It appears they are in the same business lines as we are.
No Borders, Inc. Enters into Memorandum of Understanding for Acquisition of Remittance Company
Tuesday December 21, 9:55 am ET
LOS ANGELES--(BUSINESS WIRE)--Dec. 21, 2004--No Borders, Inc., (OTCBB: NBDR - News), a Nevada Corporation, announced today that it has executed a Memorandum of Understanding to acquire 100% of the common stock of Samso's Express Money Transfer, Inc., a Florida corporation. The MOU establishes a schedule which calls for negotiations of the precise terms of the acquisition to be finalized for a closing of the transaction to occur on or before the end of February, 2005. The MOU further provides that the current President and founder of Samso's, Mr. S.M. Hussein Haniff, will be engaged as No Borders' Chief Financial Officer and at the same time continue as President of Samso's which will operate as a wholly owned subsidiary of No Borders. The MOU establishes an additional schedule which calls for negotiations of the terms of Mr. Haniff's employment agreement with No Borders to be completed so that his services could commence in January, 2005
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Samso's is licensed as a money transmitter in California, New York, Texas, Minnesota, Florida, Georgia and Arizona, and has operations in South Carolina (where no license is required). Samso's currently sends in excess of 11,000 wires or remittances per month, has over 170 agents/delegates in the U.S., and has in excess of 6,000 payout points in Mexico, South America, and the Caribbean. The company maintains high-tech systems and information management technologies, including: a high volume, flexible, real time application processing system which enhances the initiation process; a decision support system which makes available detailed agent information and customer/beneficiary information for anti-money laundering, trend and performance analysis and on-line information procedures for customer service representatives.
Mr. Haniff, the President and founder of Samso's has an extensive background in the remittance business, accounting, banking, corporate turn-around, international trading (North America and the Caribbean), and is a Certified Public Accountant, with membership in the American Institute of Certified Public Accountants and the Florida Institute of Certified Public Accountants.
No Borders is in the business of providing a debit and stored value card platform through which a variety of financial and commercial services and products can be offered to residents of developing countries and to immigrants from those countries who reside in the United States and send money back home on a regular basis. No Borders offers significantly lower cost money transfers and long distance telephone services, initially focusing on Mexico, El Salvador and Ecuador... According to Inter-American Development Bank, Latin American immigrants in the US sent back home an estimated close to $40 Billion in 2003, and that growth for 2004, is expected to increase by over 20% The Company believes that it will accelerate its penetration into this growing market, first by reducing the excessive costs currently charged to the consumer, and second by offering a full range of financial and commercial services and products to this emerging transnational market, at significantly lower prices.
Dr. Raul Hinojosa, a co-founder, President and Chairman of No Borders, is a Professor of Public Policy at UCLA and a leading authority on the subject of the economic integration between the United States and Latin America. Dr. Hinojosa states, "Our business plan established our intent to acquire a number of companies providing money transfer services, targeting those companies which satisfy four very specific components: the company generates meaningful revenue and has increased the number of remittance transactions annually during the last two to three years; the company's deployment of our Stored Value Card Platform would facilitate a reduction in operating costs and at the same time add to its revenue generating opportunities, thus accelerating its projected rate of annual increases in market penetration and its projected rate of annual increases in revenue and profitability; and the company's current customer base includes residents of transnational communities in areas outside of Latin America; and lastly, one or more of the company's senior management personnel would add value to No Borders' own management team. Samso's satisfies each of those requirements."
Dr Hinojosa continued by stating "In following our business plan, we are currently in discussions involving the acquisition of a number of additional companies in the remittance business. It is rewarding to find that these companies like Samso's, see the value of our technology Platform and our overall business and marketing models."
For further information, contact Al Kau, Investor Relations in California at (888) 795-3166.
Certain statements in this release and other written or oral statements made by or behalf of the company are "forward looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans estimates or projections relating to the future are forward-looking statements within the meaning of these laws. Moreover there is no guarantee that the acquisition of Samso's or that an employment agreement with Mr. Haniff will be consummated by No Borders, Inc... The forward looking statements are subject to a number of risks and uncertainties including market acceptance of the company's services and projects and the company's continued access to capital and other risks and uncertainties outlined in its filings with the Securities and Exchange Commission, which are incorporated herein by reference. The actual results the company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. These statements are based on our current expectations and speak only as of the of the date of such statements. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.
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Contact:
No Borders, Inc.
Al Kau, 888-795-3166
AI
