Source Financial, Inc. Closes Acquisition of Moneytech Limited.
LOS ANGELES, July 9, 2013 /PRNewswire/ -- Source Financial, Inc. (SRCF) ("Source") is pleased to announce the completion of the acquisition and share exchange with Moneytech Limited ("Moneytech"), a leading Australian financial solutions provider.
The acquisition was finalized on June 30, 2013 and creates a premier financial services company allowing Moneytech to expand its offering of unique financial products to American businesses.
Moneytech funded over AUD$ 200 million in loans in 2012 and is forecasting AUD$ 280 million and AUD$ 420 million in funding in 2013 and 2014 respectively. Moneytech currently services more than 5,000 business customers in Australia.
Hugh Evans, President and CEO of Source, states, "With the share exchange behind us, we now look forward to preparing for a New York Stock Exchange MKT application and listing."
Source plans on immediately engaging in the up listing process, however, its shares will continue to trade on the OTCQB market under the current SRCF ticker symbol until further notice.
ABOUT SOURCE FINANCIAL:
Source Financial, Inc., through its two subsidiaries Wiki Technologies and Moneytech Limited, offers a complete suite of financial products for Consumers and Businesses.
WikiPay, a Money Service Business, is a low-cost, mobile and online money transfer and payment solution operating through all 50 United States. For more information, please visit: www.wikipay.com.
WikiLoan is a low-cost peer-to-peer lending platform that works through the participation and collaboration of family and friends through social networks. The company's website www.wikiloan.com provides repayment schedules and documentation for loans, along with proprietary administrative tools, which enable users to securely pull credit reports and automate the loan repayment process.
Moneytech offers four main products to the business community : 1) Credit Express - trade finance facilities for SMEs of $25,000- $1 million, 2) Confirmed Capital - 100% Accounts Receivables funding for SMEs up to $5 million, 3) Card Solutions- Wholesale gift and prepaid debit card solutions, and 4) Foreign Exchange solutions - Spot Transactions, Forward Cover, Derivatives and Options.
The Company's website is located at: www.moneytech.com.au
FORWARD LOOKING STATEMENTS This news release may include "forward-looking statements" regarding Source Financial, and its subsidiaries, business and project plans. Such forward looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Source Financial expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Source Financial does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investors may contact: Market Street Investor Relations Inc. at (877) 218-9173
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