|
Home | Medical-Newswire.Com:
|
(EMAILWIRE.COM, September 12, 2007 ) New York, NY -- FundsTech Corp (Bulletin Board: FNDS): Since the release of Waterville’s initial report in June 2007, FundsTech Corp has made a number of announcement and updates on progress: 1. ProCard Technologies - FundsTech announced a second strategic partnership in South Africa with ProCard Technologies. The two companies expect to issue 800,000 cards over next 18 months, and this will provide a prepaid debit card solution to its customers. Victoria Vaksman, EVPof Europe, Middle East and Africa for FundsTech Corp stated: “We welcome ProCard to our base of Worldwide Strategic Partners. We expect ProCard to aggressively market our prepaid card solutions to the unbanked and under banked population in Africa and Middle East. ProCard will be promoting our prepaid payroll card, gift card, health card and some other tailor-made solutions through their customer base. We believe that ProCard will help us to increase substantially our penetration into strategically important markets and create a significant value for us and our shareholders by generating recurring, long term, residual revenue streams.” David Fann, President of FundsTech stated:” With ProCard joining our network of strategic partners we have increased our backlog of prepaid cards in South Africa to over 1,100,000 cards. When you add this to our recent announcements in the United States and pending expansion into Europe, 2008 should be a break out year for FundsTech. The industry average for prepaid payroll cards is $12.00 per month per card. We are very excited about adding ProCard Technologies to our rapidly expanding strategic partner list. MC du Toit, CEO of ProCard said, "We view the South African market as a key geographic area from which to launch FundsTech’s prepaid card solutions. There are more than 13 million unbanked individuals in South Africa alone. 2. Business Intelligent Processing Systems, PLC (BIPS) - FundsTech added Business Intelligent Processing Systems, PLC (BIPS) as a Strategic Partner in August 2007. BIPS is a leading merchant account and business to international business trade transactions provider, enabling payments through real time bank transfer networks, local bank wires, and credit and debit card association products. BIPS merchants process over a billion dollars annually through such services. As a Strategic Partner they will expand FundsTech’s product distribution throughout Canada, Asia Pacific, Latin America, Caribbean, Central and Eastern Europe, Middle East and Africa to their new and existing clients. Of particular focus are prepaid products including payroll, gift, travel and teen card programs. Joe Tumbarello, COO of FundsTech Corp, stated, “We are very excited to have BIPS and Zsofi Teleky join our growing group of Strategic Partners. Teleky has repeatedly proven her ability to market transaction technology products globally while rapidly growing businesses with strong profit margins and outstanding client support. BIPS will immediately begin implementation our card solutions into their existing client base.” Zsofi Teleky, Managing Director Europe of BIPS, stated “After analyzing various providers we have chosen to implement FundsTech Corp’s solution into our marketplace. The decision was based on production functionality and the skill of their management team.” 3. Atlas Merchant Services – FundsTech also added Atlas as a Strategic Partner. Atlas is a leading merchant account and healthcare processing service provider, and it processes millions of dollars monthly. As a Strategic Partner they will distribute FundsTech’s suite of products globally. Prepaid products include payroll, gift, travel and teen card programs. Atlas will also distribute cards providing business-to-business solutions. Joe Tumbarello, COO of FundsTech Corp, stated, “We are very excited to have Atlas and Vic Gerber’s team join our growing group of Strategic Partners. Gerber has repeatedly proven his ability to rapidly grow transaction based businesses with attractive margins and superior customer retention. Atlas will immediately begin implementation of our card solutions into their existing client base.” Vic Gerber, CEO of Atlas Corp stated “After analyzing various providers we have chosen to implement FundsTech Corp’s solution into our marketplace. The decision was based on production functionality and the skill of their management team.” 4. Prepaid Card Solution - FundsTech also implemented a turnkey Prepaid Card solution in Europe. FundsTech will facilitate the integration, testing and deployment of a branded Prepaid Card program. The initial market will be Germany followed closely by Austria and the United Kingdom. Michael Dodak, Chairman and CEO of FundsTech Corp, stated "We are excited to expand the revenue stream by leveraging our expertise in branded prepaid cards to international markets. The agreement recognizes FundsTech’s unique expertise and supports our strategy for providing prepaid products globally. Together, with our client, we have identified banks and other components necessary to provide a complete solution for Prepaid Cards.” Market Comparables - The following information is based on recent sales of companies selling prepaid solutions to larger companies. 1. Netspend sold to Capital One (US Bank) August 2007 for $700 million • Active cards of 1.5 million • Price per card is $467.00 per card • Estimated 5 times revenue 2. Wildcard sold to EFunds (Large transaction processor) in 2006 for $220 million • Revenue of $48 million • Sold for 4.5 times revenue • No information on number of cards 3. First Data Corp sold to Kolberg, Kravis and Roberts (Private Equity Firm) in April 2007 for $29 Billion • Revenue of $8.0 Billion • Net Income of $900 million • Sold for 3.8 times revenue and 30 times net income Summary: With a backlog of 1.1 million prepaid cards in South Africa, FundsTech is well on their way to achieving a significant level of revenues in 2008. Waterville Investment Research, and affiliates (WR), publishes reports providing information on selected companies. WR is not a registered investment advisor or broker-dealer. These reports are provided as an information service only, and the statements and opinions in these reports should not be construed as an offer or solicitation to buy or sell any security. WR accepts no liability for any loss arising from an investor's reliance on or use of these reports. An investment in any company is considered to be highly speculative and should not be considered unless a person can afford a complete loss of investment. WR or an affiliate of WR has been/will be or may be compensated in Rule 144 stock of the Company for the publication and circulation of these reports. The maximum amount charged by WR is $60,000 in Rule 144 stock per report. WR intends to sell all or a portion of the of the Rule 144 stock in accordance with all securities laws, which prevents WR from selling stock for a period of one year. WR, as a matter of internal policy, will not buy or sell shares of Company(s) stock in the open market. These reports contain forward-looking statements, which involve risks, and uncertainties that may cause actual results to differ materially from those set forth in the forward-looking statements. For further details concerning these risks and uncertainties, see the SEC filings of the individual Companies including the company's most recent annual and quarterly reports. Copyright © 2002 - 2007 Waterville Investment Research. All rights Reserved.Full Report - http://www.watervilleresearch.com/companies/finance/317-1.html September 2007 Update - http://www.watervilleresearch.com/companies/finance/317-8.htmlContact:Michael Sweeney mike@watervilleresearch.comTel: 212 828 7373###This press release was issued through GroupWeb EmailWire.Com. For more information on press release distribution, go to http://www.emailwire.com.
Michael Sweeney
mike@watervilleresearch.com 
Source: EmailWire.com
|
|
|
|
