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FUNDSTECH CORP ANNOUNCES INSTALLATION OF PREPAID CARD PLATFORM IN SOUTH AFRICA
Ponte Vedra Beach, FL December 13, 2007 /PRNewswire-FirstCall/ FundsTech Corp (NASDAQ OTC (FNDS), (Frankfurt “FT4’, A0MWLG) a financial services company announced today that it has installed its prepaid processing platform in Johannesburg, South Africa. FundsTech Corp (FTC) has installed its prepaid processing platform at a Vodacom secure facility in Johannesburg, South Africa. The platform is currently undergoing certification and will be utilized not only for issuing of prepaid cards in South Africa, but also for many other targeted countries in Africa such as Kenya, Tanzania, Mozambique and Morocco as well as others. Victoria Vaksman, EVP of FundsTech Corp, stated, “We have achieved another milestone with the installation of our prepaid platform in Johannesburg that will service the entire African continent. Our first order of business is to complete the certification of the platform and then to deliver approximately 1.5 million cards through our Strategic Partners to their clients.”
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. The Industry average for prepaid cards is $12.00 per month per card. 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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