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FUNDSTECH CORP ANNOUNCES SALES AGREEMENT FOR DISTRIBUTION OF THEIR VIRTUAL GIFT CARD PROGRAM - COMPANY ON TARGET TO MEET NEXT KEY CORPORATE GOAL OF BECOMING CASH FLOW POSITIVE IN THE THIRD QUARTER OF 2008
Ponte Vedra Beach, FL, March 25, 2008—FundsTech Corp. (OTCBB: FNDS) (Frankfurt: “FT4,” A0MWLG) has completed a deal for the distribution of their Virtual Gift Card program. The client, a United States magazine distributor with annual sales in the millions of dollars, will commence with the program within the next few weeks. The program is designed to thank customers for their existing business and provide incentives for them to purchase more products.
Joe Tumbarello, COO of FundsTech stated “Our client had the need for an inexpensive and efficient way to instantly thank and provide incentives to their customers. Funds Tech provides these type solutions for clients in the United States, throughout the European Union and very soon in South Africa. Moreover, the program will generate revenues THIS QUARTER – that is important to our company and our shareholders. This program adds to the existing suite of program we currently fulfill including payroll, general spend, and traditional gift cards. All of our card programs are branded by the major card associations to make them easy to use globally. Once fully deployed, the program we are announcing today should generate over 100,000 virtual cards annually with revenues estimated at $3.35 per card.” Our next key corporate goal is to become cash flow positive in the third quarter (of 2008)."
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.
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.
Contact: FundsTech Corp. |
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