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FUNDSTECH CORP COMMENCES CARD OPERATIONS IN U.S. MARKET
Ponte Vedra Beach, FL December 11, 2007 /PRNewswire-FirstCall/ FundsTech Corp (NASDAQ OTC (FNDS), (Frankfurt “FT4’, A0MWLG) a financial services company announced today that it has commenced card operations in the United States.
FundsTech Corp (FTC) has commenced revenue generating card operations with an initial deployment of payroll cards. Gift Card and General Spend operations will start before December 31. Joseph Tumbarello, Chief Operations Officer of FundsTech Corp, stated, “We set a goal of December 31st for starting card and therefore revenue generating, operations. We have met that goal with a series of deployments of payroll, gift and general spend programs. We will substantially expand these operations in the first quarter and throughout 2008. Our next key corporate goal is to become cash flow positive in the third quarter and believe we have the processes in place and the programs in the sales pipeline to achieve this goal.”
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. 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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