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Consorteum Holdings, Inc. Provides Update on Blue Sea Manning Pilot Program
September 7, 2010 8:30 AM ET
Consorteum Holdings, Inc. ("Consorteum" or the "Company") (OTCBB: CSRH) today announces an update regarding the pilot program for the Company's first international payroll and multi-currency solution with UK based Blue Sea Manning Ltd. ("BSM"). The Company officially launched the solution in March 2010.
BSM provides first class officers and crews for yachts, cruise ships, and offshore vessels. With ship owners and staff placed across the globe, BSM requires a comprehensive methodology for accepting payments in multiple currencies from ship owners, then converting the funds received to pay their officers and crew in the local currency of choice. In March 2010, Consorteum provided BSM with a new multi-currency payroll, payment and settlement solution not widely available within the industry today. The flexibility of this solution will offer a new and unique way for ship owners to pay staff from all over the world in almost any currency.
The Company and BSM successfully completed the first stage of testing for deposits and currency conversions. Consorteum and BSM are now commencing stage two of this initiative, which includes introducing the program to BSM's remaining employees to ensure that the program continues to perform properly. The completion of this phase will allow for a larger scale deployment in the coming months.
Craig Fielding, CEO of Consorteum, stated, "This initiative is aimed at streamlining the process of payment from ship owners to their thousands of employees. Now beginning stage two of this initiative, our team is very confident of continued success and are looking forward to expanding the initiative over the next six (6) months. Consorteum will generate revenue from every payroll and multi-currency transaction processed."
Patrik Dahlgren, CEO of Blue Sea Manning, commented, "With the successful testing of the payroll system, we look forward to including more of our employees in the future. Having an automated payroll system has reduced the workload significantly for our staff, while also increasing our employees' access and control of their own salaries."
This is the first deployment of the international currency and payroll card program under the joint venture agreement between Consorteum Holdings and NxSystems. NxSystems is a leading provider of Global Payment Solutions that offer organizations of every size, and across every industry and geography, a comprehensive suite of innovative electronic payment products that access the global financial network.
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