Saratoga International Holdings Corp., dba FORTUNE CREDIT AND INSURANCE SERVICES INC. Announced the Commencement of Business in Texas, California and Florida
KIRKLAND, Wash.--(BUSINESS WIRE)--Aug. 16, 2001--Saratoga International Holdings Corp., dba FORTUNE CREDIT AND INSURANCE SERVICES, (OTCBB:SRGO - news) announced today that the company has begun sales operations in a select number of locations in Texas, California and Florida.
Fortune, which is in the business of selling enhanced insurance products, primarily annuities, and secured credit cards to the maritime industry has hired over 200 commissioned sales representatives to begin, what will be a planned, national roll out of the company's products and services.
The insurance products include high yield annuities from the major annuity providers in the country. Many states have updated the insurance rules and now allow for the modern annuity to be sold as alternatives to traditional ``Whole life or paid-up'' life policies. Fortune's annuities can be delivered at competitive rates and tend to have a higher yield to the consumer than traditional life policies. The older generation, comprising the majority of people owning paid up policies, benefit most because the new fixed rate of return tends to be higher, sometimes significantly, than current policy returns.
The marketing opportunity for the company is significant due to unique selling methods taught to its commission agents by Bill Dailey, Manager of AgentsWanted.net, Inc. Mr. Dailey's success encompasses over 35 years of experience in the direct selling of insurance. His prowess as an agency executive will bring to the company successful insurance sales professionals who recognize the opportunity to market a new product with Bill as their manager.
The secured credit card market is significant for the company. The target market is the foreign seaman who works for a foreign flag ship, cruise ship or freighter, that regularly calls on a USA port. These seamen send funds home utilizing wire transfer, which is very expensive. The secured card will allow the same transfer for $1.50 versus $66 by Western Union. (The fee for a Western Union transfer of $1,000 to Manila is $66). Millions of dollars are transferred each day in the international marketplace. The introduction of the secured card satisfies a visible need and provides a substantial business opportunity for Fortune. Fred McGee, President and CEO of Fortune, has considerable banking experience to go along with his business acumen. Mr. McGee has significant contacts in the cruise line industry. The credit card sales effort will be launched in the cruise line industry in September.
Fortune will hold its annual meeting September 11, 2001. The company plans to be fully operational September 1, 2001. Management expects revenue to begin in September with breakeven forecast for the second quarter of 2002.
