smch and all, as stated in paragraph below, Mexico and Brazil are using GTEL receivables to set the "card" up in their countries. GTEL expects their share to be about $350k to go towards the rollout. Gtel applied for $1.6MM loan on June 30th, 2003, one could possibly assume the monies needed would come from that loan IF APPROVED, JMO...rock
We have recently begun distribution of our new product called "The Magic Money Card(R)." The Magic Money Card(R), in addition to being a prepaid calling card, is also a debit card/stored value card offering services that will include prepaid calling and added financial services such as domestic and foreign money remittances that will allow the user to shop in places that accept MasterCard and Maestro Debit/Credit Cards. Our associate in this venture is a company called Grupo Ingedigit, a certified MasterCard services provider, through its subsidiary in the U.S., AmericasCom International, Inc. As part of the agreement, we will be connecting our network with Grupo Ingedigit's network, valued at over $5 million and in return, the group will be able to tap into our current market, starting with the Mexico and Brazil markets. We have been negotiating with several companies who want to avail of this service, and we believe that we will be able to generate considerable revenues from this product once we have fully setup with all our networks. We have receivables from our Mexico and Brazil customers which we are allowing them to utilize to help set up the Magic Money Card(R) program in their respective countries. We expect that our contributions to the rollout of the networks in Mexico and Brazil will not exceed $350,000.
News 
Market Data 
Discover 
