FNDS3000 Corp Announces Update of Market Test Phase of Prepaid Card Roll-Out in South Africa
September 23 2009 - 9:00AM
PR Newswire (US)
ADDITIONAL FINANCING PROPOSED JACKSONVILLE, Fla., Sept. 23
/PRNewswire-FirstCall/ -- FNDS3000 Corp (OTC Bulletin Board: FDTC)
(Frankfurt: "FT4," A0MWLG), a financial transaction processing
services company, currently introducing prepaid card programs to
the South African market, today announced an update on the
preliminary results of the Market Test Phase ("Market Test") of its
operations. John Hancock, CEO, stated "I would like to present a
progress report on the current Market Volume Test that is being
conducted in support of our launch of prepaid card programs into
the South African Market. 41,000 cards have been distributed to
corporate clients who are in the process of issuing these cards to
cardholders. To date we have not seen significant problems.
Assuming the continuing results of the Market Volume Test are
favorable, we intend to move quickly into full production mode."
Victoria Vaksman, EVP, added "while we have encountered some
initial delays as a result of the longer than expected Pilot Test,
the number of new corporate clients has increased to 30 bank
approved clients. We now expect to exceed 50,000 cards during
October. As of today, our corporate customers have ordered and paid
for 141,000 prepaid cards for issuance. Our distributors are
increasingly confident in their and our ability to deliver complex
prepaid card programs." "Since inception, the Company's goal has
been to appropriately grow the business in a financially
responsible manner based on strategic logic," stated Joe McGuire,
Chief Financial Officer. "To date, the Company has raised over $7
million in capital in an extraordinary credit environment. As we
approach the production roll-out which is expected to start in
October 2009, and plan for the anticipated increase in scale of the
Company, our management team is in the process of securing the
additional financing required to support our immediate operating
expenditures and fund our further development. As is standard, we
cannot provide any guarantee that we will successfully close such
financing or that such financing, if closed, will be on reasonable
terms." Hancock summarized by stating, "Our strategic focus on the
development of our prepaid card programs in the South African
market and our commitment to customer service and technical
excellence is beginning to pay off. While we are pleased with the
progress, we continue to be focused on delivering long term and
sustainable shareholder value." About FNDS3000 Corp: FNDS3000 Corp
(OTC:FDTC) (BULLETIN BOARD: 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 conventional
banking services. FNDS3000 meets a vital need of companies that
have financial dealings with such individuals by offering prepaid
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. 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 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: Joe
McGuire, Chief Financial Officer of FNDS3000 Corp, +1-904-273-2702,
or Web Site: http://www.fnds3000.com/
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