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PSPP Holdings, Inc. Signs Letter of Intent to Acquire Poder Card, a Multi-Language Payroll Card
Aug 2, 2007 9:00:00 AM
LOS ANGELES, CA -- (MARKET WIRE) -- 08/02/07 -- PSPP Holdings, Inc. (OTCBB: PSPJ), a financial services company that is establishing an international banking network to facilitate electronic remittance, mobile banking, e-benefits, and stored value and pre-paid card solutions, announced today that the company has signed a letter of intent (LOI) to acquire Florida-based Poder Card. The LOI suggests an asset acquisition for stock only. The announcement was made today by PSPP Holdings' Chairman, Larry Wilcox.
The Poder Card, www.PoderCard.com, is a multi-language payroll card that will offer an English, Spanish, and Portuguese product with a new bank relationship and a new processing relationship in place. It is a reloadable pre-paid card which allows the employer to place his/her employees' wages on to the card each pay period. Employees can use their cards at numerous locations to make purchases or access cash at Automated Teller Machines or Point-of-Sale terminals. The card will broaden the diversity of the card market and will be aimed at Latin customers.
The payroll program which is in place will be added to the North American product mix and will complement the South American Continents, as PSPP Holdings expands into another continent.
Regarding the announcement, Mr. Wilcox stated, "This will immediately offer our Latin customers a solution for the U.S. and for the multi-billion-dollar remittance programs that we hope to offer. Poder also has some proprietary technology with its Patented benefit programs that will be used for future TV advertising programs that will include computers, debit cards, and benefits."
About PSPP Holdings, Inc.
PSPP Holdings, Inc. (OTCBB: PSPJ), headquartered in Los Angeles, California, is a financial services company that is establishing an international banking network to facilitate electronic remittance, Mobile Banking, e-benefits, and stored value and pre-paid card solutions. PSPP Holdings provides the transaction-based business of electronic payments and related digital banking in two continents today: North America and Africa, utilizing MasterCard International and Visa, as well as local banks which enable settlement of funds in local currency. With strategic relationships in place and with its own proprietary processing software code, PSPP Holdings is committed to delivering speed to market, continuous innovation, significant savings, convenience, and benefits to its customers, cardholders, employees, and investors.
Safe Harbor Statement
This press release includes forward-looking statements about the Company's estimated revenue and earnings within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this release, including statements regarding the Company's future financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. We have based these forward-looking statements largely on current expectations and projections about future events and financial trends that we believe may affect the Company's financial condition, results of operations, business strategy and financial needs. Risks and uncertainties include the ability of the Company to attract customers to its website and offer attractive products; to maintain its website, electronic data processing systems, and systems hardware; to forecast accurately net revenue and plan for expenses; to protect our intellectual property rights; and potential litigation and government enforcement actions that may result from our prior securities offerings. Please refer to PSPP's reports and filings with the Securities and Exchange Commission for a further discussion of these risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. PSPP undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made or to reflect the occurrence of unanticipated events.
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