lowtrade,
Stored value cards are not necessarily "MasterCard certified"
This PR may help some..
MIAMI, Aug 19, 2004 (BUSINESS WIRE) -- GlobeTel Communications Corp. (GTEL) announced today that it has reached an agreement with Grupo Ingedigit C.A. ("GI") to establish a new business to profit from providing U.S. and worldwide financial transaction processing services. The venture will be managed by GTEL operating from its facilities in Miami, Florida and will mirror GI's successful operations in Venezuela.
With this new venture, GTEL is expanding its capabilities to profit from the electronic processing of financial transactions. Traditionally, these processing services would be provided by third parties at a cost to GTEL. GTEL will now earn fees from its customers' use of their GTEL stored value Magic Money debit and prepaid credit cards for financial transactions, bundled telecom and overseas money remittance services, and, under this new agreement, GTEL will also profit from the processing of these transactions as well as processing transactions on behalf of third party debit and credit card issuers.
GI is a well established international financial transaction processor certified by MasterCard and other financial networks, and the leading electronic financial transactions services backbone provider for the banking industry in Venezuela. GI currently supports major international bank sponsored programs from a platform in Venezuela.
Both parties are contributing equally to the venture. Upon its completion, the Miami switch is expected to be certified to process MasterCard, Visa, Cirrus and other independent ATM transaction networks. Operations are expected to begin before the end of the year. GI's will shift much of its current processing to the Miami switch with the Venezuela switch serving certain international requirements for each program and as well as redundancy for the GTEL network.
GTEL and GI will contribute their current and future business opportunities and customers for processing at the new Miami switch. GI will bring the processing of existing and new programs in Latin America, as well as other new and exciting opportunities in the U.S. and elsewhere. GTEL will bring all the Magic Money Card projects underway in the U.S. and throughout Mexico, Latin America, the Philippines and Australia. The Magic Money Cards are directed at the large immigrant communities that live and work in the U.S. to primarily call and send money home.
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Placement Act of 1995. The words "forecast," "project," "intend," "expect," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements. The above are more fully discussed in the Company's SEC filings.
SOURCE: GlobeTel Communications Corp.
GlobeTel Communications Corp., Pembroke Pines, Fla.
Leigh A. Coleman, President, 954-241-0590
