in South Africa is a
significant step forward in penetrating into quickly developing
emerging markets of the Europe, Middle East, and Africa (EMEA)
region." Victoria Vaksman, Executive Vice President of EMEA for
FNDS3000 stated, "The launch of our first payroll card program is
not only a milestone in FNDS3000's ability to issue prepaid cards
that are accepted at retailers and ATM's worldwide, but it is also
a significant competitive advantage for FNDS3000 in the prepaid
debit card market. Where closed loop card programs are prevalent in
the African market, there are few card processors that have the
ability to issue official association branded cards. The hard work
and dedication of our technical staff will grow our cardholder
base, thus ensuring a faster return on investment." "Today's
announcement opens up the lucrative salary card market in South
Africa where an estimated 12 million employees remain unbanked, or
under banked. This launch allows us to start servicing our customer
backlog in this country that has been growing over the prior six
months. Through our established reseller program we aim to issue
approximately 1.2 Million prepaid debit cards before the end of
2009. As we roll out these prepaid debit cards, we expect to
receive a predictable and recurring revenue stream that is
estimated to be $5 per card per month." About FNDS3000 Corp
FNDS3000 Corp. (OTC:FDTC) (BULLETIN BOARD: FDTC) (Frankfurt: "FT4,"
A0MWLG) is a financial transaction processing company providing
prepaid debit card and merchant processing solutions. We provide
prepaid debit cards to a market with over 1 Billion individuals
worldwide who do not have bank accounts, estimated at over $100
Billion in annual revenue. Our products allow employers to replace
payroll checks for all workers. In addition, employers can use our
products in lieu of cash to pay employees -- this may be greater
than 50% of the worldwide working population. Domestic and
international sharing of money, similar to Western Union(TM), is a
key feature of our solution. This market is estimated to be over
$100 Billion annually. Many of our products carry worldwide brand
marks and can be used anywhere in the world that accepts those
brands. Other services include gift cards, bill pay, prepaid
cellular, and other prepaid products. Our merchant processing
solutions provide comprehensive credit, debit, and check card
payment programs. We are dedicated to the service and profitability
of our merchants. The combination of card issuing and merchant
processing enables FNDS3000 to provide turnkey financial
transaction solutions to virtually any market worldwide. Forward
Looking Statements 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 not limited to, the potential loss of our relationships
with each of the parties that sponsor our cards and banks that
manufacture, issue, and own the debit cards; the loss of our
service providers; security breaches of our electronic information;
the inability to raise sufficient capital to fund its operations;
and other risks as may be detailed from time to time in the
Company's periodic reports filed with the Securities and Exchange
Commission. The Company assumes no obligation to publicly update or
revise its forward looking statements even if experience or future
events make it clear that any of the projected results expressed or
implied herein will not be realized. DATASOURCE: FNDS3000 Corp
CONTACT: David Fann, President, , or Joe McGuire, Chief Financial
Officer, , both of FNDS3000 Corp, +1-904-273-2702 Web site:
http://www.fnds3000.com/
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