JACKSONVILLE, Fla.,
April 15 /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
financial results for the second quarter of fiscal year 2010.
For the quarter ended February 28,
2010, revenues were $89,414,
an increase of $85,063 (or 1,955%)
from $4,351 for the second quarter of
fiscal 2009, reflecting the very early stages of the revenue stream
from our prepaid card programs. The net loss for the quarter was
$(1,106,001) or ($0.02) per share, a decrease of $894,704 (or 45%) from $(2,000,705) or ($0.08) per share for the same period in the
prior year. More detailed information on the financial results of
the Company is available within FNDS3000 Corp's Form 10-Q that was
filed with the Securities and Exchange Commission on April 14, 2010.
The Company also announced the completion of a non-brokered
financing agreement in which the Company entered into two
convertible note purchase agreements on April 8 and April 13,
2010, respectively, for the principal amount of $250,000 each. The investors were the Chairman of
the Board and the spouse of the Chief Executive Officer. The
material terms of the financing agreements and an extension of the
Company's promissory note with Sherington Holdings, LLC to
August 31, 2010 are outlined in Form
8-K filed with the Securities and Exchange Commission on
April 14, 2010. The Company offered
the financing agreements to qualified accredited investors, in a
transaction exempt from the registration requirements of the
Securities Act of 1933, as amended, and therefore the transactions
have not been registered under the Securities Act or any state
securities laws. This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any securities.
About FNDS3000 Corp: FNDS3000 Corp (OTC 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. 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
jmcguire@FNDS3000.com
www.FNDS3000.com
SOURCE FNDS3000 Corp