JACKSONVILLE, Fla.,
Sept. 8 /PRNewswire-FirstCall/ --
FNDS3000 Corp (OTC Bulletin Board: FDTC), an international prepaid
processing company currently introducing electronic payment
solutions to the South African market, today formally commented on
positive emerging trends the Company is seeing in the volume of
cash loaded onto its prepaid payment processing system by its
customers and in the number of cards being issued and activated on
a subsequent quarterly basis.
Since commencing the production roll-out phase of its prepaid
card solutions in December 2009, the
Company has remained intently focused on building and servicing a
growing customer base of South African companies for which FNDS3000
actively manages prepaid payroll card and prepaid microfinance card
programs on its proprietary processing platform. As a result,
"FNDS3000 has continued to enjoy marked growth in both the number
of prepaid cards issued and activated, and the volume of Rands
loaded to those cards," said Robert
Klein, FNDS3000's President and Country CEO-South
Africa.
For the three-month reporting period ended August 31, 2010, FNDS3000 estimates that it
closed the quarter (and its fiscal year) with approximately 23,700
prepaid cards issued and activated – up nearly 56% over 15,200
cards issued and activated as of the end of the third fiscal
quarter. Moreover, the Company noted that the total volume of
cash loaded onto its system in the fourth fiscal quarter also
increased substantially, rising 140% over the total volume of cash
loaded in the immediate preceding quarter.
Continuing, Klein added, "As we continue to work towards
expanding our customer base and educating South African consumers
on the numerous benefits and advantages of using our prepaid cards
in lieu of carrying cash, we have every reason to believe that our
growth trajectory will continue to be pronounced."
John Hancock, Chief Executive
Officer of FNDS3000, concurred, stating, "Given the emerging trends
we are seeing in our South African operations and notwithstanding
any unexpected challenges, we appear to be on pace to achieve our
objective of activating 100,000 prepaid cards within the next 12
months."
About FNDS3000 Corp
Headquartered in the U.S. with operations in South Africa, FNDS3000 Corp is engaged in
executing a series of international growth initiatives designed to
position the Company as a major player in the world's fastest
growing payment card segment: prepaid cards. Given that 40%
of the adult population in South
Africa is currently unbanked or underbanked, FNDS3000's
initial focus has concentrated on offering tailored prepaid card
programs and services to business customers in this developing
prepaid market, including network branded and closed loop programs
that support employee payroll, insurance, medical aid, gift cards,
prepaid cellular charges and small-scale international transfer of
funds. The Company provides these programs and services through a
proven, proprietary U.S. processing platform that has been designed
for international and cross border capability. For more
information, please visit, or follow us on Twitter @_FNDS3000.
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.
SOURCE FNDS3000 Corp
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