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FUNDSTECH CORP ANNOUNCES STRATEGIC PARTNERSHIP AGREEMENT WITH YES!MONEY IN EUROPE
Ponte Vedra Beach, FL October 23, 2007 /PRNewswire-FirstCall/ FundsTech Corp (NASDAQ OTC (FNDS), (Frankfurt “FT4’, A0MWLG) A financial services company announced today that it signed an exclusive agreement with Yes!Money (a subsidiary of Trans Ferry Group), a European privately held corporation to jointly distribute prepaid card programs throughout Europe.
Yes!Money is currently issuing prepaid cards in Europe and has developed a substantial base of cardholders. The agreement defines the way FundsTech and Yes!Money will cooperate on the European market and includes a sizable investment by Trans Ferry Group into FundsTech as well as one seat on the board of FundsTech.
Victoria Vaksman, EVP of FundsTech Corp for Europe, Middle East and Africa, stated, “Yes!Money and FundsTech believe that it is beneficial for both companies to join forces in their business development and implementation efforts in Europe. This partnership will allow us to speed up our penetration into highly advanced European market and provide better service to our customers in different European countries. We are excited to work together with the Yes!Money team and we highly respect their knowledge and multicultural experience in delivering Prepaid Card programs in Europe."
Michael Dodak, CEO of FundsTech Corp further states that “Our relationship with Yes!Money again validates our approach to markets outside of North America. By teaming with Strategic Partners we have quicker access to these markets, both from a sales and operational standpoint as well as the ability to attract financial institutions to provide VISA or MasterCard sponsorship. I am proud to announce that we now have added additional operations in North America, Africa and Europe.”
Michele Di Mauro, Managing Director of Yes!Money stated, “The partnership with FundsTech is a key step towards the expansion in the European market of prepaid cards. With the ancillary presence in Europe and the market segment leadership that Yes!Money has already established combined with a state of the art technology provided by FundsTech, this gives us the ability to grow into an industry leader. Thanks to such unique synergies Yes!Money and FundsTech will promote several cards programs in different European countries, with particular focus on reducing customer costs and providing innovative services.
About Yes!Money
Yes!Money spa, a Trans Ferry Group subsidiary, is an authorized financial institution that provides financial services, loans, credit, debit and prepaid cards to B2B and B2C European customers. After 2 years from the launch of it own labelled prepaid cards, Yes!Money is the leader in the segment of the European road haulage industry. Yes!Money has recently entered the B2C market of international money transfer and personal loans/financing. As a part of the Trans Ferry Group, Yes!Money has developed a unique pan-European network with established presence in 14 countries, 10 operating centres, more than 30 commercial managers and active relationship with 5,000 customers.
Company Contact Dirk Pardeyke +49 (0)221 31075114
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 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.
Company Contact FundsTech:
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. |
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