FNDS3000 Corp Initiates Production Roll-Out of Prepaid Cards in South Africa
23 December 2009 - 1:00AM
PR Newswire (US)
JACKSONVILLE, Fla., Dec. 22 /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
the successful completion of the Market Test Phase ("Market Test")
and that the Company has commenced the Production Roll-Out Phase
("Production Roll-Out") of its card processing operations in South
Africa. The prime objective of the Market Test was to ensure
stability, confirming and validating the processes and systems that
are required to handle the higher volume of prepaid cards to be
processed during the Production Roll-Out. The Market Test was
conducted by continuing the distribution of our cards to corporate
clients while simultaneously stress-testing our processes and
systems. This was accomplished by increasing the number of
transactions being handled, while continuing to meet the service
expectations of our customers. During this phase some minor systems
problems, related to South African local specifics did emerge.
However, these issues were quickly identified, addressed and
rectified. As the Market Test progressed in October and November,
it became evident that the process of delivering cards to
cardholders, in an environment where physical addresses are not
always well defined and logistical options are limited, took our
corporate clients longer than they projected. The Company has taken
steps, in cooperation with our distributors and corporate clients,
to improve the planning and execution of the delivery and
activation process and early indications are that card activation
rates are improving. With the number and variety of our customers
growing in recent weeks, the early results of potential revenue and
margin growth, we believe, have been fairly encouraging. As the
number of cardholders increases, and usage patterns stabilize, we
will report on experience and trends. As expected, we surpassed the
50,000 card threshold in early November and enter this next phase
with approximately 70,000 cards distributed to corporate clients.
The Company currently has 37 contracted customers with 11 more
customers under active negotiation. On May 14, 2009, the Company
sold Atlas Merchant Services LLC, a Nevada limited liability
company. The last transaction related to the sale is a payment by
the Company to the seller. The payment was calculated on December
15. The parties have agreed that the amount of the payment is
$137,860, and are finalizing the timing and other specifics with
respect to this payment. John Hancock, Chief Executive Officer,
stated "As we head into 2010, I am pleased with our progress to
date as we continue to execute our plan to develop our prepaid card
programs in the South African market and our commitment to customer
service and technical excellence. A major objective of the Market
Test was achieved in that the team has been very effective in
identifying and overcoming implementations issues and increasing
its knowledge base. I want to thank distributors and employees, for
their dedication and hard work at this crucial stage of our
development and our stockholders for their support. We believe that
2010 will be an outstanding year for FNDS3000 Corp as we remain
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. Contact: Joe McGuire Chief Financial Officer FNDS3000
Corp 904-273-2702 http://www.fnds3000.com/ DATASOURCE: FNDS3000
Corp CONTACT: Joe McGuire, Chief Financial Officer, FNDS3000 Corp,
+1-904-273-2702, Web Site: http://www.fnds3000.com/
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