FNDS3000 Corp Announces Goldsmith as Chairman
January 08 2009 - 7:30AM
PR Newswire (US)
Sherington Holdings LLC injects a total of $3 million into FNDS3000
PONTE VEDRA BEACH, Fla., Jan. 8 /PRNewswire-FirstCall/ -- FNDS3000
Corp. (OTC:FDTC) (BULLETIN BOARD: FDTC) (Frankfurt: "FT4," A0MWLG)
announced that Raymond Goldsmith has joined the Company as Chairman
of the Board of Directors as of January 6, 2009. Mr. Goldsmith will
assist Chief Executive Officer, John Hancock and the management
team on corporate positioning strategies to take advantage of
numerous avenues to grow the company and increase shareholder
value. Mr. Goldsmith succeeds Michael Dodak who will resign as a
director but will remain with the Company as an executive
consultant. In addition, the previously announced Securities
Purchase Agreement was completed on January 6, 2009, as the Company
received $2 million for selling 8,000,000 shares of common stock
and a warrant to purchase 30% of the issued and outstanding shares
of the Company on a fully diluted basis at an exercise price of
$0.35 per share to Sherington Holdings LLC. In October and December
2008, Sherington Holdings LLC provided total financing of $1
million in the form of a secured convertible note. Mr. Goldsmith is
Chairman and CEO of Sherington Holdings LLC which is a private
investment company. John Hancock, CEO and board member, said: "With
his exceptional international experience and leadership, Raymond
will enable us to build on the solid foundation of the Company that
commenced two years ago, providing the commercial and strategic
insights that will assist the company in our growth initiatives. As
a significant shareholder himself, his goals are perfectly aligned
with our shareholders." Mr. Goldsmith stated, "I am delighted to
take up the position of Chairman to FNDS3000 Corp and believe we
have enormous opportunities ahead. My role will be to lead the
board and support the CEO and the FNDS3000 management team to
achieve the growth targets outlined in the strategic business
development plan. This plan highlights that the prepaid debit card
business has significant potential in a number of markets that
remain under developed. With the wealth of expertise, intellect and
business acumen of the board, CEO and management, this team is well
placed to steer the company through the opportunities and
challenges ahead of us. I should like to thank Mike Dodak for all
his vision, drive and leadership in establishing FNDS3000 Corp to
date and for his valued counsel in helping me prepare for this
role." About FNDS3000 Corp: FNDS3000 Corp. (OTCBB: FDTC)
(Frankfurt: "FT4," A0MWLG) is a financial transaction processing
service company. Since its inception, its focus has been on the
development and implementation of a variety of prepaid card
programs outside the United States, including services to
individuals who lack access to debit cards or advanced banking
services. FNDS3000 meets a vital need of companies that have
financial dealings with such individuals by offering prepaid debit
cards that can be tailored to the differing requirements of each
customer. FNDS3000 intends to provide these services in both
developed and underdeveloped nations through a proven U.S.
processing platform that has been designed for international and
cross border capability. Many of these FNDS3000 products carry
worldwide brand marks and can be used anywhere that accepts these
brands. Programs that can be supported include payroll, insurance,
medical aid, gift cards, prepaid cellular charges and small-scale
international transfers of funds. The total market potential for
prepaid debit cards is estimated to be over $100 Billion annually.
In the United States, the company acquired Atlas Merchant Services
in July 2008, which provides to merchants a suite of comprehensive
credit, debit, and check card payment programs. 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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